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Home My WebLink AboutCC-12-05-05-01 Oak Street Mortgage/Tax Abatement/ERA .. '/ 5~: RESOLUTION CC-12-05-05-01 ~. rNYl RESOLUTION (IRESOLUt'mN") OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA 'FOR DESIGNATION OF THE ATTACHED PROPERTY AS AN ECONOMIC REVITALIZATION AREA. SPONSOR: Councilor Sharp WHEREAS, underI.C. 6-1.1-12.1-2.5 the Common Council of the City of Carmel, Indiana (the "Council") may designate an area as an Economic Revitalization Area ("ERA") and determine the duration of the abatement period(s) for personal property; and WHEREAS, Oak Street Operations, LLC and related Oak Street companies, seek the Council to authorize personal property tax abatement in connection with the investment and job impact ("project"); and WHEREAS, the Council has reviewed Oak Street Operations, LLC's Statement of Benefits (Form SB-l) and now desires to take actions hereinafter set forth. NOW, THEREFORE, based upon a review of the Form SB-l filed by Oak Street Operations, LLC, the Council hereby makes the following findings: FINDING 1. The site is suitable for designation as an ERA due to the following economic conditions: (a) The area has become undesirable to normal development of property or use of property. FINDING 2. The estimate of the cost and assessed value of the proposed project is reasonable for projects of a similar nature. FINDING 3. . The estimate of the number of individuals who will initially be employed (i.e., 150) can be reasonably expected to result from the project. FINDING 4. The estimate of the annual salaries (i.e., average of approximately $47,923 per annum) ofthose individuals who will initially be employed can be reasonably expected to result from the project. FINDING 5. The estimate ofthe cost and assessed value of the project is reasonable for a project of this type. FINDING 6. The projected creation of approximately 150 FTEs over the next five years can be reasonably expected. FINDING 7. The estimate of the annual salaries of approximately $47,923 per annum of those individuals who will be employed can be reasonably expected. 1 200500080312 Filed for Record in HAMILTON COUNTY, INDIANA JENNIFER J HAYDEN 12-13-2005 At 01:25 PM. n1SC 15.00 FINDING 8. Other benefits can be reasonably expected to result from the project. FINDING 9. 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 site 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 company's expansion project. BE IT FURTHER RESOLVED THAT, the number of years, for which Oak Street Operations, LLC is entitled to a deduction for personal property taxes shall be seven (7). BE IT FURTHER RESOLVED THAT, in the event Oak Street Operations, LLC 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 Cannel. BE IT FURTHER RESOLVED THAT, the deductions authorized herein are contingent upon the designation of the ERA at the project site. 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. l- 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 pnblisbed in accordauce with I.C. 5-3-1. PASSED by the Common Council of the City of Carmel, Indiana this ~'~day of ,~~4~ 2005, by a vote of '7 _ ayes and O nays. COMMON COUNCIL FOR THE CITY OF CARMEL ATTEST: Mark Raft m.a. nn Richard L. Sharp/' ~ D~ana L. Cordray, IAMC, Clefk-Trea'surer P~~ Mayor of the City of Carmel, Indiana this ,3~"-day of 2005, at 6,.'30 ~9.M. ' Diana L. Cordray, IAMC, Clerk-l~reasurbr }sproved by me, Mayor of the City of Carmel, Indiana, this ,o~ day of ,_L,tL~ 2005, at do:~) /9.~. ' ~ard, ~M~ayo'y~rr- ~ ATTEST: ~D~ana L. Cordray, IAMC, Clerk:Treasurer Contact Information: Craig Royal, Oak Street Operations, 11595 North Meridian Street, Suite 400, Carmel, 1N 46032, 317/805-3114 · Je~g~.IDescription ~)f O'nc:penh Ma~rk Ploza,' 11595 N :Mekidian SL~ Carmei, Indian~, .' . PARCEL i:. ' ' 'Pai't. of the'Northwest Quarter aud p'art of the Northealst Quarter of Section'2, · Township 17 North, Range 3 East in Hamilton.County, Indiana, being more particularly deseribat as follows: .. Beginning at a point on the West lin'e of the sMd'Northeast Quarter Sec'tion Soutli 00 degrees 22 minuteg 08 seconds West (assumed bec/ring)-40.02 feet.frumNorthwest of' ': ' said Northeast Quarter Section; thence North '88 degrees 36 miuute~ 14 seconds East, parallel with the North line. of said Northeast Quarter Section, 55.00 feet; thence South 46 degrees 23 minutes 46 seconds East 20.32'feet; thence So~/th 00 . degrees 22'mint~tes 08 seconds West,.parallel with the said West line 509720 feet; ' thence North 89 degrees 37 minutes 52 seconds West 353.98 feet; thelaee South 45 degree~ 22 minutes '08.seconds West 59.40 feet; thence 'North 89 degrees 37 irduutes 5.2 second~ West 160.35 fe~t to ihe East limited aeees~ right-of-way line of U.S. 31, (per Indiana Stale Highway Plans - Project SP.F-222(9) dated 1'973); thence North 00' degrees 09. minutes 52 seconds West along said East limited.access right-of-way . line 423.31. feet; thence North. Sa degrees 36 minute~ 14 seeands East, parai!il with the North line of the said Northwest Quarter Seefion,.ll0.4~ feet; thence. North 00 degrees 09 minutes 52'secbnds West 124.99 feet; thence North 88 degrees 36 minu~es · 14 seconds East, parallel with the North. line 6f said No.rthwe~ Quarter S~etion,. · 3Jgl.45 feet ti3 lhe Beginning'Point; ALSO,' Toge. ther with (~) easement fights for'the ' .. pu?poses 6f ingress and.egress for the use and.ben'fit of Parcel I as created and. resem, ed by "Cross-Easement Agreement", ~xeeuted September'13, 1983 and r{corded_September.13, 1983 in'Easement Record 1,page 356-370 and (ii) with rights created under ~'Seeond Amended and Restated Coordinated Development Agreement" executed December 22, 1986, recorded'December 29, 19.86 in Miscellaneous Reco'rd 190, page 109. · .EXCEPT: .... That ~ertain real property deeded to the City of Carmel, Indiana, and more particularly.described in that certain'Limited Warranty Deid fr'0m OP&F - Indianapolis~ LLC to.City of Camel, Indiana, ffl~d on Novembe~ 16, 2000, in ~he Office of the Recordgr of Hamilton County, Indiana, as Instrument Number 200000057658. EXCEPT: That'eertain real property dedicated to the City of Carmel, ~ndiana, and, more particularly described in that certain'Grant of Right-of-Way from OP&F Indianapolis, LLC to City of Carmel Indiana, ffl~d on November 16, 2000, in tho Office of the Recorder of ltamilton County, Indiana, as Instrument Number 200000057659.' November 5~ 2004 Mr. Steve Alonzo Chairman s~nd CEO Oak Street Financial Selwices i1595 N. Meridian St., #400 Carmel, Indiana 46032 Dem' Mr. Alonso: I was very pleased to learn of your plans to grow Oak Street's operations. The City of Carmel welcomes the opportunity to support your expansion efforts. Financial service operations ta'e very consistent with Ca~'mel's economic base and your revised project data is most encouraging. To that end, Carmel would like to demonstrate this support by offering a finmxcisd incentive. Specifically, Carmel will provide a seven (7) year tax abatement on Oak Street's personal property investment plans related to R & D equipment. This will have an aimusJ trax savings or value to Oak Street of $12,500 to $16,000 depending on final terms and the equipment's depreciation. schedule. This offer is~conditioned on all necessary approvals from tlxe City of Carmel, .including the City Council's positive adtion on the abatement requ6st. The City of Cai-me] will provide you with all necessary technical assistance throughout these approval processes. As Oak Street pursues its plm~s, I am ready to meet with you as needed to facilitate a Carmel location. Please call me if you or your associates at Oak Street have airy questions. CC: Leslie Ruben, Meridian Incentive Advisers Jeff Bm't, Hm-nilton County Alliai:ce Oxl! Civic :,Qtu~m! CAn~,n~L, Hq ~()t,z O~l'lct!, 317 57].2401, I"/,.> :"? "? ,c , I~M AH, }b~'a h~a!'d @ti.carnie]. h I. us