HomeMy WebLinkAbout19-18 Molding Products Designating Personal Property Tax Abatement Filed in Clerk's Office
APR 0 3 2019
KAREEMAi FOWLER
CITY CLERK,SOUTH BEND, IN
CITY OF SOUTH BEND
CQMMU \ ITY INVESTMENT
Council Member Gavin Ferlic, Chairperson April 3, 2019
Community Investment Committee
South Bend Common Council
4th Floor, County City Building
South Bend, IN 46601
RE: Personal Property Tax Abatement Petition for: Molding Products, LLC
Dear Council Member Ferlic:
Please find attached the Department of Community Investment's report on a personal property tax
abatement petition for the above-referenced petitioner. Also attached is a copy of the petition,Statement of
Benefits form, and supporting information. The project calls for the acquisition and installation of new
equipment as part of the company's planned increase additional mixing capacity and upgrade the storage
vessels for raw materials.The company is located on 1545 S. Olive Street, South Bend.
The report contains the Department's findings relative to the above petition. Molding Plastics will be
purchasing and installing new equipment with an estimated cost of$5,000,000. The project meets the
qualifications for a (5) five-year personal property tax abatement and a representative from Molding
Products will be available to meet with the Committee on Monday,April 8th,2019.
Should you or any of the other Council members have any questions concerning the report, or need
additional information,please feel free to call me at 235-95823.
Sincerely,
Dan 1 Buckenmeyer
Director Economic Resources &Business Development
DANIEL J.BUCKENMEYER ALKEYNA ALDRIDGE PAMELA MEYER TEM CORCORAN
BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DF.YELOPMENr PLANNING&COMMUNITY RESOURCES
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov
Filed in Clerk's Office
T.IX ABATEMENT REPORT APR 0 3 2019
FJ EE
CITY CLERKKAREEf,SAHOH REETIC,IN
TO: South Bend Common Council ��
FROM: Angelina Billo
SUBJECT: Personal Property Tax Abatement Petition For: Molding Products,LLC
DATE: April 1,2019
On April 1,2019 a petition for personal property tax abatement consideration for property located at 1545
S.Olive Street,South Bend,was filed with the City Clerk by Molding Products,LLC.Pursuant to Chapter
2,Article 6,Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was referred to
the Department of Community Investment for purposes of investigation and preparation of a report
determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and
whether all zoning requirements have been met.
The Department of Community Investment has reviewed the petition (a copy of which is attached),
investigated the area, and makes the following report.
PROJECT SUMMARY
• Molding Products produces Thermoset Composite Sheet Molding Compound (SMC) that is
molded by their customers into end-use products ranging from bathtubs to Corvette outer body
panels.The process requires various powders and liquid resins to be blended according to precise
recipes. The current business is limited by capacity of the mixing system. This project will add
additional mixing capacity and upgrade the storage vessels for raw materials. The company has
already spent more than$5mm building an addition to their existing facility and is seeking City
support to assist with rising project costs and keep the project viable for the community.
• Total estimated cost of capital equipment is approximately $5,000,000. The equipment will
include tanks,mixers,pumps,mixer blades and folk lifts.
• Petitioner is qualified for a five-year personal property tax abatement.
• Total taxes phased-in during a (5) five-year abatement period are estimated at $52,331. New
project taxes will be $342,169. Total taxes to be paid over five years on the new and existing
equipment are estimated at$687,630.Note that increased tax revenue will also be generated by the
present real property improvements.
EMPLOYMENT IMPACT
Per this petition, the company will retain forty-five (45) full-time jobs with an annual payroll of
$1,684,800. It is estimated that the business will create twenty(20)new,permanent full-time positions
and zero(0)part-time positions with an annual payroll of$748,800 within the next four years.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted, finds that the petitioner, Molding Products,
LLC has not been granted or associated with any previous abatement.
2. The Area Plan Commissioner has reviewed the petition and finds the property to be properly zoned
for the proposed project.
3. The Building Commissioner has reviewed the petition and finds no building permit was issued.
4. A review of the South Bend Redevelopment designation areas finds that the property is located in
the River West Development Area.
5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the
qualifications for a(5)five-year personal property tax abatement under section 2-84.2,Tangible
Personal Property Tax Abatement.
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Filed in Clerk's Office
BILL NO. 1948 rAo31
2019
RESOLUTION NO. KAREEMF,f-i FOWLER
CITY CLERK,SOUTH BEND,IN
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS
1545 S. Olive Street, South Bend, IN 46619
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(5) FIVE-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
Molding Plastics, LLC
WHEREAS, a petition for personal property tax abatement consideration has been filed
with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana,
requesting that the area commonly known as 1545 S. Olive Street, South Bend, Indiana, and
which is more particularly described as follows:
Business Personal Property
and which has Key Numbers to be assigned and be designated as an Economic Revitalization Area
under the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code Sections
2-76 et seq., and;
WHEREAS, the Department of Community Investment has concluded an investigation and
prepared a report with information sufficient for the Common Council to determine that the area
qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1, et seq., and South
Bend Municipal Code Sections 2-76, et seq., and has further prepared maps and plats showing the
boundaries and such other information regarding the area in question as required by law; and
WHEREAS, the Community Investment Committee of the Common Council has reviewed
said report and recommended to the Common Council that the area qualifies as an Economic
Revitalization Area.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6-
1.1-12.1-4.5 et seq., that:
a. The estimate of the cost of the new manufacturing equipment is reasonable for
equipment of that type;
b. That the estimate of the number of individuals that will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result
from the proposed installation of new manufacturing equipment;
c. That the estimate of the annual salaries of those individuals that will be employed
or whose employment will be retained by the Petitioner can be reasonably expected
to result from the proposed installation of new manufacturing equipment;
d. Any other benefits about which information was requested are benefits that can be
reasonably expected to result from the proposed new manufacturing equipment;
and
e. The totality of benefits is sufficient to justify the deduction requested.
SECTION II. The Common Council hereby determines and finds that the proposed new industrial
equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits
as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement
Consideration and that Statement of Benefits form completed by the petitioner, said form being
prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under
Indiana Code 6-1.1-12.1-4.5.
SECTION III. The Common Council hereby accepts the report and recommendation of the
Department of Community Investment, and the Community Investment Committee's favorable
recommendation, that the area herein described be designated as an Economic Revitalization Area
for purposes of personal property tax abatement and hereby makes such a designation.
SECTION IV. The Common Council determines that such designation is for personal property
tax abatement only and shall be limited to three(3)calendar years from the date of the adoption of
this Resolution by the Common Council.
SECTION V. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of (5) five years as shown by the schedule
outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17.
Year 1 - 100%
Year 2 - 95%
Year 3 - 85%
Year 4 - 75%
Year 5 - 65%
2
SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this
Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana
Code 5-3-1, said publication providing notice of the public hearing before the Common Council
on the proposed confirming of said declaration.
SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
Tim Scott, Council President
South Bend Common Council
3
Filed in Clei;C'c� Office
APR 01 2019 City of South Bend
P tition for Incentives
tnclude p$Z`+4filing fee payable to the City Clerk's Office or online via the City's website at
C' .6 ttfi2Istetathbendia.gov/government/content/tax-abatement
,
hbehdln.pov/government/content/lox-abatement before processing can be complete
General Information Project Name MP Expansion Phase I Project Number
Legal name as registered with Secretary of
State Molding Products LLC.
Business structure
Limited Liability Company
Company website WWW.mol ding-products.com
Proposed Project Information
Proposed project address 1545 S.Olive Street Parent company name IP Corporation
City,State,zip South Bend, IN 46619 Legal owner Jim Wallenfelsz
Site acreage or acreage required 1 acre Is the real estate owned or Leased
Square feet of facility 15,000 If leased by whom Northfolk&Southern
Primary Contact Information
Primary company contact name Troy Wade Title Vice President&General Manager
Address of company contact 1545 S.Olive Street Phone 574-404-5512
City,State,Zip South Bend, IN 46619 Email twade@molding-products.com
Senior Official Information
Company senior official name Reagan Stephens Title Chief Operating Officer
Address of company contact litdifferent from 1225 Willow Lake Blvd. Phone 651-481-6855
above?
City,State,Zip St. Paul, MN 55110 Email rstephens@ipcorp.com
Consultant Information/Agent
Hired business consultant/agent name Consultant release(Y/N)
Address Local economic development partners
approval(Y/NJ
City,State,Zip Email 11
Project Overview
Brief description of your
company,project,and why the Molding Products produces fiberglass reinforced composite
property is necessary for intermediate that is molded by their customers into composite parts
economic growth
such as the Corvette outer body panels. The process requires various
powders and liquid resins to be blended according to precise recipes.
The current business is limited by capacity of the mixing system. This
project will add additional mixing capacity and upgrade the storage
vessels for raw materials.
Certified Technology Park appropriate
Is the project in a Tax Incremental Financing
lilt I area?If so.which?
Certify that the Building Permit has not been Number of residential units created by
josued(Y/N) oroiect
If this Is a petition for personal property tax abatement,has
the equipment been installed
Investment Details
Public Infrastructure needs(Off- Has any 504 funding been What is the value of any equipment being purchased in What Is the value of any equipment being
site of project In dollars) received? Indiana for the project? purchased from out of state for the project?
New Project Investments
Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026
Land Acquisition $12,000 00 $12,000 00 S 12.000 00 S 12,000 00 $12,000 00 S 12,000 00 $12,000 00 S 12,000 00
Building Lease Payments
• Building Purchase Casts
New Building Construction s 4,400,000 00
Existing Building Improvements
New Machinery&Equipment S 5,000,000 00
•
Special Tooling/Retooling
New Furniture/Fixtures
New Computer/IT Hardware
New Software S 50,000 00
On.vte Rail Infrastructure
On-site Fiber Infrastructure
TOTAL 5 9,462,200 00 $12,000.00 $12,000 00 $12,000.00 $12,000.00 $12,000.00 $12,000.00 $12,000.00
Full-Time Permanent Indiana-Resident Positions by Calendar Year
Calendar Year Jobs retained Total hourly Cumulative it of net NEW full time Hourly average wage,w/o Total training Total t✓to be
wage w/o permanent jobs created at project benefits or bonuses,of expenditure- trained-not
fringe or cumulative net new jobs not cumulative
bonuses cumulative
2019 45 61eiHr-576,000 7 $18/Hr-$75,000 $5,000 7
2020 8 $18/Hr-575,000 56,000 8
2021 5 $18/Hr-$75,000 $4,000 5
2022
2023
2024
2025
2026
2027
2028
2029
2030
Provide hourly wage information for new employees in the following positions.
Full time Part time
Laborers 15
Technical 5
Managerial
Administrative
Who will be the individual responsible for coordinating with
WorkOne on recruiting? Neal Hinds
Does your company have an EEO hiring policy? Yes Are you an EEO employer? Yes
Please list the number of full time and part time minority and/or female employees for each of Please describe your commitment to
the last three years: diversity and inclusion by detailing your
outreach and recruitment efforts for the last
Year 2016 2016 2016 three years as well as current policies.
Full Time Part Time Full Time Part Time Full Time Part Time
Black 12 14 15 Molding Pioducts is an Equal Opportunity
Employer It's policy to comply vrith those laws
Hispanic
3 2 3 in all respects Therefore,it's a violation of
Company Policy to discriminate against an
Asian 1 1 1 individual unlawfully because of any of the
following:Race,Color,Religion,Sex,or
Indian 1 National origin.Disability,Age and any other
status protected by law This policy also
Female 3 3 4 applies to hiring compensation and all other
terms,conditions,and privileges of
Other employment
Complete below for Real or Personal Property Tax Abatement only.
Please sign for all requested incentives.
Public Benefit Item:
Information is required on both the construction companies and the
companies which will provide materials purchased for this project.
Please complete the table below with the appropriate information. If Qualify Earned Points Available Points
you qualify for the points,please enter the full amount of available (Yes or No)
points.
1 Construction Related(Contractors):
A. Employ Local Companies(75%) Yes 20 20
B. Purchase Materials from Local Companies(75%) No 0 20
C. Require Employees vs.Independent Contractors No 0 19
D. Require Prevailing Wage(Davis Bacon) Yes 22 22
E. Require Health Benefits Yes 22 22
F Require Pension Benefits No 0 18
G. Maintain Affirmative Action Plan No 0 20
Sub-total Construction Related: 64 141
2 Wage&Benefit Related(Owner):
A. Pay Target Wage Levels Yes 33 33
B. Provide Health Benefits Yes 34 34
C. Provide Pension Benefits No 0 29
D. Provide Training Yes 28 28
E. Provide Child Care No 0 15
F. Provide Transportation Assistance No 0 14
G. Provide Employer Assisted Housing program No 0 9
Sub-total Wage&Benefit Related: 95 162
3 Workforce Related:
A. Create New Jobs Yes 42 42
B. Retain Existing Jobs Yes 41 41
C. Maintain Affirmative Action Plan Yes 35 35
D. Provide Targeted Hiring Preference Yes 34 34
Sub-total Workforce Related: 152 152
4 Support a Municipal Facility:
A Supporta SB Municipal Facility(donations to the O
too,conservatory,museum,etc.) No 84
Name of Facility Molding Products LLC
tSub-total Municipal Facility: c 84
Sub-total from Above: 311 539
The undersigned owner(s)of real property,located within the City of South Bend,herby petition the Common Council of the City
of South Bend for a real and/or personal property tax abatement consideration and pursuant to I.C.,6-1.1-12.1-1,et seq.,and
South Bend Municipll Coc
Sec.2{-7e________Ainfe:
66et seq.,for this petition state the above.
����
Submitted By: Troy Wade \I�) 3/23/19
For Staff Use Only Below This Line
What is the current assessed value? Real Property: Personal Property: d2 3 03 )70
What is the projected assessed value? Real Property: 'Personal Property: `�
What is the tax key number for this project? r-J�— CIL( --,(6-6)e C c..2,0What is the six digit NAILS code? ^ 679 9 J
Please attach a Google map and street view of the location.
Please list the amount of real and personal property taxes Real Property Taxes: Personal Property Taxes:
paid for the last five years when applicable.
// fir y'' �j Year One �]tre Cj�Q/er— L? �,
SCG/U //j'y//Y YearTwo fd 1/7 zy-b`/�6'
r� Year Three ,7
,24:76
444,4;„,-- it Year Four
/ Year FNe
Please fill out the following Public Benefit Summary Information and add to total from above.
jY or NJ Points Points
Public Benefit Item:
Prolect Related:
5 A. Redevelop a Site that has Special Needs49
B. Develop Based on Local University Research ) 35
C. Achieve a Physical Element of a Plan , ~___ 36
(Sub-total Project Related: 120
6 Super Size Projects(point values are cumulative):
A. 100%to 199% - 25
B 200%to 299% 68
C. 300%to 399% 65
D. 400%and Over 52
Sub-total Super Size Projects: 210
7 Pay for Municipal Infrastructure:
A. Pay for Oversuing or Upgrading 14
B. Pay for 26-50%of Extension Cost ___,Z___ 26
C. Pay for 51-75%of Extension Cost ` rz, 39
D. Pay for 76-100%of Extension Cost 52
'Sub-total Infrastructure Related: 131
Total from Applicant Section: 3'/{ 539
Total from Staff Section: 461
Total Public Benefit Points: 3'/ 1000
Filed in Clerk's Office
,- :-.4 STATEMENT OF BENEFITS APR 01 2019 FORM SB-1 /PP
PERSONAL PROPERTY'414,4!, State Form 51764(R4 I 11-15) KAREEMAH FOWLER '
`::• Prescribed by the Department of Local Government Finance PRIVACY NOTICE
CITY CLERK,SOUTH SEND-Vgy information concerning the cost
of the property and specific salaries paid
to individual employees by the property
owner is confidential per IC 6-1.1-12.1-5.1
INSTRUCTIONS
y. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be
submitted to the designating body BEFORE a person installs the new manufacturing equipment and/or research and development equipment,and/or
logistical distribution equipment and/or information technology equipment for which the person wishes to claim a deduction.
2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the installation
of qualifying abatable equipment for which the person desires to claim a deduction.
3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule
(Form 103-ERA)with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor
for the township. The 103-ERA must be filed between January 1 and May 15 of the assessment year in which new manufacturing equipment
and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully
functional,unless a filing extension has been obtained. A person who obtains a filing extension must fife the form between January 1 and the extended
due date of that year.
4. Property owners whose Statement of Benefits was approved,must submit Form CF-1/PP annually to show compliance with the Statement of Benefits.
(IC 6-1.1-12.1-5.6)
5. Fora Form SB-1/PP that is approved afer June 30,2013,the designating body is required to establish an abatement schedule for each deduction allowed.
For a Form SB-i/PP that is approved prior to July 1,2013,the abatement schedule approved by the designating body remains in effect. (iC 6-1.1-12.1-17)
SECTION 1 TAXPAYER INFORMATION
Name of taxpayer Name of contact person
Molding Products LLC _ _ Troy Wade
Address of taxpayer(number and street,city,state,and ZIP code) Telephone number
1545 S. Olive Street 46619 574-404-5512
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designating body Resolution number(s)
Molding Products LLC
Location of property I County DLGF taxing district number
1545 S. Olive Street 46619 St.Joeseph
Description of manufacturing equipment and/or research and development equipment ESTIMATED
and/or logistical distribution equipment and/or information technology equipment. START DATE COMPLETION DATE
(Use additional sheets if necessary.)
Manufacturing Equipment 1/1/19 12/31/19
R&D Equipment 1/1/19 12/31/19
Tanks, Mixers, Motors, Pumps, mixer blades, Fork Lifts, Carbonized
LogistDist Equipment 1/1/19 12/31/19
IT Equipment 1/1/19 12/31/19
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained Salaries Number additional Salaries
45 $18/$75000 45 $18/$75,C00 20 $18/75,000
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
NOTE:Pursuant to IC 6 1.1-12.1-5.1(d)(2)the
MANUFACTURING R&D EQUIPMENT LOGIST DIST IT EQUIPMENT
EQUIP ENT EQUIPMENT
COST of the property is confidential. COST ASSESSED COST ASSESSED COST ASSESSED COST ASSESSED
VALUE VALUE VALUE VALUE
Current values $3.0MM
Plus estimated values of proposed project $5.5MM
Less values of any property being replaced
Net estimated values upon completion of project $8.5MM
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) 240 Tons
Other benefits:
SECTION 6 TAXPAYER CERTIFICATION
I hereby certify that the representations in this statement are true. _
Sigggtuu a of Aithgrized rgpresentalive Date signed(month,day year)
1P-U J-l/1 woe 4-1-19
Printed name of authorized representative Title
Troy D.Wade Vice President&General Manager
Page 1 of 2
FOR USE OF THE DESIGNATING BODY
We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards
adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as
authorized under IC 6-1.1-12.1-2.
A.The designated area has been limited to a period of time not to exceed calendar years•(see below). The date this designation expires
Is . NOTE:This question addresses whether the resolution contains an expiration date for the designated area.
B. The type of deduction that is allowed In the designated area is limited to:
1 . Installation of new manufacturing equipment; ❑Yes 0 N o 0 Enhanced Abatement per IC 6-1.1-12.1-18
2. Installation of new research and development equipment; El Yes ❑N o Check box if an enhanced abatement was
3. Installation of new logistical distribution equipment. ❑Yes 0 N o approved for one or more of these types.
4. Installation of new information technology equipment; 0 Yes 0 No
C.The amount of deduction applicable to new manufacturing equipment is limited to$ cost with an assessed value of
$ (One or both lines may be filled out to establish a limit,if desired.)
D.The amount of deduction applicable to new research and development equipment is limited to$ cost with an assessed value of
$ . (One or both lines may be filled out to establish a limit,if desired.)
E. The amount of deduction applicable to new logistical distribution equipment is limited to$ cost with an assessed value of
$ . (One or both lines may be filled out to establish a limit,if desired.)
F. The amount of deduction applicable to new Information technology equipment is limited to$ cost with an assessed value of
$ . (One or both fines maybe filled out to establish a limit,if desired.)
G. Other limitations or conditions(specify)
H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or
new information technology equipment installed and first claimed eligible for deduction Is allowed for:
❑ Year 1 CI Year 2 0 Year 3 El Year 4 ❑ Year 5 ❑Enhanced Abatement per IC 6 1.1-12.1-18
Number of years approved:
❑ Year 6 0 Year 7 0 Year 8 ❑ Year 9 ❑ Year 10 (Enter one to twenty(1-20)years:may not
exceed twenty(20)years.)
I. For a Statement of Benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑Yes ❑No
If yes,attach a copy of the abatement schedule to this form.
If no,the designating body is required to establish an abatement schedule before the deduction can be determined.
Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
Approved by:(signature and title of authorized member of designating body) Telephone number Date signed(month,day,year)
( )
Printed name of authorized member of designating body Name of designating body
Attested by:(signature and title of attester) Printed name of attester
If the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a
taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17.
IC 6-1.1-12.1-17
Abatement schedules
Sec.17.(a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5
of this chapter an abatement schedule based on the following factors:
(1)The total amount of the taxpayer's investment in real and personal property.
(2)The number of new full-time equivalent jobs created.
(3)The average wage of the new employees compared to the state minimum wage.
(4)The infrastructure requirements for the taxpayer's investment.
(b)This subsection applies to a statement of benefits approved after June 30,2013.A designating body shall establish an abatement schedule for each deduction
allowed under this chapter.An abatement schedule must speciy the percentage amount of the deduction for each year of the deduction. An abatement schedule may
not exceed ten(10)years.
(c)An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the
resolution approving the taxpayer's statement of benefits.
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