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Home My WebLink AboutCC-08-15-05-01 Dealer Services/Tax Abatement/ERA COpy RESOLUTION CC-08-15-05-01 (Formerly CC-08-01-05-01) Sponsors: Councilors Carter and Sharp 200500059084 Filed for Record i'n . HAMILTON COUHTY, INOIAHA JENNIFER J HAYOEH 09-08-2005 At 02:56 Pill, MISe 21.cm RESOLUTION ("RESOLUTION") OF THE COMMON COUNCILOF THE CITY OF CARMEL, INDIANA DESIGNATING 11555 NORTH MERIDIAN STREET AS AN ECONOMIC REVITALIZATION AREA WHEREAS, I.C. 6-1.1-12.1-4 authorizes partial abatement of personal property taxes attributable to the installation of new qualifying information technology/telecommunications equipment, computer hardware, and computer software; and WHEREAS, I.C. 6-1.1-12.1-2.5 empowers the Common Council of the City of Carmel, Indiana (the "Council") to designate an area as an Economic Revitalization Area ("ERA"), determine the duration of the abatement period(s) for such property and impose other reasonable conditions; and WHEREAS, a Designation Application (as defined in I.C. 6-1.1-12.1-1) has heretofore been filed with the Council by Dealer Services Corporation ("the Company"), and such Designation Application requests that the real estate located at 11555 North Meridian Street, Carmel, Indiana and legally described therein (the "Site") be designated as an ERA; and WHEREAS, the Company will lease space for their new corporate headquarters facility, provided that the Company is able to obtain personal property tax deductions as authorized by I.C. 6-1.1-12.1-4; and WHEREAS, the Company seeks to have the Council authorize personal property tax deductions in connection with the qualifying investment related to the installation of new. information technology/telecommunications equipment, computer hardware, and computer software in the Company's new corporate headquarters facility at 11555 North Meridian Street; and WHEREAS, the Council has reviewed such Designation Application together with the Company's Statement of Benefits (Form SB-I) and now desires to take actions hereinafter set forth. NOW, THEREFORE, based upon a review of the Designation Application and. . Statement of Benefits (Form SB-l) heretofore filed by the Company, the Council hereby makes the following [mdings: FINDING 1. . The Site is or has become undesirable for normal development due to the following economic conditions: (a) The Site possesses a second generation office building which is more than ten (10) years old. (b) The Site and building are zoned for and generally suitable for use as an office development; however, there is lack of demand for office space in the geographic area where the Site is located due to the economic conditions currently present (the "Corridor"). FINDING 2. F~DING3. F~DING4. FINDING 5. FINDING 6. F~DING7. FINDING 8. FINDING 9. (c) Vacancy rates for office space in the Corridor and an abundance of sublease opportunities evidence an oversupply of office space in the Corridor. (d) The Company's proposed redevelopment of a portion of the site as a corporate headquarters for the Company is consistent with the site's existing zoning and represents a superior use for a portion of the building. (e) The Company's plans to install new personal property will result in an addition to the Corridor's overall assessed value within an accelerated time period. The proposed redevelopment of the Site by the Company meets the parameters set forth in Council Resolution No. CC-02-05-01-02. The estimate of the cost and assessed value of the Company's proposed re- development of the Site is reasonable for projects of a similar nature. The estimate of the number of individuals who will be employed (i.e., approximately 70 FTEs over the initial five-year period) can be reasonably expected to result from the Company's proposed re-development of the Site. The estimate of the annual salaries (i.e., average of $72,000 per annum) of those individuals who will be employed can be reasonably expected to result from the Company's proposed re-development of the Site. The estimate of the cost and assessed value of the new information technology/telecommunications equipment, computer hardware, and computer software is reasonable for equipment of that type. With respect to the new information technology/telecommunications equipment, computer hardware, and computer software, the estimate of the number of individuals who will be employed (i.e., approximately 70 FTEs over the initial five-year period) can be reasonably expected to result from the redevelopment of the Site and installation of the new personal property. The estimate of the annual salaries (i.e., average of $72,000 per annum) of those individuals who will be employed can be reasonably expected to result from the redevelopment of the Site and installation of the new personal property. Other benefits that can be reasonably expected to result from the Company's proposed re-development of the site and installation of the new personal property. FINDING 10. The totality of benefits is sufficient to justify personal property tax deductions herein described. NOW, THEREFORE, BE IT RESOLVED THAT, a legal description of the previously declared ERA has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site is hereby declared an ERA for purposes of granting personal property tax abatement in support of the corporate headquarters facility project and the installation of new information technology/telecommunications equipment, computer hardware, and computer software. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for investments made in the new information technology/ telecommunications equipment, computer hardware, and computer software pursuant to I.C. 6- 1.1-12.1-4 shall be seven (7). BE IT FURTHER RESOLVED THAT, the Carmel City Council shall have the right to reduce the length of and/or end the economic revitalization area designation period granted for the site should the Company and/or a subsequent owner of the Company not fulfill commitments made to the city of Carmel regarding the amount of capital investment, job creation/retention and average annual salary levels. BE IT FURTHER RESOLVED THAT, in the event the Company is sold to a new owner, the new owner of the company shall appear before the Carmel City Council within 90 days of closing on the purchase of the company to present information regarding the plans for the company's operations in the city of Carmel. BE IT FURTHER RESOLVED THAT, the deductions authorized herein are contingent upon the designation of the ERA prior to the installation of new information technology/telecommunications equipment, computer hardware, and computer software. BE 1T 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. 6-1.1-12.1-4. BE IT FURTHER RESOLVED THAT, this Resolution shall be filed with the Hamilton County Assessor as required by I .C. 6-1.1 - 12.1-4. BE IT FINALLY RESOLVED THAT notice of the adoption of and the substance of this Resolution shall be published in accordance with I.C. 5-3-1 and that such notice shall be in the form attached hereto and incorporated herein as Exhibit B. ~.,kA~y the Common Council of the City of Carmel, Indiana this I .day of · 2005, byavoteof ~ ayes and ~ nays. COMMON COUNCIL OF THE CITY OF CARMEL /~esiding Offi~r / / Kevifl3;Kirb/,v': re~ le~)9,?roTempore .R~nald E. Carter Mark R~t~termann ATTEST: Di~a L. Cordray,~A~Treasurer (~..~.r~ me to the Mayor of the cit.v o£ Carmel, Indiana this J,~'/'~day o f 2005, at 7, 0 f_.m. Dian /~ Approved by me, Mayor of the C. ity o mel, lndiShis~ ainard, Mayor ATTEST: x) ~C Clerk e urer Diana L. Cordray, IA ~ Prepared by: Larry Gigerich, Managing Director Ginovus 8888 Keystone Crossing Suite 1450 Indianapolis, Indiana 46240 317/819-0890 (telephone) 317/819-0888 (facsimile) Larr~(~_,Ginovus,com (e-mail) EXHIBIT A A LAND BOUNDARY DESCRIPTION OF THE BUILDING AT 11555 NORTH MERIDIAN STREET, HAMILTON COUNTY~ INDIANA AUGUST 1, 2005 PAGE 1 OF 1 PARCEL 1. Part of the Northwest Quarter and part of the Northeast Quarter of Section 2, Township 17 North, Range 3 East in Hamilton County, Indiana, being more particularly described as follows: Commencing at the Northeast comer of the said Northwest Quarter Section; thence South 88 degrees 36 minutes 14 seconds West along the North line of the said Northwest Quarter Section 381.82 feet; thence South 00 degrees 09 minutes 52 seconds East 165.00 feet; thence South 88 degrees 36 minutes 14 seconds West 110.44 feet to the East limited access right-of-way line of U.S. 31 (as per Indiana State Highway Plans -- Project St. F-222 (9) dated 1973); thence South 00 degrees 09 minutes 52 seconds East along the said East limited access right-of-way 423.31 feet to the Beginning Point; thence South 89 degrees 37 minutes 52 seconds East I60.35 feet; thence North 45 degrees 22 minutes 08 seconds East 59.40 feet; thence South 89 degrees 37 minutes 52 seconds East 353.98 feet; thence South 00 degrees 22 minutes 08 seconds West, parallel with the West line of the said Northeast Quarter Section, 466.50 feet; thence North 89 degrees 37 minutes 52 seconds West 58.78 feet; thence South 00 degrees 22 minutes 08 seconds West parallel with the said West line 182.00 feet; thence North 89 degrees 37 minutes 52 seconds West 190.00 feet; thence North 00 degrees 22 minutes 08 seconds East, parallel with the east line of said Northwest Quarter Section 256.00 feet; thence North 89 degrees 37 minutes 52 seconds West 55.00 feet; thence North 00 degrees 22 minutes 08 seconds East, parallel with the said East line 123.75 feet; thence North 89 degrees 37 minutes 52 seconds West 250.44 feet to the said East limited access right-of-way line of U.S. #31; thence North 00 degrees 09 minutes 52 seconds West along said East limited access right-of-way line of U.S. #31; thence North 00 degrees 09 minutes 52 seconds West along said East limited access right-of-way line 226.76 feet to the Beginning Point, containing 5.332 acres, more or less. EXCEPTION TO PARCEL 1: A part of the Northeast Quarter of Section 2, Township 17 North, Range 3 East, Hamilton County, Indiana, being that part of the land described in Deed Instrument #9541209 as recorded in the Office of the Recorder of Hamilton County, Indiana, lying within the proposed right of way depicted on the attached Right of Way Parcel Plat of Parcel 111-4W of the City of Carmel Project 97-04, described as follows: Commencing at the Northwest comer of said Quarter Section; thence South 1 degree 30 minutes 31 seconds West 561.45 feet along the West line of said Quarter Section to the North line of the owner's land; thence South 88 degrees 29 minutes 29 seconds East 69.78 feet along said North line to the Northeast corner of the owner's land and the point of beginning of this description; thence South 1 degree 30 minutes 31 seconds West 466.50 feet along the East line of the owner's land to the Southeast corner of the owner's land; thence North 88 degrees 29 minutes 29 seconds West 24.21 feet along the South line of the owner's land; thence North 1 degree 31 minutes 11 seconds East 224.99 feet to the point designated as point "105" on said Right of Way Parcel Plat; thence Northeasterly 102.93 feet along an arc to the right having a radius of 1954.86 feet and subtended by a long chord having a bearing of North 3 degrees 01 minute 42 seconds East and a length of 102.92 feet to the point designated as point "! 03" on said Right of Way Parcel Plat; thence North 4 degrees 32 minutes 12 seconds East 89.41 feet to the point designated as point "101" on said Right of Way Parcel Plat; thence Northeasterly 49.38 feet along an arc to the left and having a radius of 1864.86 feet and subtended by a long chord having a bearing of North 3 degrees 46 minutes 4l seconds East and a length of 49.38 feet to the North line of the owner's land; thence South 88 degrees 29 minutes 29 seconds East 14.76 feet along said North line to the point of beginning and containing 0.237 acres, more or less. EXHIBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A SEVEN-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR DEALER SERVICE CORPORATION'S NEW CORPORATE HEADQUARTERS LOCATED AT 11555 NORTH MER1D1AN STREET AUGUST 1,2005 PAGE 1 OF 1 Notice is hereby given that the Common Council of the City of Carmel, Indiana did on the Ist of August 2005 adopt a Resolution approving a seven-year personal property tax abatement for Dealer Services Corporation for its investment in a new corporate headquarters facility to be located at 11555 North Meridian Street. This Resolution, which affects the following described property located in the City of Carmel, Indiana: 11555 North Meridian Street, Clay Township, Parcel Number 16-13-02-00-00-007.004, Lot A, Block 5.33 was adopted following the filing of information by Dealer Services Corporation and the previous approval of the designation of property located at 11555 North Meridian Street as an Economic Revitalization Area for the purpose of securing an abatement of property taxes pursuant to Indiana Code Section 6-1.1-12.1- 4 relative to the installation of new qualifying research and development/information technology/computer hardware and software-oriented equipment. Such Resolution previously approving such property as an Economic Revitalization Area and such Resolution approving a seven-year personal property tax abatement for Dealer Services Corporation were provided by the Common Council of the City of Carmel, Indiana on the 1st of August 2005. Furthermore, the Resolution states that on the [st of August 2005 at 7 p.m. in the Council Chamber Room located at One Civic Square, Carmel, Indiana 46032, the Common Council met to hear public comment from persons interested in these proceedings and make a determination about approving a seven-year personal property tax abatement for Dealer Services Corporation for their investment in new qualifying research and development/information technology/computer hardware and software-oriented equipment. A description of information related to Dealer Services Corporation's project and a copy of such Resolution are available for inspection in the Hamilton County Assessor's Office, Suite 214, 33 North 9th Street, Noblesville, Indiana 46060.