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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