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HomeMy WebLinkAboutCC-10-19-15-01 Economic Development Incentive Sponsor: Finkam RESOLUTION NO. CC-10-19-15-01 AN ECONOMIC DEVELOPMENT INCENTIVE RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA As Amended WHEREAS,the Common Council of the City of Carmel has a direct interest in promoting the economic development of the City of Carmel; and, WHEREAS,when appropriate,the Common Council of the City of Carmel may desire to support the economic development of the City of Carmel through the offering of various incentives; and, WHEREAS,the Common Council of the City of Cannel finds that for any economic development project seeking incentives it is necessary to demonstrate the economic benefit that will be realized by the City of Cannel from the project; and, WHEREAS,the Common Council of the City of Cannel is desirous of establishing some guidelines as to when incentives will be considered for purposes of economic development; NOW, THEREFORE,Be It Resolved by the Common Council of the City of Carmel, Indiana, as follows: Section I: For the City of Cannel to consider offering incentives for the support of an economic development project,the project should have a minimum capital investment of approximately$35,000.00. Section II: For the City of Cannel to consider offering incentives for the support of an economic development project,the project should have a minimum new job creation of approximately 275 jobs. Section III: For the City of Cannel to consider offering incentives for the support of an economic development project,the project should provide jobs with a minimum annual salary of approximately$90,000.00. Section IV: For the City of Cannel to look at other opportunities for abatement as it relates to personal property taxes, or other incentives, on a case-by-case basis. • This Resolution was prepared by Douglas C.Haney, Carmel City Attorney, on 10/01/15 at 10:30 a.m.No subsequent revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise. Sponsor: Finkam Section V: Incentives may be financial or otherwise. In the event financial incentives are awarded by the City of Carmel to an economic development project and it is subsequently found that the project fails to substantially comply with the commitments made in order to receive the incentives, then the City of Carmel may terminate the incentives and, when allowed by statute, the incentives may be required to be repaid to the City of Carmel. Section VI: This Resolution establishes guidelines for the Common Council of the City of Carmel and those representatives of the City of Cannel responsible for administering economic development incentives offered by the City of Cannel. This Resolution provides some flexibility for administering economic development incentives for the City of Cannel. Section VII: This Resolution shall be in force and effect from and after its passage and signing by the Mayor. SO R ESOLVED by the Common Council of the City of Cannel, Indiana this 9 day of © /^6i(Q- , 2015,by a vote of —2 ayes and 0 nays. A Alfiiir P siding officer Kevin D. Rider e/60; „ , , Richard L. harp, Presin ent Pro Tempore Carol Schleif .0.---- 42.*' Ro•.1d E. Carter W. Eric Sei enstickeri ✓ Allem-0( --6-t 4d4 W am t Lu nyder if ATTEST: `f ` • ! C.,„G o Diana L. Cordray, IAMC, Clerk-Tretrer Resolution CC-10-19-15-01 Page Two of Three This Resolution was prepared by Douglas C.Haney, Carmel City Attorney, on 10/01/15 at 10:30 a.m.No subsequent revision to this Ordinance has been reviewed by Mr. Haney for legal sufficiency or otherwise. Sponsor: Finkam nd Presented by me to the Mayor of the City of Carmel, Indiana this o/02 day of COJk}Q -t1L, 2015, at Li.'/gP.M. r ) : 7 C6-- Diana L. Cordray, IAMC, Clerk-Treasure n� Approved by me, Mayor of the City of Carmel, Indiana, this atot day of 2015, at '`'1:18 P.M. ,} mes Brainard, Mayor ATTEST: Diana L. Cordray, IAMC, Clerk-Treasure Resolution CC-10-19-15-01 Page Three of Three This Resolution was prepared by Douglas C. Haney, Carmel City Attorney, on 10/01/15 at 10:30 a.m.No subsequent revision to this Ordinance has been reviewed by Mr.Haney for legal sufficiency or otherwise.