02-10105 Agr In Lieu Of TaxesC-1�,eosa��.a
(Published in the Salina Journal on August,31, 2002)
ORDINANCE NUMBER 02-10105
AN ORDINANCE RATIFYING AND AFFIRMING CERTAIN IN LIEU OF TAX
PAYMENTS PURSUANT TO ORDINANCE NUMBER 00-9976 ADOPTED ON APRIL 17,
2000.
BE IT ORDAINED by the Governing body of the City of Salina, Kansas:
Section 1. That the governing body hereby ratifies its April 17, 2000 adoption of
Ordinance Number 00-9976 authorizing the City of Salina to issue Industrial Revenue Bonds Series
2000 (Kasa Industrial Controls, 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 Kasa Industrial Controls, 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.
Introduced: August 26, 2002
Passed: August 26, 2002
r
istin . S aton, Mayor
(SEAL)
ATTEST:
V&&O" uucu
Lieu Ann Nicola, City Clerk
Attachment A
, Inc.
Exemption Payment in Lieu of Taxes
Pro�ert�r Type Years
nd 11-10 100%
buildings (without additions or improvementsI 1 — 10 I 100%
with bond proceeds)
1 — 5 -0-%
constructed buildings 6-10 50%
:isting buildings with additions or improvements
1-5
Pre -Improvement Value — 100%
nded with bond proceeds
Improvement Value — -0-%
ie objective will be to duplicate as nearly as possible
6-10
Pre -Improvement Value — 100%
e property tax otherwise payable on the existing
Improvement Value — 50%
iilding over the ten year exemption period, while
(a) the appraised value established
)plying the exemption policy to the value attributable
by the Saline County Appraiser
the additions or improvements. The value of the
based upon applicable depreciation
Jsting building will be established based upon the
schedules, or (b) the appraised
unty Appraiser's appraised value as of the January
value established by the Saline
next preceding commencement of construction of
County Appraiser for the previous
e additions or improvements to the existing building
owner for the calendar year of
e "Pre -Improvement Value"). The value attributable
purchase by the Tenant.
the additions or improvements will be established
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
emption period. The difference will be the
provement Value. The ratio between the Pre-
provement Value and the Improvement Value for
e first year of the exemption period shall be fixed
shall be applied to the Appraised Value for each
bsequent year of the exemption period to determine
Iid
Value and Improvement Value
rPre-Improvement
that exemption year.
ly acquired tangible personal property (excluding
:ing tangible personal property located in Saline
Ity)
1-5
6-10
-0-%
50%
100% - with the appraised value
:ing tangible personal property located in Saline
1-10
for each item for each of the ten
ity
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.