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HomeMy WebLinkAboutResolution CC 12-02-19-04 Confirmatory Resolution for ZP Investments, LLC and Zotec Partners, LLC Sponsors: Carter,Finkam,Kimball,Rider and Worrell RESOLUTION NO. CC 12-02-19-04 A CONFIRMATORY RESOLUTION DESIGNATING AN ECONOMIC REVITALIZATION AREA FOR ZP INVESTMENTS,LLC AND ZOTEC PARTNERS,LLC. Synopsis: A confirmatory resolution that designates the real property located at 1 Zotec Way,Carmel,Indiana as an economic revitalization area and grants a partial abatement of real and personal property taxes in connection with the construction of a new office building,a structured parking facility and the acquisition and installation of certain depreciable personal property. WHEREAS, Indiana Code 6-1.1-12.1 (the "Act") allows a partial abatement of property taxes attributable to the improvement of real property and 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 Cannel, 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 fmal resolution confirming the preliminary resolution; and, WHEREAS, the Council believes that it is in the best interests of the citizens of the City of Cannel to create an economic revitalization area designation in a manner whereby citizens of the City of Cannel will benefit from the creation of permanent jobs, expansion of the property tax base, and protection of private investment; and, WHEREAS, ZP Investments, LLC and Zotec Partners, LLC (collectively, "the Company"), have filed a Statement of Benefits - Real Estate Improvements and a Statement of Benefits - Personal Property(each a"Form SB-1") with the City of Carmel; WHEREAS, the Company is requesting that the real estate located at Illinois Street and Fidelity Way (the "Project Site") be designated as an Economic Revitalization Area for the purpose of achieving real and personal property tax savings in connection with the construction of a new office building, a structured parking facility and 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 17-13-02-00-00-001.102; and, WHEREAS, the Company anticipates investing approximately Forty Seven Million Seven Hundred Thousand Dollars ($47,700,000) to construct a new office building and structured parking facility (the"Real Property Improvements") and installing approximately One Million Dollars ($1,000,000) of new information technology equipment (the "Eligible Personal Property"); WHEREAS, the Company anticipates retaining 250 employment positions compensated at an average annual wage of Ninety One Thousand Five Hundred and Twenty Dollars ($91,520) per year and adding approximately three hundred (300) new employees compensated at an average annual wage of Seventy Five Thousand Dollars ($75,000) per year (excluding benefits) as a result of the Project; WHEREAS, the Council, on November 18, 2019, passed Preliminary Resolution CC 11- 18-19-04, which preliminarily designated the Project Site as an Economic Revitalization Area and established schedules for deductions to the assessed value of the Real Property Improvements and the Eligible Personal Property investments located at the Project Site; WHEREAS, a Notice of Adoption of the Preliminary Resolution and Notice of Public Hearing to be held on December 2, 2019, was duly published in the Noblesville Times newspaper on the 20th day of November, 2019; WHEREAS, the notice described in the preceding paragraph was also filed on November 21, 2019 with each taxing unit that has authority to levy property taxes in the geographic area where the Project Site is located; and WHEREAS, the Council on December 2, 2019, conducted a public hearing at which the Council heard all persons interested in the proceedings and considered all written remonstrances and objections to the Project that were filed. BASED UPON THE ABOVE, IT IS THEREFORE RESOLVED, by the Common Council of the City of Carmel as follows: 1. The application for economic revitalization area designation relative to the Project was filed in proper form and the Statement of Benefits — Real Estate Improvements and Statement of Benefits — Personal Property, which were filed as of May 31, 2019, are 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. a lack of development, cessation of growth, or other factors that have impaired values or prevented normal development of the Project Site; and b. the proposed use 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 construction of the Real Property Improvements and the purchase and installation of the Eligible Personal Property. 5. The Council hereby confirms, adopts and approves the Preliminary Resolution and thereby designates the Project Site as an Economic Revitalization Area for purposes of establishing a deduction to the assessed value of the Real Property Improvements and the Eligible Personal Property acquired and installed within the Real Property Improvements, in each case located upon the Project Site. 6. Based on the information in the Statement of Benefits - Real Estate Improvements, other information available to the Council, the foregoing findings and the factors listed in I.C. 6-1.1-12.1-17, the Council hereby approves and allows the Company real property tax abatement deductions pursuant to I.C. 6-1.1-12.1-4 for a period of ten(10) years. Pursuant to I.C. 6-1.1-12.1-17, the Council hereby approves and establishes that the percentage deduction for each year of the ten(10) year period shall be eighty percent(80%). 7. Based on the information in the Statement of Benefits - Personal Property, other information available to the Council, the foregoing fmdings and the factors listed in I.C. 6-1.1- 12.1-17, the Council hereby approves and allows the Company personal property tax abatement deductions pursuant to I.C. 6-1.1-12.1-4.5 for a period of ten (10) years for the assessed value of all Eligible Personal Property installed at the Project Site on or prior to January 1, 2025. Pursuant to I.C. 6-1.1-12.1-17, the Council hereby approves and establishes that the percentage deduction for each year of the ten(10) year period shall be eighty percent(80%). 8. In support of the deductions contained in this Resolution,the Council finds as follows: a. The estimated costs of the Real Property Improvements and the Eligible Personal Property investment presented by the Company are reasonable for projects of this nature. b. 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 proposed Project. c. 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 proposed Project. d. 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 Sections 6 and 7 above. 9. 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. 10. 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. d( SO RESOLVED, by the Co n Council of the City of Cannel. Indiana, this Z day of &WU'•P , 2019 by a vote of ayes and D nays. 44 ofCOMMON 0 CIL FOR THE CITY C • 0 Jeff • 11, President Antho y G en .!. II Laura D. Campbell,Vice Pr-sident . Bruce Kimball Carter Kevin D. Rider A,_ Itorkk S /, A / C tine S. Pau - , Clerk-Treasu f /Presented by me to the Mayor o f e Cit f armel, Indian th' day of 4V.f .c'_ , 2019, at Chris ' S. Pauley, Cle -Treasurer � Approved by me, Mayor of the City Carmel, Indiana thins day of pew , 2019, at 5 /s .M. ames Brainard, Mayor ATT' 7 r Chris e S. Paulpy, Clerk-Treasurer Prepared by: Larry Gigerich Ginovus 9 Municipal Drive,Suite 1 Fishers,Indiana 46038 317-819-0890 Larry@Ginovus.com mailto:Chad@ginovus.com Exhibit A Parcel No: 17-13-02-00-00-001.102 Location: Illinois Street and Fidelity Way City: Carmel ......— P., z , , -- - C.ongressIonal IRA I -0: • -. -• t' .. 1 II tit /' I ' . ' I' •--'17.„.•t.., . , li , ProteFtive.,Insuriate * ' Corporation' .-1 t....., .•ri .,. 5 -------- ----- —,tiberty siall II nsu rance*• ail • 4 1 fti • - ii p, tit I - 1 , 1:0 ." at ka r- :JO- ---i °- - . iarilik ."7.-..---------w hl 1 othIsi grAII- I 11.."----- TAN. 0E-- vlpipi, -;\v."- : •• ...Nob .. - if . - - 1 . 4 ...i......____ \ ^ 'N app , I , 1,15., JO, L? .„ -7, .._ 6t,..h'St- I :0-. -•- , „ W. 1 1. )• ' Indian r ,a- 17°N , i:,...-- .._,`6 ti , . i ii Ttit il, •si --)4, 11 , .• ' -. - 1,,,,i..,1.•.-1•,.... ,.44t4. ;41 ........ _ ,, ; •-• v6- - 4 '(.' ift.1.M \91.ft. 1 1 lute ‘ei: .•,..----, k. . • -...,......ia Y—8 . 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