HomeMy WebLinkAbout1997-R-41 RESOLUTION 97-R-~f
RESOLUTION APPROVING STATEMENT OF BENEFITS FOR
PURPOSES OF PROPERTY TAX ABATEMENT
WHEREAS, Vogt Valve Company (the "Applicant"), has petitioned the Common Council
of the City of Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on
proposed improvements to be made on property located on 30 acres of property known as the Brown
Forman property located in Clark Maritime Centre in the City of Jeffersonville, Clark County,
Indiana; and
WHEREAS, the Applicant has submitted an application which includes the Statement of
Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose,
which application and statement include a description of the proposed redevelopment, an estimate
of the number of individuals who will be employed as a result of the redevelopment, an estimate of
the annual salaries of these individuals, and an estimate of the value of the redevelopment, attached
hereto as Exhibit "A"; and
WHEREAS, the Common Council of the City of Jeffersonville has previously determined
that the area where the proposed redevelopment project is located in the City of Jeffersonville is an
Economic Revitalization Area pursuant to Indiana Code 6-1.1-12.1 et seq., Resolution 89-R-32 and
Confirming Resolution 89-R-39; and
WHEREAS, the City's Department of Redevelopment has reviewed the application and
Statement of Benefits submitted by the Applicant and has advised the Common Council that the
application has been submitted in compliance with the approved Tax Abatement Poli6y of the
Common Council of the City of Jeffersonville.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Jeffersonville, Indiana, that it specifically and affirmatively finds as follows:
1. That the estimate of the value of the redevelopment is reasonable for projects of the nature
described in the Statement of Benefits submitted by the Applicant.
2. That the estimate of the number of i[dividuals who will be employed or whose
employment will be retained can reasonably be expected to rbSult from the proposed described
redevelopment. I
3. That the estimate of the annual salaries of those individuals who will be employed or
whose employment will be retained can be reasonably expected to result from the proposed
described redevelopment.
That all other information requested from the Applicant has been submitted, and
the benefits described in such information can be reasonably expected to result
from the proposed described redevelopment.
That the totality of benefits for said redevelopment is sufficient to justify the
deduction.
BE IT FURTHER RESOLVED, that the Common Council of the City of
Jeffersonville, Indiana, hereby approves the application and Statement of Benefits as
presented and filed by the Applicant, and that said Applicant shall be entitled to
deductions for a period of ten (10) years for improvements to real property, pursuant to
the provisions of I.C. 6-1.1-12.1-3(d) and I.C. 6-1.1-12.1-4(d)(3), and ten (10) years for
equipment pursuant to i.C. 6-1.1-12.1-4.5, with the timely filing and perfection thereof
with the Clark County Auditor's office.
Passed and adopted this _~ dayof
ATTEST:
Presented by me as Clerk.and Treasurer to the Mayor of said City of
Jeffersonville this ~'~ day of ~_~.~4.J'~°~F', 199/7.
C. R[c~'ard Spencer,'"¢F.
Clerk and Treasurer//
Approved and signed by me this ~l/A'' day of ~_~,~¢~J"xo£, 199~_.
V
ailigan, Ma~J
2
STATEMEN~ OF BENEFITS
State Form 27167 (RS / 11-95) .
Form SB - I is prescribed by the State Board of Tax Commissioners, 1989
IFORM
SB - 1
INSTRUCTIONS:
ment must be submitted to the body designating the economic revitilization area pr or to the public hearing if the designating body requires infor-
I. Thi~ stat, e .............. ,~,~,*-, -~---* whether to desionate an Economic Revitalization Area. Otherwise this statement must be submitte, d
i n tin bcd BEFORE a carson insta Is the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property rot
to the des g a g - ?Y - · · ' ~ ~ --f'~n "Prr~i~,r~fR" nl~nned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a
S TA TEMENT OF BENEFITS. (lC 6-1.1-12.1)
2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation,
or pdor to installation of the new manufacturing equipment, BEFORE a deduction may be approved.
ction Form 322 ERA, Real Estate Improvements and / or Form 322 ERA / PP, New Machinery, must be filed with the county auditor. With
3. T~o~o~b~/n,.~a~dc~d~u~cnn~tv Form 322 ERA must be filed by the later of' (1) May 10; or (2) thirty (30) days after a notice of increas? /~ re~t pr, op?ty__~fs_es_s~e~n~t
March 1 and June 14 of that year.
4. Property owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF- t annually to show compliance with the Statement
of Benefits. (IC6-1.1-12.1-5.6)
Name of taxpayer
Vogt Valve Company
Address of taxpayer (street and number, city, state and ZiP code)
901 W. Magnolia, Louisville, KY 40208
Telephone number
Name of contact person
Mr. Doug Glass, General Manager . (502) 635-334~~,,
City of Jeffersonville City Council
Locaton~,p~ope~ 30acres ,o~ Brow~Forman ~r0pe
in ~ark HarleY'me' Cent~e
Description ~ real prope~y improvements and / or new manufacturing equipment
~e additional shee~ if necessa~
Construction of 285,000 sq. ft.
manufacturing facility-related manu-
facturing equipment
Real Estate
New Mfg Equipmen~
Resolution number
Taxing district
ESTIMATED
Sta~ Date / Completion Date
10/97 / 10/98
10/98 10/00
10,200,00
NOTE: Pursuant to lC 6-1.1-12.1-5.1 (d) (2) the
COST of the property is confidential
Current values
Plus estimated values of proposed project
Assessed Value
-0- -0-
10,627,000
Assessed Value
25,221,00~
Less values of any property being replaced
Net estimated vaiues upon completion of project
-0-
10,627,000
-0-
25,2~ 1,000
Estimated solid waste converted (pounds)
Estimated hazardous waste converted (pounds)
Other benefits:
We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the
general standards adopted in the resolution previously approved by this body. Said resolution, passed under lC 6-1.1-12.1-2.5, pro-
vides for the following limitations as authorized under lC 6-1.1-12.1-2.
A. The designated area has been limited to a period of time not to exceed calendar years * (see below). The date this
designation expires is
B. The type of deduction that is altowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements; I-] Yes
2. Installation of new manufacturing equipment; [] Yes [] No
3. Residentially distressed areas [] Yes [] Ne
C .The amount of deduction applicable for new manufacturing equipment is limited to $ cost with an assessed
value of $
D .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ cost with an assessed
value of $
E. Other limitations or conditions (specify).
R The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for:
[] 5years [] 1~ years The deducti~n peri~d wili be five (5) years un~ess the designating b~dy has by res~~uti~n specified the ten (1~) year peri~d.
Aisc wCCave reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason-
able a/4/cr have determined that the totality of benefits is sufficient to justify the deduction described above.
Appr~¢~ (signature and title of a~ri~ed/rr~e~ber) ) I Telephone number I Date signed (month, day, year)
· If the designating body lim,ft~ the time period during which an area is an economic revitilization area, it does not limit the length of time
a taxpayer is entitled to r~Ceive a deduction to a number of years designated under lC 6-1.1-12.t -4 or 4.5 Namely: (see tables below)
Year of Five (5) Year Ten (10) Year
Deduction Percentage Percentage
Year of
Deduction
3rd
1 st 100% 100% 1 st 100%
2nd 95% 95% 2nd 66%
80% 90% 3rd 33%
4th
4th 65% 85%
5th 50% 80% 5th
6th 70% 6th
100% 100%
95%
85%
66%
80%
50% 65%
34% 50%
17% 40%
7th 55% 7th 30%
8th 40% 8th 20%
9th 30% 9th 10%
25%
10th
10th
5%
DESCRIPTION OF A 30 ACRE PORTION OF THE CLARK MARITIME CENTER
PROPERTY (BROWN,FOREMAN AREA)
A part of Utica Township'in Survcys~ No. 14 and 15 of the Illinois Grant in the City of
Jeffersonville of Clark County, Indiana, being a part of the tract conveyed to the Indiana Port
Commission at Deed Drawer 18, Instmrae~t No..9072 and bounded as follows:
Commencing at a brass capped stone monument in the south line of Survey No. 14 which is the
north comer of Survey No. 6 and the West comer of Survey No. 7, thence the following courses:
South 54 deg. 18 min. 32 sec. West, 1129.56 feet with said south line of Survey No. 14;
North 35 deg. 36 min. 31 sec. West, 1446.61 feet;
North 54 degrees 23 min. 29 sec. East, 63.68 feet to an iron pin which is the south comer of a
tract conveyed to Overland at Deed Drawer 25, Instrument No. 16503;
North 55 deg. 12 min. 34 sec. East, 983.06 feet to an iron pin which is the East comer of
Overland which is at the southwest line of the tract conveyed to the Indiana Port
Commission at Deed drawer 18, Instrument No. 9072;
North 59 deg. 58 min. 13 sec. East, 200.00 feet with the northwest line of an access, drainage
and utility easement;
North 54 deg. 38 raj,. 28 see. East, 1127.54 feet with the northwest line of an access,
drainage and utility easement to the true place of beginning.
Thence the following courses of the boundary:
North 35 deg. 05 min. 07 sec. West, 698.10 feet to an iron pin;
North 54 deg. 37 min. 14 sec. East, 1106.68 feet to an iron pin;
South 35 deg. 05 min. 07 sec. East, 118~.19 feet to an iron pin;
South 54 deg. 39 mira 24 sec. West, 1106.68 feet to an iron pin;
North 35 deg. 05 min. 07 sec. West, 482.40 feet to the true place of beginning and containing
30.000 acres of land.
AND ALSO, an easement for access, drainage and utilities, bounded as follows:
Commencing at an iron pin which marks the south corner of the above described 30.000 acre
tract, thence the following courses:
North 35 deg. 05 min. 07 sec. West, 402.40 feet with the southwest line of said 30.00 acre tract
to the place of beginning.
Thence the following courses of the boundary:
South 54 deg. 38 min. 28 sec. West, 1127.54 feet to a point;
South 57 deg. 40 min. 59 sec. West,'432.64 fee[to an iron pin, which is the north comer of a
tract conveyed to Elkin~q American RSM;
South 55 deg. 12 min. 34 sec. West, 386.4,6 feet wi'th the northwest line of said RSM tract to an
iron pin which is the West comer of said tract and the East comer of a tract conveyed to
Environmental Equipment Corporation at Deed Drawer 25, Instrument No. 16065;
South 51 deg. 48 min. 42 sec. West, 365.00 feet with the northwest line of said Environmental
tract to an iron pin which is the West corner of said tract;
North 34 deg. 50 min. 56 sec. West, 99.57 feet to an iron pin which is the south comer of said
Overland tract;
North 55 deg. 12 min. 34 sec. East, 983.06 feet with the southeast line of Overland to an iron pi n
which is the East comer of Overland;
North 59 deg. 58 min. 13 sec. East, 200.00 feet;
North 54 deg. 38 min. 28 sec. East, 1127.54 feet to a point in the southwest line of said 30 acre
tract;
South 35 deg. 05 min. 07 sec. East, 80.00 feet with said southwest line of said 30 acre tract to
the true place of beginning.
AND ALSO, another easement for access, drainage and utilities, bounded as follows:
Commencing at an iron pin which marks the East comer of the above described 30.00 acre tract,
thence the following courses:
North 35 deg. 05 min. 07 sec. West, 429.88 feet, with the northeast line of said 30.00 acre tract
to the true place of beginning.
North 35 deg. 05 min. 07 sec.
North 53 deg. 36 min. 12 sec.
North 47 deg. 47 min. 40 sec. East
North 43 deg. 10 min. 47 sec. East
North 37 deg. 49 min. 27 sec. East
North 36 deg. 11 min. 37 sec. East
North 39 deg. 19 min. 39 sec. East
North 44 deg. 14 min. 43 sec. East
North 49 deg. 46 min. 41 sec. East
North 55 deg. 07 min. 34 sec. East
Sellersburg Road;
South 34 deg. 52 min. 26 sec.
South 55 deg. 07 min. 34 sec.
West, 25.00 feet with said line;
East, 129.76 feet;
43.09 feet;
61.44 feet;
75.14 feet;
52.83 feet;
44.06 feet;
88.59 feet;
32.10 feet;
71.20 feet to the center of the pavement of Utica-
East, 25.00 feet with said line;
West, 70.03 feet; -
South 49 min.
South 44 deg.
South 39 deg. 19 min.
South 36 deg. 11 min.
South 37 deg. 49 min.
South 43 deg. 10 min.
South 47 deg. 47 min.
South 53 deg. 36 min.
46 min. 41 sec. West
14 min. 43 sec. West
39 sec. West
37 sec. West
27 sec. West
47 sec. West
40 sec. West
12 sec. West
29.73 feet;
86.31 feet;
42.30 feet;
52.50 feeit; ;
76.66 feet;
63.62 feet; ~
45.37 feet;
131.60 feet to the True Place of Beginning.
AND ALSO, a fifteen (15) foot wide Utilities Easement described as follows:
Beginning at an iron pin which marks the south corner of the above described 30.000 acre tract,
thence the following courses:
North 35 deg. 05 min. 07 sec. West, 482.40 feet with the southwest line of said tract;
North 54 deg. 54 min. 53 sec. East, 15.00 feet;
South 35 deg. 05 min. 07 sec. East, 482.40 feet, parallel to and fifteen (15) feet distant from the
southwest line of the 30 acre tract to the southeast line of said 30 acre tract;
South 54 deg. 39 min. 24 sec. West 15.00 feet with said line the true place of beginning.
Attachment to
Statement of Benefits
Vogt Valve Company
September 9, 1997
Schedule of Investment in
Machinery and Equipment
1998--$18,948,000
1999-- 3,090,000
2000- ~
Total $25,221,000