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Home My WebLink AboutCC-07-16-01-03 Heart Hospital/MOB/Tax AbatementSponsor: Councilor Snyder RESOLUTION NO. CC 07-16-01-03 RESOLUTION AMENDING AND CONFIRMING PRELIMINARY RESOLUTION NO. CC 06-18-01-03 OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA REGARDING 10580 AND 10590 NORTH MERIDIAN STREET AS AN ECONOMIC REVITALIZATION AREA WHEREAS, on June 18, 2001 the Common Council of the City of Carmel, Indiana ("Council") did designate 10580 and 10590 North Meridian Street, Carmel, Indiana as an economic revitalization area ("ERA") pursuant to Resolution No. CC 06-18-01-03 (the "Preliminary Resolution"); and WHEREAS, notice of such action was published in accordance with I.C. 5-3- I; and WHEREAS, a copy of the Preliminary Resolution was timely filed with the Hamilton County Assessor and with each taxing unit having jurisdiction over the ERA; and WHEREAS, Councilor Koven requested that a clarification be made to the Preliminary Resolution to the effect that the $27,234,230 and $7,000,000 deduction limitation be expressed in terms of a deduction from "assessed value" of the property in question and that the record reflect that Robert A. Hicks, Esq. prepared the Preliminary Resolution. NOW, THEREFORE, BE IT RESOLVED THAT, the Preliminary Resolution is hereby amended and confirmed consistent with the above-referenced recitals and as follows. BE IT FURTHER RESOLVED THAT, a description of the ERA is attached hereto as Exhibit A (the "Site"). BE IT FURTHER RESOLVED THAT, the Site is hereby declared an ERA for a period often (10) years from the effective date of this Resolution. BE IT FURTHER RESOLVED THAT, The number of years for which CIHS Newco, LLC CC1HS") is entitled to a deduction for real property taxes pursuant to I.C. 6-1.1-12.1-3 shall be five (5) and the annual dollar amount of the deduction from assessed value for real property taxes shall be limited to $27,234,340; provided, however if CIHS claims a deduction under both I.C. 6-1.1-12.1-3 and I.C. 6-1.1-12.1-4.5 in the same year, the combined annual dollar amount of the deduction for both real and personal property taxes shall not exceed $27,234,340. BE IT FURTHER RESOLVED THAT, The number of years for which CIHS is entitled to a deduction from assessed value for new research and development equipment pursuant to I.C. 6-1.1-12.1-4.5 shall be five (5) and the annual dollar amount of the deduction from assessed value for research and development equipment shall be limited to $7,000,000; provided, however if C~I S claims a deduction under both I.C. 6-1.1 - 12.1 -3 and I.C. 6-1.1 -12.1 - 4.5 in the same year, the combined annual dollar amount of the deduction from assessed value for both real and personal property taxes shall not exceed $27,234,340. BE IT FURTHER RESOLVED THAT, the deductions authorized herein are contingent upon the purchase by CIHS of the Site from the owner thereof, Meridian 465 Associates, L.P., and the subsequent development of the Site as a heart hospital. BE IT FURTHER RESOLVED THAT, the deductions authorized herein are contingent upon the designation of the ERA prior to the commencement of redevelopment activity on the Site which is hereby defined as the issuance of all foundation permits or releases by all applicable governmental authorities including without limitation, the State of Indiana and the City of Carmel for one or more buildings to be constructed on the Site. BE IT FURTHER RESOLVED THAT, page two (2) of the Statement of Benefits (Form SB-1) of CHIS is attached hereto and the same shall be executed by the Council contemporaneously with the execution of this Confirmatory Resolution. BE IT FURTHER RESOLVED THAT, if the Site is located in an allocation area (as defined in I.C. 36-7-14-39 or I.C. 36-7-15.1-26), an application for the property tax deductions approved herein shall also be subject to the approval of the commission that designated the allocation area as required under I.C. 6-1.1-12.1-2(1)). Adopted by the Common Council of the City of Carmel, Indiana this 16th day of July 2001, by a vote of/19 ayes and 0 nays. CO/~)~OUNCIL FOR THE CITY OF CARMEL ' ' mpore · Carte~~~/'~ ATTEST: Diana L. Cordray, ~reasurer 2 Presented by me to the Mayor of the City of Carmel, Indiana this 16th day of July 2001. Diana L. Cordray, IAMC ~ Approved by me, Mayor of the City of Carmel, Indiana, this 16th day of July 2001. Diana L. Cordray, ~urer This instrument prepared by Robert A. Hicks, Esq. HALL, RENDER, KILLIAN, HEATH & LYMAN, P.C. Suite 2000, One American Square, Indianapolis, Indiana 46282. Telephone: (317) 633-4884. 03765tab(sere) 3 EXHIBIT A Legal Description (Page 1 of 2) Land Description Land West of Illinois Street Part of the Noahwest Quarter of Section 11, Township 17 Noah, Range 3 East of the 2nd Principal Meridian in Hamilton County, Indiana being described as follows: Commencing at the Northwest comer of said Northwest Quarter; thence on an assumed bearing of North 89 degrees 12 minutes 45 seconds East along the north line thereof a distance of 1320.00 feet; thence South 00 degrees 00 minutes 00 seconds West parallel with the west line of said quarter section a distance of 65.00 feet to the Point of Beginning; thence North 89 degrees 05 minutes 45 seconds East a distance of 153.82 feet to the northwest comer of the right of way of Illinois Street per dedication thereof Instrument Number 9202819, Office of Hamilton County Recorder), said point being on a curve having a radius of 113.00 feet, the radius point of which bears South 49 degrees 47 minutes 15 seconds West; thence the following seven courses along said right of way line, Southerly along said curve an arc distance of 77.75 feet to a point bearing North 89 degrees 12 minutes 45 seconds East from the radius point; thence South 00 degrees 47 minutes 15 seconds East a distance of 85.66 feet to the point of curvature of a curve having a radius of 185.00 feet, the radius point of which bears bearing South 89 degrees 12 minutes 45 seconds West; thence Southerly along said curve an arc distance of 64.35 feet to a point bearing South 70 degrees 51 minutes 25 seconds East from the radius point; thence South 20 degrees 02 minutes 19 seconds West a distance of 746.03 feet to the point of curvature of a curve having a radius of 261.00 feet, the radius point of which bears South 69 degrees 57 minutes 41 seconds East; thence southerly along said curve an arc distance of 91.28 feet to a point being South 90 degrees 00 minutes 00 seconds West from the radius point; thence South 00 degrees 00 minutes 00 seconds West a distance of 225.46 feet to the point of curvature of a curve having a radius of 185.00 feet; the radius point of which bears South 90 degrees 00 minutes 00 seconds West; thence southerly along said curve an arc distance of 23.68 feet to a point bearing South 82 degrees 39 minutes 55 seconds East from the radius point; thence South 89 degrees 15 minutes 00 seconds West along the north line of said tract a distance of 30.50 feet to a westerly comer of the land described in a deed to Meridian Pilgrim Associates, Ltd. (Deed Record 346, Page 649); thence the following three courses along the west line of said land, North 00 degrees 00 minutes 00 seconds East parallel with the west line of the aforesaid Northwest Quarter a distance of 660.00 feet; thence Noah 89 degrees 15 minutes 00 seconds East a distance of 131.99 feet; thence Noah 00 degrees 00 minutes 00 seconds East a distance of 595.86 feet to the Point of beginning. Containing 2.830 acres, more or less. 03646rah EXHIBIT A Legal Description (Page 2 of 2) Land Description Land East of Illinois Street Part of the Northwest Quarter of Section 11, Township 17 North, Range 3 East in Hamilton County Indiana, described as follows: Commencing at the Northwest comer of said quarter section; thence North 89 degrees 12 minutes 45 seconds East (assumed bearing) along the north line of said quarter section a distance of 1320.00 feet; thence South 00 degrees 00 minutes 00 seconds West parallel with the west line of said quarter section a distance of 65.00 feet to the south line of a tract of land described in Instrument Number 90-11037 in the Office of the Recorder of Hamilton County, Indiana (the following two courses are along the south line of said tract); thence North 89 degrees 05 minutes 48 seconds East a distance of 283.08 feet to the Point of Beginning; thence continuing North 89 degrees 05 minutes 48 seconds East a distance of 314.78 feet to the west right of way line of U.S. 31 (North Meridian Street), and to a point on a curve having a radius of 22773.31 feet, the radius point of which bears Noah 89 degrees 48 minutes 01 seconds West; thence southerly along said curve and said west right of way line an arc distance of 770.76 feet to a point which bears South 87 degrees 51 minutes 40 seconds East from said radius point; thence South 02 degrees 08 minutes 20 seconds West along said west right of way line a distance of 264.82 feet to the northeast comer of a tract of land described in Instrument Number 2000-15238 in the Office of said Recorder; thence North 90 degrees 00 minutes 00 seconds West along the north line of said tract a distance of 596.12 feet to the east right of way line of Illinois Street per Instrument Number 92-2818 in said Recorder's Office (the following six courses are along said east right of way line); (1) thence North 00 degrees 00 minutes 00 seconds East a distance of 17.62 feet to a point on a curve having a radius of 185.00 feet, the radius point of which bears South 90 degrees 00 minutes 00 seconds East; (2) thence northeasterly along said curve an arc distance of 64.70 feet to a point which bears North 69 degrees 57 minutes 41 seconds West from said radius point; (3) thence Noah 20 degrees 02 minutes 19 seconds East a distance of 703.48 feet to a point on a curve having a radius of 261.00 feet, the radius point of which bears North 69 degrees 57 minutes 41 seconds West; (4) thence northeasterly along said curve an arc distance of 94.87 feet to a point which bears Noah 89 degrees 12 minutes 45 seconds East from said radius point; (5) thence North 00 degrees 47 minutes 15 seconds West a distance of 105.63 feet to a point on a curve having a radius of 114.99 feet, the radius point of which bears North 88 degrees 56 minutes 02 seconds East; (6) thence northeasterly along said curve an arc distance of 101.65 feet to the Point of Beginning which bears North 40 degrees 24 minutes 59 seconds West from said radius point, containing 10.71 acres, more or less. 03646rah FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed te__n_(10_)_ .... calendar years * (see below). The date this designation expires is _J_uJ~j_6_,2__O_l_l ...... B. The type of deduction that is allowed in the designated area is limited to: I. Redevelopment or rehabilitation of real estate improvements; 2. installation of new manufacturing equipment; 3. Installation of new research and development equipment; 4. Residentially distressed areas 821Yes DNo DYes []No F21Yes DNo DYes rjaNo C. The amount of deduction applicable for redevelopment or rehabilitation is limited to $ _$_5_4_L8_2_2,_0_~00_ ...... COSt with an assessed value of $ _$_27.~234.~_:~4__0 D .The amount of deduction applicable to new manufacturing equipment is limited to $ _N_/_A ............ cost with an assessed value of $ _N_/_A__ ............... E. The amount of deduction applicable to new research and development equipment is limited to $ _$._1_2_,0_0_0_,9_09 ....... cost with an assessed value of $ _$_7_,_0_0_0~.0_0_0_ .......... F. Other limitations or conditions (specify) Combined limit for real and personal preperty tax deduction is $27,234,340 assessed value Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. A roved: (signature ~autho~zed m"~; Telephone number Date signed (month, day, year) ~ , ~ Designated body , Form SB-1, Page 2