HomeMy WebLinkAbout19-24 CBK Land Development Designating Real Property Tax Abatement Filed in[ Irk'sQffi:e
APR U 3 2019
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'1 CITY CLERK,SOU ; ,
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CITY OF SOUTH BEND
COMMUNITY 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: Real Property Tax Abatement Petition for: CBK Land Development, LLC
Dear Council Member Ferlic:
Please find attached the Department of Community Investment's report on a real 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 extension of a distribution center as part of the
company's planned increase in productive capacity at 5245 Dylan Drive,South Bend. The project cost is
approximately$3,500,000.
The report contains the Department's findings relative to the above petition. The project meets the
qualifications for a (7) seven-year real property tax abatement and a representative from CBK Land
Development, LLC will be available to meet with the Committee on Monday,April 8,2019.
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 235-5823.
Sincerely,
Daniel :uckenmeyer
Director Economic Resources &Business Development
DANIEL J.BUCKENMEYF.R ALKEYNA ALDRIDGE PAMELA MEYER TIM CORCORAN
BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
1400S County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov
1 Filed in Clerk's Office
APR 0 3 2019
TAX ABATEMENT REPOR IAREEIiATTFOWLER
I CITY CLERK,SOUTH BEND,IN
TO: South Bend Common Council
FROM: Angelina Billo
SUBJECT: Real Property Tax Abatement Petition For: CBK Land Development LLC
DATE: April 1,2019
On March 25,2019, a petition for real property tax abatement consideration for property located at 5245
Dylan Drive,South Bend,IN was filed with the City Clerk by CBK Land Development,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,investigated the area,and makes the
following report.
PROJECT SUMMARY
• Chase Plastics, a leading North American full-service specialty engineering thermoplastics
distributor serving plastic processors throughout North and Central America,is planning to expand
its current 126,000 sq.ft. distribution center by an additional estimated 80,000 sq.ft. Business
conditions have put operations at near capacity causing the need to expand and maximize the use
of the previously purchased land.With this expansion,the company will add additional truck dock
doors and increase its overall storage capacity by 65%.
• The estimated project cost is$3.5millon.
• Petitioner is qualified for a seven-year real property tax abatement.
• The estimated amount of taxes phased-in for the seven-year abatement is $469,961. Estimated
paid taxes paid for the seven-year term are$118,039.
Chase Plastics is the only tenant leasing from the ownership entity of CBK Land Development,LLC. The
ownership of these two entities are closely related.The company moved into the newly constructed facility
in Ameriplex 80/90 area back in 2015.This location is exceptional for a distribution operation. Due to its
proximity to the intersection of the Interstate 80/90 and US Highway 31, it allows Chase Plastics to
transport goods in all directions in a very efficient manner.
EMPLOYMENT IMPACT
Per this petition,the company will have nineteen(19)full-time jobs with an annual payroll of$775,384 by
the end of 2019.It is estimated that in ten years the business will create twelve(12)new,permanent full-
time positions and zero (0)part-time positions with an annual payroll of$475,280.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted finds that the Petitioner, CBK Land
Development,LLC has been granted or associated with one previous tax abatement.
Term/Type Resolution No. Date
10-year real property 4406-14 11/12/2014
2. The Area Plan Commission has reviewed the petition and finds the property to be properly zoned
for the proposed project.
3. The Building Commission has reviewed the petition and finds no building permit was issued.
4. 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(7) seven-year real property tax abatement under section 2-75 Real Property
Tax Abatement General Standards.
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Filed in Clerk's Office
BILL NO. 19-24
APR 0 3 2019
RESOLUTION NO. <AREEMAHFOWLER
CITY CLERK,SOUTH BEI,�N!
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
5245 Dylan Drive, South Bend, IN 46628
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN (7)
YEAR REAL PROPERTY TAX ABATEMENT FOR
CBK Land Development, LLC
WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for
consideration by the Common Council of the City of South Bend, Indiana requesting that the
area located at 5245 Dylan Drive, South Bend, IN. which is more particularly described as:
Lot 2 Portage Prairie Minor #5 16/17 NP#1787 03-19-2015
15/16 NP#1338 03-07-2014
and which has Key Numbers 025-1010-0169 to 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,petitioner has agreed to and has accepted responsibility to report any changes
in the final legal description and to report the final, appropriate Key Number to the Department of
Community Investment and to the Office of the City Clerk; 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 that the Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code § 6-1.1-12.1 et seq.,for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result from the
proposed described redevelopment or rehabilitation;
D. That the estimate of the annual salaries of those individuals who will be employed
or whose employment will be retained by the Petitioner can be reasonably expected to result from
the proposed redevelopment or rehabilitation;
E. That the other benefits about which information was requested are benefits that can
be reasonably expected to result from the proposed described redevelopment or rehabilitation; and
F. That the totality of benefits is sufficient to justify the requested deduction, all of
which satisfy the requirements of Indiana Code § 6-1.1-12.1-3.
SECTION III. The Common Council hereby determines and finds that the proposed described
redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the
Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement
Consideration and the Memorandum of Agreement between the Petitioner and the City of South
Bend, and that the 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 § 6-1.1-12.1-3.
SECTION IV. The Common Council hereby accepts the report and recommendation of the
Community Investment Committee that the area herein described be designated as an Economic
Revitalization Area and hereby adopts a Resolution designating this area as an Economic
Revitalization Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization Area shall be limited to three (3)
calendar years from the date of the adoption of this Resolution by the Common Council.
SECTION VI. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of seven (7) 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 - 95%
Year 4 - 90%
Year 5 - 85%
Year 6 - 80%
Year 7—75%
SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of
this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana
Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public
hearing before the Common Council on the proposed confirming of said declaration.
SECTION VIII. 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
-- — Red-in Clea K'b
City of South Bend — --i
Petition for hlcentives •; 201g
mustlin ! ► �
Petition Include a$250 1
filing fee payable to the City Clerk's Office or online via the Cfty's website at !ti �
http;//southbendin.gov/government/content/rax-obotement before processing can be complete KAi; -H rO/r'LER
General Information Project Name I Project NumbrC—fYC:
t[ttal name as registered with Secretary of CBK Land Development LLC;Real Property)Chase Plastic Services,Inc.(Personal Properly)
State
Business structure Limited Liability Company/Corporation
Company wabzlte www.chaseplastics.corn
Proposed Project Information
Proposed proleraaddress 5245 Dylan Drive Parent company name Chase Plastic Services, Inc
City,State.Zip South Bend, IN 46628 Legal owner CBK Land Development •
Site acreage ur acreage required 9.55 Acres is the real estate owned or Owned
O ascii
Square feet of facility 78880 sq. ft. addition [Lased by Whom N/A
Primary Contact Information
Primary company contact name Robert Hoff TI`le Business Process Manager
Address of company contact 6467 Waldon Center Dr. Phone 248-620-8302
City,State,Zip Clarkston, Mt 48346 rT°'' bhoff@chaseplastics.com
Senior Official Information
Company tenterntntlal name Kevin Chase Title President
Address of company contact lir different(ram Same as Above Phone 248-620-2120
above)
City,state,2i° Same as Above `ma" kchase@chasepIastics.com
Consultant Information/Agent
Hired business ronsunant/agent name Majority Builders,Inc.-Rink Slagle Consultant release IY,MI Yes
Address 62900 U.S. 31 South local economic development partners Yes
approval OYIN
"tv,State,:lp South Bend, IN 46614 Email irlck@majoritybuilders.com
Project Overview
brief description of your
romssany,plated,and why t a Chase Plastics is a leading North American full-service specialty engineering thermoplastic distributor
property h necessary ler serving plastics processors throughout North and Central America.This application is submitted due to
rronon is growth Chase Plastics'desire to expand its current 126,000 sq.ft.distribution center by an additional estimated
80,000 sq.fl.
After erecting our existing building in 2015,business conditions have put our operation at near capacity
causing the need to expand and maximize the use of the previously purchased land,With this expansion,
we will add additional buck dock doors and increase our overall volume by 65%.
CHASE PLASTIC SERVICES,INC.WILL CONTINUE TO BE THE TENANT OF THE BUILDING •
LEASING FROM THE BUILDING OWNER CBK LAND DEVELOPMENT LLC.THE OWNERSHIP OF
THESE TWO ENTITIES ARE CLOSELY HELD. •
Certdlyd Technology Park appropriate
Is the project In a Tax Incremental Flnandng
,(TIF 1 area?Ir so,which?
Certify that the Building-Permit has not been Number a!residential units areal
Issued fY/N1 — prefer
If this is a petition for personal property to abatement.has
the equipment been Instated
Investment Details
Public in(rastruclure needs Off- Has any 504 funding been What is the value of any equipment being purchased In What is the value no 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 2029 2020 2021 2022 2023 2024 I025 2026
tend Acquisition
Building Lease Payments
Budding Purchase Costs
New Building Construction
tatsnng Building.Improvements S 3,500,9C0 CO
New Machinery&Equipment $467 00000 $90,000.00 $53,000.00 5 00,000.00 5 10,000.00 5 35,000.00 $10,000.00 $35,00:7,00
Special Tooling/Retooling
New furniture/Features $8,000.00 $2,500.00 $5,000.00
New Computer/rT Hardware
3 LS000'1^
I.
New Software
$5,000.00 3 ,5,000 r0 1 ta,nrfo ire $15,000 00
On-alto Rail Infrastructure
On•stto Fiber Infrastructure i
!TOTAL f$4,0000000 $12e,o0o oo 5 55,500.00 s eo,000.00 s igooe.00 540,000.00 :35,000.00 5 36,000.00
Full-Time Permanent Indiana-Resident Positions by Calendar Year
Calendar Year lobs retained Total hourly Cumulative g of net NEW full lime Hourly average wage,w/o Total training Total I to be
wage w/o permanent jobs crested at project benefits or bonuses,of expenditure- trained-not
fringe or cumulative net new lobs not cumulative
bonuses cumulative
2019 18 19.62 1
2020 2 17.00
2021
2022 1 19.00
2023 0 17.50
2024 2 19.50
2025 1 20.00
2026 1 18.50
2007 0
2028 2 20.50
2029 1 19.00
2030 1 21.00
Provide hourly wage information for new employees In the following positions.
Full time Part time
Laborers 17.00
11111
Technical
Managerial
Administrative 10.50
-Who will be the insltuau raspon$ble for coordinating with '
WorkOtee on recruiting?
Ones your company have on 6E0 hiring policy?Lies
Are you an EEO employer?
L_ Yes
Please list the number of full time and part time minority arid/or female employees ter each of Please describe yourconmllement to
the last tome years: divenky and Inclusion bydetalltng your
outreach and recruitment efforts for the last
Year 20'18 2018 2018 three yaws as*clips currentpolicies.
-_ Full Time Part Time Full Time Part lime FultTlme Part Time
Blau 5 5 5
Hispanic 1 1 1
Aslan 1
Indian
Female 4 3 3
Other
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 far this project. I
Qualify
Please complete the table below with the appropriate information. If Earned Points Available Points
you qualify for the points,please enter the full amount of available (Yes or Na)
points.
1 ions::Ac:ionricI.ikes ( og_4tor1
A Employ Local Companies(75%) YES 20 20
S. Purchase Materials from Local Companies(75%) YES 20 20
C. Require Employees us.Independent Contractors YES 19 19
2. Require Prevailing Wage(Davis Bacon) No 22
E Require Health Benefits YES 22 22
F. Require Pension Benefits VO 18
G. Maintain Affirmative Action Plan YES 20 20
Sub-total Construction Related: 101 141
2 vyaje_&Benefit Related IOwncrj:
A. Pay Target Wage Levels YES 33 33
R. Provide Health Benefits YES 34 '14
C. Provide Pension Benefits YES 29 29
O. Provide framing YES 28 28
E. Provide Child Care NO is
F Provide Transportation Assistance NO 14
0. Provide Employer Assisted Housing.program NO 9
I Sub-total Wage&Benefit Related: 124
3 Workforce Related:
A. Create New lobs YES 42 42
B. Retain Existing lobs YES 41 4_
C. Maintain Affirmative Action Plan No 0
'a.`
0. Provide Targeted Hiring Preference , •o 34
Sub-total Workforce Related: 83 152
4 Support_a_Munldpai Facility:
Support a SB Municipal Facility(donations to the C
A. zoo,conservatory,museum,etc.) YES 84 84
Name of Facility Potawato_
I JSub-total Municipal Facility: 64 84
Sub-total from Above: . 572
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 Municipal Code Sec.2-76 et sea.,for this petition state the above.
By:
4---
Submitted T !Datet 'I .3/zz/(g
For Staff Use Only Below This Line
What Is the current assessed value? Real Property: 7 yb'.4"- U v Personal Property: 3 p /i yam-,
What Is the projected assessed value? Real Property: Personal Property: ! ZDs0/
_ 3 5-170 D (� moo" O
What Is the tax key number for this project? 0., 6--. —1CVOj.._a/6 "
1
What Is the six digit NAILS code? 4?/(7717-0(414'e
_� 1 7-0(4_ _e &-44� PP)
), • _3 i/V / --,64)/))
Please attach a Google map and street view of the location.a( (/R.Ltfj Z l/
Please list the amount of real and personal property taxes Real Property Taxes: Personal Property Taxes:
paid for the last five years when applicable. 2
•
'':4,,-;'':4,,-;.; y //1.'7'
rQ l Year One ' �y _ 3l7/_
736 = ec
J rYear Two ✓
aeore
ezoif9,jbYear Three /'// 5.9l = 57 ,,-Z .2-0.2-07 -
p,�(�� /t Year Four � L9- C.'' ' O
4r/9'//oi Year Five l /,/5- _ 26. /
/ d l
Please fill out the following Public Benefit Summary Information and add to total from above.
(Y or NI Points Points
Public Benefit Item:
Project Related:
5 A. Redevelop a Site that has Special Needs 49
B. Develop Based on Local University Research 35
C. Achieve a Physical Element of a Plan 35
Sub-total Project Related: 120
6 Super Size Projects(point values are cumulativeJ..
A. 100%to 199% a 25
B. 200%to 299% eS? 68
C. 300%to 399% rD 6- 65
D. 400%and Over 52
Sub-total Super Size Projects: b.-d 210
7 Pay for Municipal Infrastructure.
A Pay for Oversizing or Upgrading 14
B. Pa;for 26-50%of Extension Cost 26
C. Pay for 51-75%of Extension Cost 39
D. Pay for 76-100%of Extension Cost 52
Sub-total Infrastructure Related: 43rd 131
Total from Applicant Section: 3‘)Z, 539
Total from Staff Section: /6--& 461
Total Public Benefit Points: 5-5V • 1000
Filed in Clerk': Office
MAR 2) 2019 STATEMENT OF BENEFITS
2' `t•'ct 20 PAY 20
REAL ESTATE IMPROVEMENTS
Slate Form 61767(R8/10-14) I{i�hiEEi.i: . 011lL cR FORM SB-1/Real Property
� ' Prescribed by the Department of Local Government Fina rLi BENDIN / NOTICE
This statement is being completed for real property that qualifies under the C I 'aline code l eek 0/who'd:- My Intormauon concerning the cost
0 Redevelopment or rehabilitation of real estate Improvements(IC 6-1.1-12;1-4) a d t p rty and specific satnnos
paid to inftridual ernproyeea by Inn
❑Residentially dlsiressed area(IC 6-1.1-12.1-4.1) property owner Is confidential per
INSTRUCTIONS:
1. This statement must he submitted to the body designating the Economic Revitallzalion Area prior to the public hearing if the designating body requires
irfonnellan from the applicant In making its decision about whether to designate en Economic RevilallzatIon Area. Otherwise,this statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction.
2. The statement of benefits loan must be submitted to the designating body and the area designated an economic revitalization area before the initiation of
the redevelopment or rehabilitation for which the person desires to claim a deduction.
3. To obtain a deduction,a Form 322/RE must be Nod with the County Auditor before May 10 in the year in which(he addition to assessed valuation 13
made or not later than thirty(30)days after the assessment notice Is mailed to the properly owner N If was mailed alter April 10. A property owner who
failed to file a deduction application within the prescribed deadline may filo an application between March 1 and May 10 of a subsequent year.
'1. l prcp':ri;'o: ::•!:-- I,, . (i r!1• r.4;_':. i.':n;:::;!;rc.'a 1/; :::r!y tl::d: ,e:a,:.signaling body with a Form C -!/lieu)Fiopriy. TheGh'cal
Property should he attached to the Form 322,1lE when the deduction is first claimed and then updated annually(or each year the deduction Is applicable.
/C 6-1.1-12.1-5.1(b)
5. For a Form SB-!/Rest Property that is approved after June 30,2013.the designating body is required to establish an abatement schedule for each
deduction allowed For a Form SB-1/Real Property 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(axpayar
CBK Land Development, LLC
Address of taxpayer(number end street.city Mato,and ZiPcode)
5245 Dylan Drive South Bend, IN 46628
Name of contact person Telephone number E-mat address
II 248-620-7784 landrew@chaseplastics.com
SEC TION 2 LOCA ION AND'DESCRIPTION OF PROPOSED PROJECT
Name of desIgnaIina body Rerclurlon number
CBK Land Development,LLC
Location or propertyCounty DLGF taxing district number
5245 Dylan Drive,South Bend,IN 466281 SL Joseph
Doscrtpllon of real property improvements,redevelopment,or rehabditsbon(use addluonal stunts it neccsserd EnUmnied start date(month,day,year)
May 2019
Project will consist of adding an approximate 80,000 sq.ft.to the existing 126,000 sq.ft.at Estimated completion date(month.day,year)
January 2020
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PRO°CSE11 PROJECT
Current number Salnfes Number retained Salaries Ntmtberaddldenat Salutes
18 $847,000 18 $847,000 13 $520,000
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST I ASSESSED VALUE
Current values $5,647,964 1$3,465,000
Plus estimated values of proposed project $3,500,000
Less values of any property being replaced $0
Nat estimated values u on Com.iei(onor.r•: $9,147,964
SECTION 5 WASTE CONVERTED AND OTNER.BENEFITS PROMISED EY THE TAXPAYER
Estimated salld waste converted(pounds) Estimated hazardous waste converted(pounds)
Other benefits
SECTION 6 TAXPAYER CERTIFICATION
I heroby certify that the repreiientatlons In this statement are true. (�
Siperre of suthoete sante' Date slnvxl(month cloy.year)
3�221t
Printed name of authorized represenlathia I Title
erk-- rt (�+C>cc TuSrcaLS4Ar--42tcfi6S Yfr
Page 1 of
FOR USE OF THE DESfGNATING BODY
We find that the applicant meets the general standards In the resolution adapted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1.1-12.1,provides for the following limitations:
A, The designated area has been limited to a period of time not to exceed _calendar years*(see below).The date this designation
expires Is
B. The type of deduction that Is allowed in the designated area is limited to:
1.Redevelopment or rehabilitation of real estate Improvements ❑Yes 0 N
2.Residentially distressed areas ❑Yes 0 No
C. The amount of the deduction applicable Is limited to$ .
D. Other limitations or conditions(specify)
E. Number of years allowed: []Year 1 ❑Year 2 ❑Year 3 0 Year 4 ❑ Year S (`see below)
❑Years ❑Year 7 ❑Year 6 ❑Year 9 ElYear 10
F. For a statement of benefits approved atter June 30,2013,did this designating body adopt an abatement schedule per IC 6.1.1-12.1-177
❑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. •
We have also 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(aipnalum end Ulla ofauthodred member of designating body) Telephone number 'Dale dpned(month,day year;
( )
Printed name or authorized member of deli5neling body Name of designating body
Attested by(s;pnafure and bite of attester) Pdntod name of attestor
'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 lime 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.
A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions established in IC
6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(6)years. For a Form SB-1/Real Property that is approved after June 30,
2013,the designating body is required to establish art abatement schedule for each deduction allowed. The deduction perfect may not exceed ten
(10)years. (Sea IC 8-1.1-12.1-17 below.)
B. For the redevelopment or rehabilitation of real property where the Farm SB-1/Real Properly was approved prior to July 1,2013,the abatement
schedule approved by the designating body remains In effect.Fore Form SB-1/Rest Property that is approved alter June 30,2013,the designating
body Is required to establish an abatement schedule for each deduction allowed.(See IC 6-1,1-12.1-17 below,)
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 reel mid 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 en abatement schedule
for each deduction allowed under this chapter.An abatement schedule must specify 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 fn effect until The abatement schedule expires under
the terms of the resolution approving the taxpayer's statement of benefits.
Page 2 of 2
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