91-4275 Ad ValoremRESOLUTION NUMBER 91-4275
A RESOLUTION EXEMPTING CERTAIN PROPERTY OWNED BY PREMIER
PNEUMATICS, INC., LOCATED AT 606 NORTH FRONT STREET, SALINA,
KANSAS, FROM AD VALOREM TAXATION AND PROVIDING FOR CERTAIN IN
LIEU OF TAX PAYMENTS.
WHEREAS, the Board of Commissioners, by Resolution Number 91-4265,
has adopted a policy for the granting of exemptions from ad valorem taxation for
economic development purposes; and
WHEREAS, Premier Pneumatics, Inc. formally applied for tax exemption
under said policy by application dated and received January 23, 1991; and
WHEREAS, the Board of Commissioners has reviewed said application
and supplemental information and reviewed an analysis of estimated cost and
benefits of said tax exemption; and
WHEREAS, the Board of Commissioners has advertised and held a
public hearing this day to consider said tax exemption application, SO NOW,
THEREFORE
Kansas:
BE IT RESOLVED by the Governing Body of the city of Salina,
Section 1. That Premier Pneumatics, Inc. be granted exemption from
ad valorem taxes for property to be located at or about 606 North Front Street,
Salina, Kansas, under terms of the City of Salina tax exemption policy and the
conditions set out herein.
Section 2. That tax exemption shall apply to buildings and
improvements constructed and equipment and machinery purchased between
February 11, 1991 and August 11, 1992 for facilities located on the following
described property:
Lots One (1), Two (2) and Three (3), Block Twelve (12),
Northeast Industrial Park in the City of Salina, Saline
County, Kansas.
Section 3. That no exemption shall be granted for taxes due on the
above described land which the qualified building and improvements are to be
located.
Section 4. That the percentage of tax exemption shall be based upon
actual capital investment expenditures for new buildings and equipment and the
number of
new full-time
employees added
above the base
employment of 104 prior
to project
completion.
Said percentage
tax exemption
shall be established by
subsequent resolution of the Board of Commissioners.
Section 5. That the tax exemption shall be for a term of ten (10)
years with the total exemption due granted for years one (1) through five (5)
and one-half (1/2) of the total exemption due granted for years six (6) through
ten (10).
1
Section 6. That the amount of property taxes not exempted or
equivalent payments in lieu of taxes shall be paid annually to the County
Treasurer. The County Treasurer shall distribute said payments to affected
taxing jurisdictions according to the provisions of K.S.A. 12-148. Failure to
fully make such payments when due shall be deemed grounds for the revocation
of said tax exemption.
Section 7. That the applicant shall submit an annual report as
required by the City of Salina tax exemption policy by January 15 of each year
for as long as the exemption remains in effect.
Section 8. That the applicant shall be responsible for filing the
appropriate tax exemption claim forms as required by the statutes of the State of
Kansas.
Section 9. The Board of Commissioners shall have the right to revoke
this tax exemption for failure to comply with the terms and conditions of this
resolution or the provisions of the City of Salina tax exemption policy.
Adopted by the Board of Commissioners and signed by the Mayor this
11th day of February, 1991. z 7
C/
Robert E. Frank, Mayor
[SEAL]
ATTEST: C
L DAA .0 Al
Jacqueline Shiever, City Clerk