HomeMy WebLinkAboutResolution CC-04-18-16-02 Blue Horseshoe Confirmatory ResolutionSponsors: Councilors Carter, Finkam, Kimball and Rider
RESOLUTION NO. CC -04-18-16-02
A CONFIRMATORY RESOLUTION DESIGNATING AN ECONOMIC
REVITALIZATION AREA FOR BLUE HORSESHOE SOLUTIONS, INC.,
AND APPROVING DEDUCTIONS FOR PERSONAL PROPERTY
Synopsis: A resolution confirming the designation of the real estate located at 11939 N.
Meridian Street, Carmel, Indiana as an economic revitalization area and granting a partial
abatement of property taxes attributable to certain eligible equipment installed on the real estate.
WHEREAS, Indiana Code 6-1.1-12.1 (the "Act") allows a partial abatement of property
taxes attributable to the installation of certain equipment in "economic revitalization areas"; and,
WHEREAS, the Act provides that an economic revitalization area must be a geographic
area which is within the corporate limits of a city and which has become undesirable for, or
impossible of, normal development and occupancy because of lack of development, cessation of
growth, deterioration of improvements or character of occupancy, age, obsolescence,
substandard building or other factors which have impaired values or prevent a normal
development of property or use of property; and,
WHEREAS, the Act authorizes the Common Council of the City of Carmel, Indiana
("the Council") to designate economic revitalization areas by following a procedure involving
adoption of a preliminary resolution, publication of a notice of a public hearing, conducting a
public hearing and adoption of a final resolution confirming the preliminary resolution; and,
WHEREAS, the Council believes that it is in the best interests of the citizens of the City
of Carmel (the "City") to create an economic revitalization area designation in a manner whereby
citizens of the City of Carmel will benefit from the creation of permanent jobs, expansion of the
property tax base, and protection of private investment; and,
WHEREAS, Blue Horseshoe Solutions, Inc., ("the Company"), has filed a Statement of
Benefits, Form SB -1 with the City of Carmel, a copy of which is attached hereto;
WHEREAS, the Company is requesting that the real estate located at 11939 N. Meridian
Street, Carmel, Indiana (the "Project Site") be designated as an Economic Revitalization Area for
the purpose of achieving property tax savings in connection with the acquisition and installation
of certain depreciable personal property ("the Project") at the Project Site; and,
WHEREAS, the Project Site is shown on Exhibit A, and is presently part of Hamilton
County Tax Parcel 17-09-35-00-00-014.000; and,
WHEREAS, the Company anticipates installing approximately One Million Three
Hundred Thirty -Seven Thousand Two Hundred Twenty -Eight Dollars ($1,337,228) of new
information technology equipment, (all of which is hereinafter referred to as "Eligible Personal
Property"); and,
WHEREAS, the Company anticipates adding approximately seventy (70) new employees
compensated at an average annual wage of Eighty Three Thousand Dollars ($83,000) per year
(excluding benefits) as a result of the Project. These new jobs are in addition to the ninety-five
(95) employees which will be retained in connection with the Project; and,
WHEREAS, the Council, on March 21, 2016, passed Preliminary Resolution CC -03-21-
16-03 which preliminarily designated the Project Site as an Economic Revitalization Area and
established schedules for deductions to the assessed value of Eligible Personal Property located
at the Project Site; and,
WHEREAS, a Notice of Adoption of the Preliminary Resolution and Notice of Public
Hearing to be held on April 18, 2016, was duly published in the Noblesville Times newspaper on
the 1st day of April, 2016; and,
WHEREAS, the public hearing advertised in the above notice has been held.
BASED UPON THE ABOVE, IT IS THEREFORE RESOLVED, by the Common
Council of the City of Carmel as follows:
The application for economic revitalization area designation relative to the Project
was filed in proper form and the Statement of Benefits, Form SB -1, which was filed as of
January 28, 2016, is hereby approved by the Council.
2. The Project Site is located in an area of the City where municipal services are
provided and no additional infrastructure will be necessitated by the Project.
3. There is evidence provided which establishes that the subject real estate meets
with "undesirable for normal development" criterion of Indiana Code -6-1.1-12.1-1 due to the
following conditions:
a. The Project Site, while visible from Meridian Street, is accessed from
Pennsylvania Street. Challenging access has previously limited the market
potential for redevelopment in favor of other better situated locations
along the corridor.
b. The proposed reuse of the Project Site as a corporate headquarters for the
Company is consistent with the site's existing zoning and represents a
superior use for the Project Site.
4. Evidence has been submitted and considered which tends to establish that the
Project will further and promote municipal development objectives by expansion of the property
tax base through the purchase and installation of the Eligible Personal Property.
5. The Council hereby designates the Project Site as an Economic Revitalization
Area for purposes of establishing a deduction to the assessed value of Eligible Personal Property
acquired and installed within the building located upon the Project Site.
6. The deduction provided by this Resolution shall be for the assessed value of all
Eligible Personal Property installed at the Project Site on or prior to January 1, 2022, and for a
period of ten (10) years from the date of the first full assessment of the Eligible Personal
Property located at the Project Site. The Council hereby finds, declares and determines that
deductions from the assessed value of the Eligible Personal Property approved by this Resolution
shall be allowed pursuant to the following ten (10) year phase-in deduction schedule, which the
Common Council hereby establishes, prescribes and adopts:
YEAR OF DEDUCTION
1St
2nd
3rd
4th
5th
6th
7th
8th
9th
10th
11 th
PERCENTAGE OF DEDUCTION
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
7. In support of the deductions contained in this Resolution, the Council makes the
following FINDINGS:
a. The Project meets the parameters set forth in Council Resolution No. CC -02-
05-01-02.
b. The estimated cost of the Eligible Personal Property investment presented by
the Company is reasonable for equipment of that type.
c. The estimate of the number of individuals who will be employed or whose
employment will be retained by the Company can be reasonably expected to
result from the installation of the Eligible Personal Property.
d. The annual salaries for the individuals who will be employed or whose
employment will be retained by the Company can reasonably be expected to
result from the installation of the Eligible Personal Property.
e. Based on the increased assessed valuation and the expansion of the
employment base within the City of Carmel, the benefits to the City are
sufficient to justify the granting of the deduction described in Section 6 above.
8. The deductions provided by this Resolution are subject to the Company's
compliance with the terms of Indiana Code 6-1.1-12.1 and may only be modified or terminated
by the City by following the procedures contained in Indiana Code 6-1.1-12.1-5.9.
9. A copy of this Resolution shall be filed with the Hamilton County Assessor as
required by I.C. 6-1.1-12.1-2.5.
PASSED by the Common Council of the City of Carmel, Indiana this [Kday of
2016, by a vote.of _ ayes and nays.
COMMON COUNCIL OF THE CITY RM
Presiding Officer evin Rider
al . Carte -President CarKhlei
U
-,
S e F' Je
ruce mball .. Laura Campbell
AT�2z If.. :
istine S. Pauley, Clerk -T a urer
h ,
Presented by me to the Mayor of the City of C c ;:iana this �� ay. of i
2016, at
Lhristine S. PatXy
Approved by me, Mayor of the City of Carmel, Indiana this day of �
2016, at
ames Brainard, Mayor
'ATS' ST.'
ist ne S. Pauley Clerk-Treasur
Prepared by- Larry Gigerich
Ginovus
8888 Keystone Crossing
Suite 1450
Indianapolis, Indiana 46240
317-819-089.0
Larry@ginovug.com
Exhibit A
Parcel No: 17-09-35-00-00-014.000
Address: 11939 Meridian St N
City: Carmel
Zip: 46032