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Home My WebLink About1996-R-0401/11/98 STIT~S~BISON I~P,~OLUTION NO. 96-R- '~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, RimwoOd, Inc., a Kentucky corporation, has petitioned the Common Council of the City of Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on proposed imDrovements to be made at the Jeffersonville Industrial Park, located in the City of jeffersonville, Clark County, Indiana; and on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which statement includes 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; and WHEREAS, the Common Council of the City of Jeffersonville has previously determined that ~the area in which the Proposed redevelopment project is located in the City of Jeffersonville qualifies as an economic revitalization area pursuant to Indiana Code 6-1,1-12.1 et seq., and ResolutiOn ; and WHEREAS, the Common Council has reviewed the Statement of Benefihs submitted herein, and attaches and incorporates that Statement to this Resolution. NOW, THEREFORE, BE IT RESOLVED by the Co~lon Council of the City of Jeffersonville, Indiana, that it specifically and affirmatively finds as followe: 1~002 THU 15:30 FA~ 812 284 5519 STITBS~ItA~I$ON ~003 1. That the estimate of 2t',.e value of the redevelopment or rehabilitation is reasonable for projects of the nature described in the Statement of Benefits submitted by the developer, 2. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation- 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 or rehabilitation. 4. That all other information requested from Rimwood, In¢.~ has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described.redevelopment or rehabilitation. 5. That the totality of benefits for said redevelopment or rehabilitation is sufficient to justify the deduction. BE IT ~URTHER RESOLVED, that the Common Council of the City of Jeffersonvllle, Indiana, hereby approves the application for deduction presented by the Statement of Benefits filed by Rimwood, Inc., and tha~&.,.,~_~.~said d~e~r shall be entitled to deductions for a period of~---(~)'years for machinery and equipment, pursuant to the provisions of I.C. 6-1.~-12.1-3(d) and I.C. 6-1.]-12.1-4(d)(3), with the timely filing and perfection thereof with the Clark County Auditor's office. ' 01/11/95 THU 15:30 FAT 812 284, 5519 SON Passed and adopted this __./%m.// day o£ ~. , 1996, by the Common Council of the City of Jeffersonville, Clark County, Zndlana. I~004 Presented by me as Clerk-Treasurer tO the Mayor of the City of Jeffersonville,:Indiana, this /~ day of ~. , 1996. ~"~i~hard Spen~r, J.r4/ Cl~rk-Treasur~r Approved 1996. Mayor Thomas GaIltgan~ STATEMENT OF BENEFITS t~ I;(}fi'4 ~716~ {P,~111~1) FORM 8B- I INSTRUCTION~: :o ~e de~M~ ~Y~ BEFORE a ..... ~n ~ t~ ~ ~u~dn~ ~t, ~ ~u~ ~ ~me~ ~ r~,...: ~ ~ ~ ~ m ~ a ~, A ~t~t ot b~fi~ ~s n~ ~ ~ ~ ~a w~ ~ ~ ~ prior '' -- * ~ 1121 ~ RIMWOOD~ INC., (A NEW VENTURE INCORPORATED 11/27/95) 1416 ~A~R~CON B~VD., UNIT F~ J;FF~RS0~ILLS, IN 47130 JIM HILL (502-895-2272); OR JIM ~RTIN------ ..... --~ ~ (8121288-8344 CO~ON COUNCIL OF CI~ OF J~FF~SONVILLE 14~ FA~ICO~ ~.F U~T F SAW WITH A~ORS, BAND SAWt SANDER, GLUE ~C~IN~ AIR COMPRESSOR, BORING ~C~INE, DUST COLLEC~R, FORK LIFT 3-1-96 (1) SALARIES ARE PROJECTED FOR THE FIRST 12 MOS. INCLUDING $70,000 INPRODUCTION LABOR, 1 CONTROLLER (AN IND. RESIDENT) AND 1' MANAGER. TAXPAYER FORECASTS ADD- ING A SECOND PRODUCTION SHIFT IN YEAR 2. BASED ON DEMAND TAXPAYER MAY ALSO NEED A SECOND PRESS AT T~AT TIME (NEW COST APPROXIMATES $70,000). PLEASE SEE EXCERPTS FROM TAXPAYER'S BUSINESS PLAN FOR ADDITIONAL DETAILS. We have rewewed our peer ,asSorts relating to the designation of ~hls economic revltehzstmn ,area and find that the apphcartt meats the enaml standards ado ted m the resolution previously approved by this body, Enid reSOlutmn, Dassed u~der lC 6.1.1.12_1-2.5, vgides for the following I~itetions as aathedzed under lC 6-1,1-12,1.2. - -- A. The designated area has bean limited to a period o! time nog to exceed, 1 0 calendar years ' (see below}, The date this designatioa expires is 2 / 28/~ f~ __ B. The type of deduction that is allowed in the dssig?ated area is limited to; 1. Redevelopment Or rehabilitation o~' rest estate impm','ements: [] Yes ~No 2. lesteliaUon cd new manufacturing equipment; [~[Yes f-I No 3. Residentially clisfl'essed a~ea~ -- ~ Yes I~No C. The amount of deduction eppli~mble for .new manufacturing equipment installed and first claimed eligible for deduction after July 1 1987. lslimitedto$ 120r000 cest with an assessed value ol $ 120,000 ? D. The amount et deduction applicable tO redevelooment et; rehabilitation i'n an aras designated after September 1, 1988 is limited to $ cost with art assessed value of $ E, Other limitations or cond~ons (spec. gy) F. The deduction tot new manufacturing equipment iestatled and first claimed eligible f0rdeduCti0n alter July 1, 1991 is allowed for: r'i 5 years I~ 10 years A so we have reviewed the informatk~n ~ontained in the statement of benefits and find that the estimates and expectations are reasnn- able and have de~errnined that the totality of tmnstits is sufficient to lustily the deduction described if the designating body limits the'time perit:d ~ which an area is an eeonomi~ revitilizatian ama, it does net limit the length of time 8 taxpayer is entiUed t~ receNe a deciuction to a number of years designatact under lC §-1,1-1R, 1-¢ or 4,5 Namely; {see tables be/ow) 100% ' 95% G5% 50% 30% 20% SOlo DQ ~9~c] T~IH '~ S~H~£ ~/_~;~G68CQG ~D :Gl 96GTtTT/T8