HomeMy WebLinkAboutCC-01-09-06-01 MCP Partners Two/Tax AbatementSPONSOR: Councilor Rattermann
RESOLUTION CC-01-09-06-01
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 TWO (2) YEAR
REAL PROPERTY TAX ABATEMENT FOR MCP PARTNERS TWO, LLC
WHEREAS, under I.C. 6-1.1 r 12.1-2.5 the Common Council of the City o f Carmel,
Indiana (the "Council") may designate an area as an Economic Revi_talization Area ("ERA") and
determine the duration of the abatement period(s) for such property; and
WHEREAS, I.C. 6-1.1-12.1-4 provides fOr the partial abatement of real property taxes;
and
· WHEREAS, an SB-1 has been filed which describes the amount of capital investment and
job impact of the construCtion ora new office building for Walker Information, Inc.'s international
lieadquarters and Lauth Property Group, Inc.'s expansion ("the project"); and
WHEREAS, Resolution No. CC-12-19-05-02 was approved by the Council which
designated the site located at the area described in Exhibit A as an ERA for purposes of providing
real property tax abatement to MCP Partners Two, LLC; and
WHEREAS, a new building will be built on the ERA and it will serve as a headquarters
for Walker Infomaation, Inc., office space for Lauth Property Group, Inc.'s expansion, and office
space for other tenants; and
WHEREAS, MCP Partners Two, LLC seeks to have the Council authorize real property
tax deductions in.connection with the.construction of the new building; and.
WHEREAS, the Council has reviewed such information together with MCP Partners
Two, LLC's Statement of Benefits (Fom~ SB-1) and now desires to take actions hereinafter set
forth.
NOW, THEREFORE, based upon a review of the information provided and Form SB-1
filed by MCP Partners Two, LLC, the Council hereby makes the following findings:
FINDING I.
The site is snitable for designation as an ERA due to the followiflg
economic conditions:
(a) Constructing a new office building, th& relocating of Walker Information, Inc.'s
international headqt~arters, the expanding of Lauth Property Group, Inc. into the
building, and the locating of other tenants in the new building will result in an
addition to the area's overall assessed value within an accelerated time period
inasmuch as there is no development on this site at the present time.
SPONSOR: Councilor Rattermann
(b) The project represents a superior use for the site.
(c) The project is consistent with similar land uses on adjacent properties.
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 can be
reasonably expected to result from the project.
FINDING 4. The estimate of the annual salaries (i.e., average of approximately $66,000 per
annum) of those individuals who will initially be employed can be reasonably
expected to result from the projecfi
FINDING 5. The 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 69 FTEs over the next year can be
reasonably expected.
FINDING 7. The estimate of the annual salaries of approximately $72,000 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 real property tax deductions herein
described.
FINDING 10. The proposed redevelopment of the Site by MCP Partners Two, LLC meets the
parameters set forth in Council Resolution No. CC-12-19-05-02.
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 was preliminarily designated as an ERA
for purposes of granting real property tax abatement to MCP Partners Two, LLC.
BE IT FURTHER RESOLVED THAT, the Site is hereby declared an ERA for purposes
of granting real property tax abatement.
BE IT FURTHER RESOLVED THAT, the number of years for which MCP Partners
Two, LLC is entitled to a deduction for real property taxes shall be two (2).
SPONSOR: Councilor Rattermann
BE IT FURTHER RESOLVED THAT, the Council shall have the right to reduce the
length of and/or end the rea! property tax abatement granted for the site should Walker
Informatign, Inc., Lauth Property Group, Inc., their related entities, or a subsequent owner of the
~building not fulfill commitments made regarding the amount of capital investment, job
creation/retention and salary levels.
BE IT FURTHER RESOLVED THAT, in the event that MCP Partners Two, LLC,
Walker Information, Inc., or Lanth Property Group, Inc. are sold to new owners, the new owner(s)
shall appear before the Carmel C!ty Council within 90 days of closing on the purchase of the
Companies to present information regarding the plans for the Company's operations in the City of
Carmel.
BE IT FURTHER RESOLVED THAT, this Resolution shall be filed with the Han~ilton
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
Resolution No. CC-12-19-05-02 was published in accordance with I.C. 5-3-1.
PASSED by the Common Council of the City of Carmel, Indiana this Q ¢/" day of
~'¢,~-,.x~ o..k~t ~ 2006, by a vote of-'~ ayesand C.N nays.
SPONSOR: Councilor Rattermann
COMMON COUNCIL FORT~ I. CTYO~
/~ siding er
Ri. chard L.~.harp, Pre,tent Pro Tempore ~'~/~n K, rby ~/__~~' ~' '~' ×-' ' ~'~ ~
Fr~vt~k J. G~ ~' Mark Rattermann
ATTEST:
Diana L. Cordray, IAMb, Cl~Treasurer
P~y me to the Mayor of the City of Cam~el, Indiana this q ~day of
cO~c~, / 2006, at ./_o: x/..~q (V.M'
~~' '~'~,'~lerk-Tre 'rer
D~ana L Cordray,
App, l~oved by me, Mayor of the City of Carmel, Indian~a, this Q ~day of
k~,w~x c~ 2006, at ~,'q-5 /'a.M.
Jf~s Brainard, Mayor
ATTEST:
Diana L. Cordray, IAMC, ClerlfTCasurer
Contact Information
Diana Bilger on behalf o£ MCP Partners Two, LLC 317-681-7174