02-10104 Agr In Lieu Of Taxes(Published in the Salina Journal on August�I , 2002)
ORDINANCE NUMBER 02-10104
AN ORDINANCE RATIFYING AND AFFIRMING CERTAIN IN LIEU OF TAX
PAYMENTS PURSUANT TO ORDINANCE NUMBER 01-10060 ADOPTED ON OCTOBER
15, 2001.
BE IT ORDAINED by the Governing body of the City of Salina, Kansas:
Section 1. That the governing body hereby ratifies its October 15, 2001 adoption of
Ordinance Number 01-10060 authorizing the City of Salina to issue Industrial Revenue Bonds Series
2001 (E1Dorado National (Kansas), Inc.) providing for exemption from property taxes, and further
providing for payment in lieu of taxes on the project.
Section 2. The City finds that the project has been completed in substantial compliance
with the City's Tax Exemption policies and procedures and with the representations and assertions
submitted in the application for tax exemption.
Section 3. The Agreement for Payment in Lieu of taxes entered into as of December 6,
1999 between the City of Salina and E1Dorado National (Kansas), Inc. is hereby ratified and affirmed,
provided that the total amounts of payments in lieu of taxes shall be as set forth in Attachment A,
hereto.
Section 4. That this ordinance shall be in full force and effect from and after its adoption
and publication once in the official city newspaper.
(SEAL)
ATTEST:
Lieu Ann Nicola, City Clerk
Introduced: August 26, 2002
Passed: August 26, 2002
Attachment A
U-11--11 a th dimaute N utubvi OMMM
Eldorado National (Kansas), Inc.
Property Type
Exemption
Years
Payment in Lieu of Taxes
y
l4nd
1-10
100%
Existing
buildings (without additions or improvements
ft
nded with bond proceeds)
1-10
100%
wly constructed buildings
1 - 5
-0-%
6-10
50%
Existing
buildings with additions or improvements
1 - 5
Pre -Improvement Value - 100%
f
nded with bond proceeds
Improvement Value - -0-%
e objective will be to duplicate as nearly as possible
6-10
Pre -Improvement Value - 100%
tl
e property tax otherwise payable on the existing
Improvement Value - 50%
ilding over the ten year exemption period, while
a
plying the exemption policy to the value attributable
t
the additions or improvements. The value of the
e
fisting building will be established based upon the
County
Appraiser's appraised value as of the January
Vt
next preceding commencement of construction of
the
additions or improvements to the existing building
(tie
"Pre -Improvement Value'. The value attributable
t
the additions or improvements will be established
b
F subtracting the Pre -Improvement Value from the
unty Appraiser's appraised value (the "Appraised
lue') as of January 1 of the first year of the
e
emption period. The difference will be the
"
provement Value." The ratio between the Pre -
Improvement
Value and the Improvement Value for
tlie
first year of the exemption period shall be fixed
a
iid shall be applied to the Appraised Value for each
subsequent
year of the exemption period to determine
t
Pre -Improvement Value and Improvement Value
f;
that exemption year.
Newly
acquired tangible personal property (excluding
e
isting tangible personal property located in Saline
1-5
-0-%
County)
6-10
50%
100% - with the appraised value
E
isting tangible personal property located in Saline
1-10
for each item for each of the ten
County
years to be equal to the lesser of
(a) the appraised value established
by the Saline County Appraiser
based upon applicable depreciation
schedules, or (b) the appraised
value established by the Saline
County Appraiser for the previous
owner for the calendar year of
purchase by the Tenant.