RESOLUTION NO. 08-18-16R DECLARATORY RESOLUTION DESIGNATING ECONOMIC REVITALIZATION AREA AND QUALIFYING CERTAIN REAL ESTATE IMPROVEMENTS AND CERTAIN PERSONAL PROPERTY FOR PROPERTY TAX PHASE-IN WHEREAS, Monogram Frozen Foods, LLC, a manufacturing company located in Bristol, Indiana (hereafter Monogram) filed with the Bristol Town Council a request for designation of an Economic Revitalization Area on or about July 21, 2015 (the Application); WHEREAS due to the historic downturn in the local economy and the nationally recognized increase in unemployment in and around Bristol, Indiana, the Bristol Town Council finds and determines that the economic benefits of an application for an Economic Revitalization Area including the amount of investment, number of jobs, wages and benefits, and other factors justify such a designation; WHEREAS said Application have been reviewed by the Bristol Town Council at a duly held public meeting of said Town Council of even date herewith, and the Bristol Town Council has permitted all persons desiring to do so to speak at said public meeting with respect to the Applications; and WHEREAS, the Bristol Town Council, based upon its review of the Application, and based upon the statements made by persons at the public meeting, now makes the following findings: 1.The estimate of the value of the redevelopment or rehabilitation of the real estate in the amount of Six Hundred Ninety-Three Thousand Five Hundred Dollars ($693,500.00) as set forth in said Application is reasonable for projects of this nature and type. 2.The estimate of the value of the personal property consisting of new equipment for use in Monogram's manufacturing business in the amount of Four Million Six Hundred Forty-three Thousand Four Hundred Dollars ($4,643,400.00) as set forth in said Application, is reasonable for projects of this nature and type. 3.The estimate of the creation of Seventy-four (74) new full-time positions, as a result of the proposed project, can be reasonably expected to result from the proposed project. 4.The estimate of the annual additional salaries in the amount of Two Million, One Hundred Fifty-seven Thousand Nine Hundred Fifty-eight Dollars ($2,157,958.00) for these new full-time positions can be reasonably expected to result from the proposed project. 5.The proposed project can reasonably be expected to produce other benefits, to-wit: the prevention and elimination of a possible further decline in employment and tax revenues and the improvement and expansion of the Monogram facilities described in the Application. 6.The totality of benefits is sufficient to justify the designation of the area as an Economic Revitalization Area and to justify the deduction and tax phase-in. 7.The area applied for is an Economic Revitalization Area and the Bristol Town Council has caused to be obtained a legal description of this area, which legal description is attached to this Resolution as Exhibit A and made a part hereof, and the Bristol Town Council has caused to be prepared a map and plat identifying this area, which map and plat is attached to this Resolution as Exhibit B and made a part hereof. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF BRISTOL, INDIANA AS FOLLOWS: 1.Declaration of Economic Revitalization Area. It is hereby declared by the Town Council for the Town of Bristol, Indiana that the real estate described on Exhibit A, attached hereto and made a part hereof, is, and shall hereafter be, deemed an Economic Revitalization Area as that phrase is used and intended under the provisions of Indiana Code Section 6-1.1-12.1. 2.Redevelopment Deduction. The Town Council for the Town of Bristol, Indiana hereby further declares that any and all redevelopment or rehabilitation improvements placed on the real estate described in Exhibit A attached hereto shall be eligible for a property tax phase-in pursuant to the provisions of I.C. 6-1.1-12.1-3. 3.Personal Property Deduction. The Town Council for the Town of Bristol, Indiana hereby further declares that any and all new equipment placed on the real estate described in Exhibit A after June 1, 2016, before December 31, 2016, attached hereto shall be eligible for a property tax phase-in pursuant to the provisions of I.C. 6-1.1-12.1-4.5. 4.Maps and Plat Showing Location of Economic Revitalization Area. Attached hereto and made a part hereof as Exhibit B is a map and plat showing the real estate described in Exhibit A herein declared to be an Economic Revitalization Area. 5.Compliance with Applicable Resolution and Statutes. It is hereby declared by the Town Council for the Town of Bristol, Indiana that the Application of Monogram heretofore filed will comply with all governing Indiana statutes upon completion of all necessary procedures, and that said Applications should be granted and approved as to the real estate. 6.Limitations and Restrictions. It is hereby declared by the Town Council for the Town of Bristol, Indiana that the Economic Revitalization Area designation shall remain in place for the later of (i) three (3) years after the construction of such real estate improvements, and (ii) three (3) years after the installation of the new manufacturing and information technology equipment. Notwithstanding anything to the contrary, in no event will the Economic Revitalization Area designation remain in place after December 31, 2019. 7.Time Period for Deductions. The Bristol Town Council hereby determines that the deduction for redevelopment and rehabilitation improvements shall be allowed for three (3) years from the time such improvements are constructed in accordance with the applicable schedule as provided by law. The Bristol Town Council hereby further determines that the deduction for new manufacturing equipment shall be allowed for three years (3) from the time such equipment is installed in accordance with the applicable schedule as provided by law. 8.Effective Date. This Resolutions shall be effective immediately upon its passage, subject to the notice and hearing provisions of I.C. 6-1.1-12.1-2.5. The hearing contemplated by said statute shall be held by the Town Council for the Town of Bristol, Indiana on September 15, 2016 at 7:00 p.m. At the Bristol Town Hall, 303 E. Vistula Street, Bristol, Indiana 46507. At such meeting, the Bristol Town Council shall take final action determining whether the qualifications for an Economic Revitalization Area have been met and shall confirm, modify and confirm, or rescind this Resolution. Such determination and final action by the Bristol Town Council shall be binding upon all affected parties subject to the appeal procedures contemplated by I.C. 6-1.1-12.1-2.5(d) and (e). 9.Company Obligation. Prior to this Resolution being finalized and confirmed, the declaration of the Economic Revitalization Area shall be subject to the condition that Monogram executes an agreement in form and substance as is satisfactory to the Town Council for the Town of Bristol, Indiana agreeing that Monogram will fulfill the commitments they have made in its Application and will stay in operation at its new location in Bristol, Indiana (Exhibits A & B) for a term of no less than five (5) years. The written commitment shall include, but not be limited to, that every employee (hire date after July 1, 2016) at the facilities of Monogram located in Bristol, Indiana will have a regular (i.e., non-overtime) pay rate whether salary or hourly of no less than Ten and 75/100 Dollars per hour exclusive of any benefits and no more than Twenty Percent (20%) of the employees or workers at Monogram's Bristol, Indiana facility will be part time or contract labor (80% of workers at Bristol, Indiana facility must be full time employees of Monogram). The agreement shall further provide that upon any failure to meet these obligations and commitments that Monogram shall repay to the Town Council for the Town of Bristol, Indiana a prorated portion of the total real estate and personal property taxes saved by Monogram as a result of the property tax phase-in established by this Resolution. 10.Filing with Elkhart County Assessor. Upon the adoption of this Resolution, the Clerk Treasurer for the Town of Bristol, Indiana shall cause a copy of this Resolution, including the attached legal description of the real estate and attached map and plat to be filed with the Elkhart County Assessor. If any additional filings are necessary to make Monogram eligible to file for the real estate property tax deductions and personal property tax deductions contemplated by the Application, such filings shall be the responsibility of Monogram. Adopted by the Town Council for the Town of Bristol, Indiana, this 18th day of August, 2016. TOWN COUNCIL FOR THE TOWN OF BRISTOL, INDIANA Cathy Burke Ronald Norman Delbert Schrock Floyd Lynch Jeff Beachy ATTEST: By: Mary Ryman, Clerk/Treasurer August 30 hspaxlp
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