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County Commissioner Resolutions - May 1998,��I RESOLUTION r O. �.� —� GIBSON COUItiTY, INDIANA REDEVELOPbfENT COMMISSION RESOLUTION APPROVING APPLICATION FOR REAL AIV'D PERSONAL PROPERTY TAX DEDUCTIONS IN AN ECONOMIC REVITALIZATION AREA WHEREAS, on July 16, 1996, the Counp� Council of the Gibson County, Indiana (the "Council") adopted Resolution No. 1996-3 (the "Resoludon") designating the area described in E�hibitA as an economic re��taluation area pursuant to I.C. 6-1.1-12.1 (ihe "Economic Revitalization Area'� and granting real and persona! property tar abatement in the Economic Reritalilation Area for a period.of ten (10) years; WHEREAS, Toyota Motor Manufactu�ing, Indian� Inc. and/or an affiliate thereof and/or another entity (collectively, the "Applicant") plan to consuuct, as described in an Application and a related Statement of B�e6ts submitted bv the AppGcant to the Cowcil, anached hereto as F�chi�jL�, (collectivel}•, the "Applicatiod'), an espansion of iu automotive manufactwing facility that is currendy under consduction in the Economic Revitalization Area (the expansion is herein referred to as the "ProjecY'); WHEREAS, the Project «ill consist o£ (i) the construction on unimproved real estate, of new structures and other related real estate improvemenu in the Economic Revitali7ation Area (the "Rede��elopmenP') and (ii) the installation in the Economic Re��italizarion Area of tangible personal propem� to be acquired by the Applicant, as iu o�+ner, for use in the direct production, manufacture, fabricarior� assembh�, processing, refining or finishing of other tangible personal properh•, which tangible persona! propert}� has ne��er before used by iu onner for any purpose in Indiana (the "EqtipmenY'); WHEREAS, on April 21, 1998, the Council adopted Resolution No. 1998-1, approving and allo�ving the Applicant pursuant to I.C. 6-I.1-12.1 real and personal property tar deductions for ten (10) years for the Redevelopment and the Equipment located in the Economic Re��italization Area as part of the Project, as described in the Application; WHEREAS, the Gibson Counn�, Indiana Redevelopment Commission (the "Commission") established an area in Gibson Counp�, Indiana as an allocation area for purposes of I.C. 36-7-14-39 (the "Allocation Area"), and the Economic Re��italization Area is located within the boundaries of the Allocation Area; WHEREAS, I.C. 6-1.1-12.1-2(1) pro��des that if property located in an economic revitalization uea is aLso located in an allocalion area (as de6ned in I.C. 36-7-14-39 or 1.C. 36-7-15.1-26), an application for the property ta� deduction pro�•ided by I.C. 6-1.1-121-1 gi 5gq. may not be approved unless the commission that designated the allocation area adopts a resolution approving the application; WHEREAS, I.C. 6-1.1-12.1-5 provides that a property oµner must file certiSed deduction appiicarions to obtain propert}� ta� deductions �ti�th respect to rehabilitation or redevelopment in an economic revitalization are� and I.C. 6-1.1-121-5.5 provides that a person must file certi5ed deduction appGcations to obtain property taK deductions for new manufacturing equipment installed in an economic re��talilation azea (such certified applications being referred to hereinafter as "Deduction Applications"); WHEREAS, the Rede�•elopment and the Equipment comprising the Project Hill be located in both the Economic Re�italization Area and the Allocation Area, and therefore property tax deductions µ�th respect to the Redevelopment and the Equipment may not be approved unless the Commission adopu a resolution approving the Deduction Applications; _ .� WF-IEREAS, the Commission has been requested by the Applicant to approve, pursuant to I.C. 6- 11-12.1-2(I), iu applications for propem� ta� deductions for the Redevelopment and the Equipment located in the Allocation Area; and WHEREAS, the Commission has revie«�ed the Application and desires to take action to appro�•e, pursuant to I.C. 6-1.1-12.1-2.5(I), property tax deducrions Hith respect to the Redevelopment and the Equipment to be located in the Allocation Area; NOW THHREFORE, BE IT RESOLVED THAT baced on the information in the Application describing the proposed Project and the Commissiods consideration of other evidence, the Commission hereby finds that the allowance of property tar deductions for the Redevelopment and the Equipment to be located in both the Economic Re��tali7ation Area and the Allocation Area is of public uelity and benefit and is coasistent with the findings made and actions tal:en in the Resolueon. BE IT FURTE-IER RESOLVED, that, pursuant to I.C. 6-1.1-12.1-2.5(t), the Commission hereb}� approves the Application and appro��es the Deducrion Applications to be filed by the Applicant to claim propert}� tax deductions w�th respect to Redevelopment and Equipment located in both the Economic Revitalization Area and the Allocation Area. ADOPTED and APPROVED at a meeting of the Gibson County, Indiana Rede��elopment Commission held on the 7th day of May, 1998. nvsoi aw� xssase GIBSON COUNTl', INDIANA REDEVELOPMENT COMMISSION `riI/.�r22e% �Ti C..X2�e/✓ t�%r �/I- r�a._� '/ T !� � c�.a-� ��_ �/)�C�� /-il��/� -2- � Fx.�ibie A 3c6►1 t e � r-Ferv�rCN_ QyvaPi i �^'E • T`e Sct7C,C�st Ctutzt ]rC � p3r: Ct fft! NOre3S. CL'Y.e� Ct �Ct7 J7. �t7C ?e NCrtf,'xeS anC ScL^Was: C:�"�s ai �e�cn � Gct� In Te+vr.s'�p 2 Scutr..�Rar'Se'0'Ne� In Pz=R.: �:wr:s�iC. 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' I �N �i�lb� � 7�� U .w� , r _ . :1� Y 'K5 _Il�e�� . ,.,� ��- J� �� 6( �� . . � �� . • . �..---�-• �--•-•�-1 R� ........_. : mieir� ..._.1.1 �; � -• 6� �• � p n R! i k k� � . r'�u ��k�� I i'i �� I ��r�� fi� �� ---•- - ' =.- --- .- -!-- (._.. • g ! •. - = - . = z—�: i • � I ' R• �; r w� "' .. ..-------1� � �� .�..._-•f;� �� w..y � i r,�� . .1:��,�:,�, � �� j � k��. h � ' f �-•--- �� ..� �;c� h�� ,��j p�� ;�'Q �Q :, I �,;;�. - � !; ' �'�W IM4��NI YI I �I: ' r� —`-�— �� I � �,T_. — • —� ' � I� �n A�� `� ,..�,� r : U., k' k r d r' �.II�i� R��K`; h�� ea� � �� r �,�- --� r; ��y Y ,' a I() k� Q •t��: � p! ,.. ._� .... . .--�---� ._. . I 1' �e . . �9 ' �� ;.�..wi.. �._. _._... �. . � a�t, ') 1 W�wNMM11A1: ..1) � -I...... _lOAC 1�� .._..._._._...._._..__ G ^' _. -..-_ .___— , . �� _ � �. ( � � ............ ... u� I ar ti: , � � Iwnlwm a: • � I_ J� �;- �3��: 1� � . i;5� 'r A; 1��; ..�.......�..�... rl. Ilr� Y� `Y� '4 1 I �� , . ., n .. f'. � ►+ �. . � � � ,.. ;. � �' 'r � 1�i�� -��-u'�) hl'i �"ii�E. .. k 1; . :.:. -�-___.�— --�� 1 . _ , -----�•--•-----.1:+�•''-l.r�_.—�u) e�'� � ' .. . . ' � � � • ESchibit B �� 6 APPLICATTON FOR APPROVAL OF �/ry ,�,i REAL AND PERSONAL PROPERTY TAX DEDUCTIONS ��.- �� SUB111CITED BY �PR % 5 i��0 TOYOTA MOTOR MANUFACTURIlr'G; �, INDIAIvA, INC. �! `/ /J � -�-�. - - _ "''. ... _� .. . . . - -�,� This Application for A,pproval of Real and Personal Property Tax Dcductions is submitted �` to the Gibson County Council (the "Council") by Toyota Motor Manufacturing, Indiana, Inc., ("TMAq") and/or an affiliate thereof and/or another entity that will construct an expansion to an existing motor vehicle manufacturing facility (TNIIvII, such affiliates and other entities collectively, the "Applicant"), pursuant to the provisions of IND. CODE § 6-1.1-12.1-1 gI �., as amended. Pursuant to Resolutions No. 1996-2 and 1996-3 (the "Resolutions"), the Council designated an area identi5ed in the Resolutions and described herein as the Property to be an "economic revital'uation area" pursuant to I.C. 6-1.1-12.1, granted real and personal property tax abatement in such area for ten (10) years, and approved the Applicant's real and personal property deductions for ten (10) yeazs for the Facility (as hereinafter de5ned). The following information is provided in support of this Application: ,.. . �� :.. ., Toyota Motor Manufacturing, Indiana, Inc. 4000 Tulip Tree Drive P.O. Box 4000 Princeton, Indiana 47670-4000 2. B�ac$�q»nd of TNA1I. The TMI�4I is a United States domestic subsidiary of Toyota Motor Corporation, a leading 7apanese motor vehicle manufacturer. 3. The Proiect. The Applicant is constructing a vehicle assembly facility which was initially intended to produce up to 100,000 units annually of the Applicant's Toyota brand trucks �� . ..� and/or other motor vehicles (the "Facility"). The project will consist of the expansion of plant buildings and related real estate improvements and the installation of new manufacturing equipment in the buildings, which will enable the Applicant to produce an additional 50,000 units annually (the "Project"). Certain affiliates of TMIvII may invest in and/or own a portion of the real estate improvements and new manufacturing equipment as part of the Project. 1- • 1�11 � � I . �1 . : �• J •1 � 1' • �tl � •�- � which the Projeu will be corutructed (the "Propert}�') is appro�dmately 1200 Aaes of land bounded on the west by US 41, bounded on the north by County Road 350 Sout}� bounded on the east by County Road ] 00 East as if extended to County Road 350 South, and bounded on the south by an 81 acre Uact of properry Imown as Schumeier Fazms and a] 0.1 acre tract of property owned by the Town of Fort Branch, and was declared an "economic revitalization area" pursuant to the Resolutions. 5, Dec,^.ipSion of the Proiect. The Applicant will construci an expansion to the Facility to produce addidonal Toyota brand trucks and/or other motor vehicles. The Project will include the acquisition and installation of additional operating equipment for stamping, welding, painting, assembly and plastic molding functions. The Applicant acpects that consuuction of the Project will commence in May 1998 and will be completed by late 2000. Initial production associated with the Facility is e�ected to begin in the fai of 1998, with additional vehicle production associated with the Project commencing in late 2000. -2- ?�1,�/ Benefits of the Proiect. The benefits of the Project are described below and further set forth on the Statement of Benefits attached hereto as Att3ChmenLI• The Statement of Benefits attached hereto as Attachment I is based on the best information available at the time of this 51ing. A Increased F,mpiovm nt. The Applicant anticipates that it will employ apPro�dmately 1,000 additional pasons at the Project with average annual salaries (mcluding bonuses) of approximately 530,000 to $40,000 per employee. The average starting salaries (mcluding bonuses) will be lower than these amounts, but salaries will gadually rise to these amounts. B. Increased PrQ�ertv Tax Base. In completing the Project, the Applicant will invest approximately 545,000,000 to 585,000,000 in real estate improvements and approximately 5210,000,000 to $288,000,000 in new manufacturing equipment. As the requested property tax abatement is phased out according to the schedule provided by statute, the assessment associated with this investment will be added to the local property tax base. The figures and dates above are all estimates based on the best information available at this time and could vary base� on variaYions in pricing conditions, engineering considerations, and foreign wrrrncy exchange fluctuations. • � .� �� ..�.�� : � .� .. ._ :. "aonomic revitalization area" pursuant to the Resolutions. -3- �� TOYOTA MOTOR MANUFACTURING, INDIAN.� INC. � Q� Seizo Okamoto, President -4- � ' �� • '-'='� S7ATEMENT OF BENEFITS =L � Sute Po .r.. 27167 (RS / i1-95) •�,� F:�+SB � 1 a DnsuiDeC Cy:v S:aie BEa7 CI Ta. Wm�ss�oners. t959 �:. Attachnent I ��11 FOF. SB- wsr;,ucr�o.vs: �. inrs srare .r.enr r..ust .�.� suo..-Jr.e� to rne Docy eezigm:ing tne ecanem+t revitiJiza:JOn area cnor tc ttie OuDlit Aeanr.s i7 V;e Cesiynaitp Cody repvi�es �: maticn tron me a: �iicar,r m,^aRing ra oeas�on aDCUr wnemer ro aesipna:e an Econamrc Revitalizarion ,vea. P..:erw,"se mrs srarc•-e.-t mcsr oe t.Dr,.. re me cesisr,a:�ny eccy BEfORE a person irsrans tne new manufaaurng eGVipmer.r. or BEFORE me reCevNepmenr er renab��i;aricn c��eal erooer. wn�cn me aersan wisnes ro chr,� a aaduaion. 'Projer.s' O�+nneC or ccmmrec fo aRer Juty i. 79B7 and areas 0esipnarec aher Juty �. 7SB) �ecm STAicMENiGFB�NEFliS. QC6-IJ-72.1) 2. Appr.var �! L'e [evs: •a:�r,g OoCy !Gy LOUr.[il, icwn 9carC. LOUnty Ceuncif, e1C.) must 0! oDta/nBd Fno� to inrdatic� ar Ne ietlevelopmer.f o� re�aDiliW: m pna ;o rrs:alfanor, el ;ne new ma,aufacrurmp eGU:��^er.r. BEFORE a o�cuc.icn mry De aFProved. ?. To o�+��n a cee::- ion, Forn 322 ERA. Real fsra:e Imyevemenrs anC / c� FOrm 322 EAA / PP. New M�rliv�ery. must De filed wim me nur.ry avcitcr. : resoe:: r� real prece ,ry. Form 322 eRA musl o� tiled �y me luei aC ( f) May f 0: or (?) Nrrty (30) tlays ahe� a naLce o7 ir.uease in reai p�oaery assess.+ 4dnq ecw?�enr�eeccmesras essaWa� unlau azfiGr� rrension�rus D�e�r, cenined.MApersoa wno ootarns a/iGng ezrens+bn rur7ae�v:e fom. Der.�. MuC,� 1]r0 June 7a p/ �71Jf year. a, pr.�er,� owners wnose Snrement ol Beneli(s was a�provee ana� June 30, 1991 must suDmir Ferm CF - 7 annualry to snow rompl;a.ace witn tne S;ater. olBenehts. pGb�.�•�2J3.6) � � _ �. ,.. e• i r..� �� N]r..P C::asGaYe: � s o1 tac�ayer (s:reer ano nuree�. cr,y, sta� a.^c ZIP cxe) �+000 Rtilip Tree Drive, P.O. Box 4000 Princeton, Indiana 47670-4000 Itia�¢ ot co:�:a_,p erson I Richard J. Hall, Barnes � Thoraburg, 11 S. Meridian, Indpls., IH � -: Ce5�5��nnS Dc^ Gibson Coun�y Council of 7rcpe.,ry real D�-r�e .ry imprc�emenis anC / o� Mw rtl3nui:CCM9 I sner.s d necessary) See Fshibit A attached - - �. i .une�incmoer Sa�pries �30�000 to approx. 1300� I��0,000 per vor See Dchibit B attached N07E: Fursuant to �C 6�t.t•t2.1•5.� (C) (2) me COS7 at he O+�ee..ry is ccNitlentiat. Cunen, �aiues Less v��ues of any orocert Net esei^;ateC values irJCn AA Gibson f;eW Esn�e New Mtg Equiprtxnt AA Aasessed Value ione nurzwe� i � 231-7516 r,umoer Union Tovnship Snrtl 5/98 5/98 Number aceiticnal approz. 1000 late 2000 late 2000 Auesxd Value Es:i.�a:eo solie waste conver,ec (pounds) Estirnated nuaroous waste wrnenetl (povnds) ��The above cost estimates and assessed value.estimates are approximatiimtiona a'tBt��' based on the best inTormetion currentlp evailable ior the real estate improve�ents and machinery covered. I heretvi cerdv inat tne re�reser,tabens in tnis s;atemer.t are � reorese�can�e T"��eizo Okamoto, % �/ / President ite s�qnec �m.cr,m. my. year� u—�O—�pd' ,o ��l .,. : I ... .� . • .� .. I'he properry on which the Project will be constructed is approximately 1200 acres of land bounded on the west by US 41, bounded on the north by County Road 350 South, bounded on the east by County Road 100 East as if extended to County Road 350 Soutk� and bounded on the south by an 81 acre uact of property known as Schumeier Fazms and a 10.1 acre uact of property owned by the Town of Fort Branch. . . . . � . . . • ..-w o. . -n-i .�� —. .� .w .�• . .n-� Toyota Motor Manufacturing, Indiana, Inc. ("TA��II") is constructing s vehicle assembly facility which was initially intended to produce up to 100,000 units annually of Toyota brand trucks and/or other motor vehicles. The project will consist of the expansion of plant buildings and related real estate improvements and the installation of new manufacturing equipmont in the buildings to perf'orm stamping, welding, painting, assembly and plastic molding functions, which will provide for the production of additional Toyota brand trucks andlor other motor vehicles (the "Project"). Certain affiliates of TMI�q or other entities may invest in and/or own a portion of the real estate improvemrnts and new manufacturing equipment as part of the Project. emu� cn, usx ,. : •. ..:. r � I.�. ESTIl�IATE OF EMPLOYEES AND SAT.sRTF.S AS RESULT OF PROPOSED PROJECT , The consuuction of the original vehicle assembly facility that will be expanded �s part of the Project has not yet been completed. The information under current number of employees and the related salaries reflects the estimated number of employees and salaries when the original facility is completed. The Project will employ an additional 1000 employees with estimated salaries (including bonuses) betwcen i30,000 and 540,000 per employee. ES'TIMATED TOTAL COST Ah'D VALUE OF PROPOSED PROJECT Scetion 4 Real Estate Improvements Mac6inery Cost Assessed Value Cost Assessed Value Current $I 10,000,000 - $36,666,667 - $540,000,000 - 572,000,000 - values` $160 000,000 $53,333,333 5640,000,000 $85 333 333 Plus estimated $ 45,000,000 - $15,000,000 - $210,000,000 - S28,000,000 - values of S 85,000,000 $28,333,333 $288,000,000 538,400,000 proposed ro'ect • Less values of any property bein re Iaced -0- -0- -0- -0- Net estimated 5155,000,000 - $51,666,667 - $750,000,000 - $100,000,000 - values upon $245,000,000 $81,666,666 $928,000,000 5123,733,333 completion of � ro'ect • •The construction of the original vehicle azsembly faciliry that will be expanded as part of the Project has not yet been completed. The above amounts represent estimates of the wst and assessed value of the original facility upon its completion. The above cost atimates and assesud value estimates are approximations based on the best information currrntly available for the real estate improvements and machinery covaed. wami ua x+sei