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HomeMy WebLinkAboutCC-12-19-05-01 Oak Street Mortgage/Tax AbatementSPONSOR: Councilor Sharp RESOLUTION CC-12-19-05-01 CONFIRMATORY RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA FOR DESIGNATION OF THE ATTACHED PROPERTY AS AN ECONOMIC REVITALIZATION AREA AND APPROVAL OF A SEVEN (7) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR OAK STREET OPERATIONS, LLC WHEREAS, under I.C. 6-1 .l-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 tile 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 tile investment and job impact ("project"); and WHEREAS, the Council has reviewed Oak Street Operations, LLC's Statement of Benefits (Form SB-1) and now desires to take actions hereinafter set forth. NOW, THEREFORE, based upon a review of the Form SB-1 filed by Oak Street Operations, LLC, the Council hereby makes the following findings: FINDING 1. The site is ~uitable for designation as an ERA due to the following economic couditions: (a) The area has become undesirable to normal development of property or use of property. F1NDING 2. The estimate of the cost and assessed value of the proposed project is reasonab'le for projects ora 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) of those individuals who will initially be employed can be reasonably expected to result from the project. FINDING 5. Tile estimate of the 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. 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 Carmel. 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. 6-1.1-12.1-4. 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. PASSED by the Common Council of the City of Carmel, Indiana this I C~'~'day of 2005, by a vote of --'/ ayes and 0 nays. 2 Presi FOR THE CITY OF CARMEL (/R'onald E. Can~e~ mre . Mark Ra,~'nann ,,~ ~ Richard L. tSharp /' ATTEST: ' Dt~iA''~/') :'~. ~-C, Cler Treasurer p~~MayoroftheCityol'Carmel, Indianathis2005, at/~,,35b /9.M. /~dayof Diana L. Cor~y, IAMC, Clerk-Treas(ffrlr g~prove~oftheCityofCannel, lndiana, this Iq dayof 2005, at ~ 233 ~O .M. ATTEST: Diana L. Cordray, IAMC, Clerk-T~,et~urer sCuOi~ tea~ t0 ~ ~ ?r n~teil~ nl~l C~aig Roya ,[vOa6032, 31 T/805k_ 3Slt[e4et Jam,~ard, M / Operations, 11595 North Meridian Street, 'Pai-t. of the'Northwest Quarter and p'art of the Northea'st Quarter of Secti0n'2, ' ' · · Township 17 North, Range 3East in I~, amilton.County, Indiai~a, being more particularly de~eribc~d as follows: .. ' Beginning at a point on ~he'West lin'e of the said.Nqrtheast Quarter Section Sohtli 00 degrees 22 minfite~ 08 seconds West (assumed behring)'40.02 feet.from'Northwest of' ': ' said Nclrtheast Quarter Section; thence North 88 degrees 36 minute4 14 seconds East, pm'aliBI with the North line. of sald Northeast Quarter Section, 55.00 feet; thence South 46 degrees 23 mmu,es 46 seconds East 20.32'feet; thence Sm/th'00 .. degrees 22'mimites 08.seconds West~.parallel with the said West line 509720 feet; · thence North 89 degrees 37 minutes 52 s~conds West 353.98 feet; thel~ee South 45 degree~ 22 mi~iutes 08 seconds West 59.40 feet; thence'North 89 degrees 37 mlhutes 5.2 second~ West 16035 feet to {he East limited access right-of-way line of U.S. 31, (per Indiana Stale ltighway Plans - Project SF.F-222(9) dated 1973); ghence North 00'degrees 09. minutes 52 seconds West along said East limited.access right-of-way . line 423.31. feet; thence North. 8~ degrees 3.6 minute~ 14 seconds East, parall61 with .the North line of the said Northwest Quarter Seetion,.I10.,~4 feet; thence N0rth 00 degrees 09 minutes 52'sec0nds West 124.99 feet; th6nce North 8.8 degrees 36 minnies · 14 seconSs East, parallel with the North. line Of said No.rthwes~ Quarter S~ctian, .3.81.45 feet tO the B~ginning'Point; ALSO,' Together with (!) ~asement fights for'the ' puFposes 6fingress and.egress for ~e use and. ben~fit of Parcel I as created and. - · reserved by "Cross-Easement Agreement", executed September'13, 1983 and r~corded..September.13, 1983 in'Easement Record 1,.page 356-370 and (ii) with rights c t " rea ed under· Second Amended and Restated Coordinated Development Agreement" executed December 22, 1986 recorded'December 29, 1~86 ia . Mkscellaneous Reeo'rd 190, page 109. '.EXCEPT: '" That ~ertain real property deeded to the City of Carmel, Indiana, and more · par~ieularly.descri.b'ed in that Certain'Limited Warranty Dedd from OP&F · Indianapolis, LLC to.City of Carmel, Indiana, f~d on Novembe[ 16~ 2000, in .t, he Office of the Recordgr 0f Elamflton County, Indiana, as Instrument Number 200000057658. EXCEPT: That'eertain real property ciedicated to the Ci~ of Carmel, Indiana, and more partieularly described in that certain'Grant of Right-of-Way from OP&F .Indianapolis, LLC to City 9f Carmd,'Indiana, ~sd on November 16, 2000, in the Office of the Recorder·of ltamilton County, Indiana, as Instrument Number 200000057659.'