HomeMy WebLinkAboutResolution CC 12-02-19-04 Confirmatory Resolution for ZP Investments, LL...Sponsors: Carter, Finkam, Kimball, Rider and Worrell
RESOLUTION NO. CC 12- 02- 19- 04
A CONFIRMATORY RESOLUTION DESIGNATING AN ECONOMIC
REVITALIZATION AREA FOR ZP INVESTMENTS, LLC AND ZOTEC PARTNERS, LLC.
Synopsis: A confirmatory resolution that designates the real property located at 1 Zotec
Way, Carmel, Indiana as an economic revitalization area and grants a partial abatement of
real and personal property taxes in connection with the construction of a new office
building, a structured parking facility and the acquisition and installation of certain
depreciable personal property.
WHEREAS, Indiana Code 6- 1. 1- 12. 1 ( the " Act") allows a partial abatement of property
taxes attributable to the improvement of real property and the installation of certain equipment in
economic revitalization areas"; and,
WHEREAS, the Act provides that an economic revitalization area must be a geographic
area which is within the corporate limits of a city and which has become undesirable for, or
impossible of, normal development and occupancy because of lack of development, cessation of
growth, deterioration of improvements or character of occupancy, age, obsolescence,
substandard building or other factors which have impaired values or prevent a normal
development of property or use of property; and,
WHEREAS, the Act authorizes the Common Council of the City of Cannel, Indiana
the Council") to designate economic revitalization areas by following a procedure involving
adoption of a preliminary resolution, publication of a notice of a public hearing, conducting a
public hearing and adoption of a fmal resolution confirming the preliminary resolution; and,
WHEREAS, the Council believes that it is in the best interests of the citizens of the City
of Cannel to create an economic revitalization area designation in a manner whereby citizens of
the City of Cannel will benefit from the creation of permanent jobs, expansion of the property
tax base, and protection of private investment; and,
WHEREAS, ZP Investments, LLC and Zotec Partners, LLC ( collectively, "
the
Company"), have filed a Statement of Benefits - Real Estate Improvements and a Statement of
Benefits - Personal Property(
each a" Form SB- 1") with the City of Carmel;
WHEREAS, the Company is requesting that the real estate located at Illinois Street and
Fidelity Way ( the " Project Site") be designated as an Economic Revitalization Area for the
purpose of achieving real and personal property tax savings in connection with the construction
of a new office building, a structured parking facility and the acquisition and installation of
certain depreciable personal property("
the Project") at the Project Site; and,
WHEREAS, the Project Site is shown on Exhibit A, and is presently part of Hamilton
County Tax Parcel 17- 13- 02-00-00-001. 102; and,
WHEREAS, the Company anticipates investing approximately Forty Seven Million
Seven Hundred Thousand Dollars ($ 47, 700, 000) to construct a new office building and
structured parking facility (the" Real Property
Improvements") and installing approximately One
Million Dollars ($ 1, 000,000) of new information technology equipment ( the " Eligible Personal
Property");
WHEREAS, the Company anticipates retaining 250 employment positions compensated
at an average annual wage of Ninety
One Thousand Five Hundred and Twenty
Dollars ($ 91, 520)
per year and
adding approximately three hundred ( 300) new employees compensated at an
average annual wage of Seventy
Five Thousand Dollars ($ 75,000) per year ( excluding benefits)
as a result of the Project;
WHEREAS, the Council, on November 18, 2019, passed Preliminary Resolution CC 11-
18- 19- 04, which preliminarily designated the Project Site as an Economic Revitalization Area
and established schedules for deductions to the assessed value of the Real Property
Improvements and the Eligible Personal Property investments located at the Project Site;
WHEREAS, a Notice of Adoption of the Preliminary
Resolution and Notice of Public
Hearing to be held on December 2, 2019, was duly published in the Noblesville Times
newspaper on the 20th day of November, 2019;
WHEREAS, the notice described in the preceding paragraph was also filed on November
21, 2019 with each taxing unit that has authority to levy property taxes in the geographic area
where the Project Site is located; and
WHEREAS, the Council on December 2, 2019, conducted a public hearing at which the
Council heard all persons interested in the proceedings and considered all written remonstrances
and objections to the Project that were filed.
BASED UPON THE ABOVE, IT IS THEREFORE RESOLVED, by the Common
Council of the City of Carmel as follows:
1. The application for economic revitalization area designation relative to the Project
was filed in proper
form and the Statement of Benefits — Real Estate Improvements and
Statement of Benefits — Personal Property, which were filed as of May 31, 2019, are hereby
approved by the Council.
2. The Project Site is located in an area of the City where municipal services are
provided and no additional infrastructure will be necessitated by the Project.
3. There is evidence provided which establishes that the subject real estate meets
with " undesirable for normal development" criterion of Indiana Code 6- 1. 1- 12. 1- 1 due to the
following conditions:
a. a lack of development, cessation of growth, or other factors that have
impaired values or prevented normal development of the Project Site; and
b. the proposed use of the Project Site as a corporate headquarters for the
Company is consistent with the site' s existing zoning and represents a
superior use for the Project Site.
4. Evidence has been submitted and considered which tends to establish that the
Project will further and promote municipal development objectives by expansion of the property
tax base through the construction of the Real Property Improvements and the purchase and
installation of the Eligible Personal Property.
5. The Council hereby confirms, adopts and approves the Preliminary Resolution
and thereby designates the Project Site as an Economic Revitalization Area for purposes of
establishing a deduction to the assessed value of the Real Property Improvements and the
Eligible Personal Property acquired and installed within the Real Property Improvements, in
each case located upon the Project Site.
6. Based on the information in the Statement of Benefits - Real Estate
Improvements, other information available to the Council, the foregoing findings and the factors
listed in I.C. 6- 1. 1- 12. 1- 17, the Council hereby approves and allows the Company real property
tax abatement deductions pursuant to I.C. 6- 1. 1- 12. 1- 4 for a period of ten( 10) years. Pursuant to
I.C. 6- 1. 1- 12. 1- 17, the Council hereby approves and establishes that the percentage deduction for
each year of the ten( 10) year period shall be eighty percent( 80%).
7. Based on the information in the Statement of Benefits - Personal Property, other
information available to the Council, the foregoing fmdings and the factors listed in I.C. 6- 1. 1-
12. 1- 17, the Council hereby approves and allows the Company personal property tax abatement
deductions pursuant to I.C. 6-1. 1- 12. 1- 4.5 for a period of ten ( 10) years for the assessed value of
all Eligible Personal Property
installed at the Project Site on or prior to January 1, 2025.
Pursuant to I.C. 6- 1. 1- 12. 1- 17, the Council hereby approves and establishes that the percentage
deduction for each year of the ten( 10) year period shall be eighty percent( 80%).
8. In support of the deductions contained in this Resolution, the Council finds as
follows:
a. The estimated costs of the Real Property Improvements and the Eligible
Personal Property investment presented by the Company are reasonable for
projects of this nature.
b. The estimate of the number of individuals who will be employed or whose
employment will be retained by the Company can be reasonably expected to
result from the proposed Project.
c. The annual salaries for the individuals who will be employed or whose
employment will be retained by the Company can reasonably be expected to
result from the proposed Project.
d. Based on the increased assessed valuation and the expansion of the
employment base within the City of Carmel, the benefits to the City are
sufficient to justify the granting of the deduction described in Sections 6 and 7
above.
9. The deductions provided by this Resolution are subject to the Company' s
compliance with the terms of Indiana Code 6- 1. 1- 12. 1 and may only be modified or terminated
by the City by following the procedures contained in Indiana Code 6- 1. 1- 12. 1- 5. 9.
10. A copy of this Resolution shall be filed with the Hamilton County Assessor as
required by I.C. 6- 1. 1- 12. 1- 2.5.
d(
SO RESOLVED, by the Co n Council of the City of Cannel. Indiana, this Z day
of & WU'• P , 2019 by a vote of ayes and D nays.
44 ofCOMMON 0 CIL FOR THE CITY C
0
Jeff • 11, President Antho y
II G en
Laura D. Campbell, Vice Pr- sident Bruce Kimball
Carter Kevin D. Rider
A,_ Itorkk
S
A
C tine S. Pau - , Clerk- Treasu f
Presented by me to the Mayor ofe Cit f armel, Indian th' day of
4V.f . c'_ 2019, at
Chris ' S. Pauley,
Cle - Treasurer
Approved by me, Mayor of the City Carmel, Indiana thins day of
pew 2019, at 5 /s M.
ames Brainard, Mayor
ATT' r 7
Chris e S. Paulpy, Clerk-Treasurer
Prepared by: Larry Gigerich
Ginovus
9 Municipal Drive, Suite 1
Fishers, Indiana 46038
317- 819- 0890
Larry@Ginovus. com mailto: Chad@ginovus. com
Exhibit A
Parcel No: 17- 13- 02- 00- 00- 001. 102
Location: Illinois Street and Fidelity Way
City: Carmel
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