HomeMy WebLinkAboutCC-02-05-01-02 Economic IncentivesSponsor: Councilor Snyder
RESOLUTION NO. CC-02-05-01-02
AN ECONOMIC DEVELOPMENT iNCENTIVE RESOLUTION OF
THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
WHEREAS, the Common Council of the City of Carmel has a direct interest in
promoting the economic development of the City of Camel; 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 Carmel 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 Carreel from the project; and,
WHEREAS, the Common Council of the City of Carmel 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 Carreel,
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 $35,000,000.
Section II: For the City of Carreel 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 Carmel to consider offering incentives for the support of an
economic development project, the project should provide jobs with a minimum annual salary of
approximately $45,000.
Section IV: For the City of Carmel to look at other opportunities for abatement as it
relates to personal property taxes, or other incentives, on a ease-by-case basis.
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 Cannel may terminate the incentives and, when allowed by statute,
the incentives may be required to be repaid to the City of Cannel.
Section VI: This Resolution establishes guidelines for the Common Council of the City
of Cannel and those representatives of the City of Carmel responsible for administering
economic development incentives offered by the City of Carreel. This Resolution provides some
flexibility for administering economic development incentives for the City of Carmel.
Sponsor: Councilor Snyder
SectionVK.' This Resolution shall be in full force and effect from and after its passage and
signing by the Mayor.
~ Adopted by the Common Council of the City of Cannel, Indiana this f54h day of
f~e -l~,.~5,~-,2001, byavoteof )rf_ ayes and C' nays. '
Pr ldl ~
cmpore'. N.L. R le
·
er Wayne'W~ilon
ATTEST:
Diana L. Cordray, IAMC, Clerk~T~surer
~t~k~ Ma o oftheCityofCarmel, Indiana this f dayof
,2001.
Diana L. Cordray,
· Approve by me, Mayor of the City of Carmel, Indiana, this '~/day of
/,L~z.~, ~/.f ,2001.
ATTEST:
Di~a L. Cor~ay, ~C, Clerk-~asurer
Prepared by: Sue A. Beesley, Esq., McHale, Cook & Welch, p.c., 1100 Chamber of Commerce Bldg., 320 N. Meridian Street, Indianapolis,
Indiana, 46204