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HomeMy WebLinkAboutCC-06-08-07-01 Capital Bank & Trust/Tax Abatement Sponsors: Councilors Carter and Sharp RESOLUTION CC-06-18-07-01 A RESOLUTION ("RESOLUTION") OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, APPROVING A TEN-YEAR (10) REAL AND PERSONAL PROPERTY TAX ABATEMENT FOR CAPITAL BANK AND TRUST COMPANY LOCATED AT 12900 NORTH MERIDIAN STREET 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, laboratory equipment, research & development equipment, and computer hardware, and partial abatement of real property taxes attributable to improvements made to real estate; 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 Capital Bank and Trust Company ("the Company"), and such Designation Application requests that the real estate located on the northeast comer of Carmel Drive / 126th Street and North Meridian Street, Carmel, Indiana and legally described therein (the "Site") be designated as an ERA; and WHEREAS, the Company will own real estate for their new regional operations facility, provided that the Company is able to obtain real and 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, laboratory equipment, research & development equipment, and computer hardware, and real property tax deductions in connection with real estate improvements at the Company's new regional operations center at the intersection of Carmel Drive / 126th Street and 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-I) heretofore filed by the Company, the Council hereby makes the following findings: FINDING I. The Site is or h.as become undesirable for normal development due to the following economic conditions: (a) The Site has been vacant for more than ten (10) years. (b) Vacancy rates for office space in the area and an abundance of sublease opportunities evidence an oversupply of office space in the Corridor. (c) The Company's proposed development of the site as a regional operations center for the Company is consistent with the site's existing zoning and represents a superior use for the site. . Sponsors: Councilors Carter and Sharp (d) The Company's plans to install new personal property and make real estate improvements will result in an addition to the Corridor's overall assessed value within an accelerated time period. FINDING 2. The proposed development of the Site by the Company meets the parameters set forth in Council Resolution No. CC-02-05-0l-02. FINDING 3. The estimate of the cost and assessed value of the Company's proposed development of the Site is reasonable for projects of a similar nature.. FINDING 4. The estimate of the number of individuals who will be employed (i.e., approximately 317 FTEs over the initial six-year period) can be reasonably expected to result from the Company's proposed development of the Site: FINDING 5. The estimate of the annual salaries (i.e., average of greater than $43,000 per annum) of those individuals who will be employed can be reasonably expected to result from the Company's proposed development ofthe Site. FINDING 6. The estimate of the cost and assessed value of the new information technology / telecommunications equipment, laboratory equipment, research & development equipment, and computer hardware, and the estimate of the cost and assessed value of real estate improvements is reasonable for a project of this type. FINDING 7. With respect to the new information technology/telecommunications equipment, laboratory equipment, research & development equipment, and computer hardware, and real estate improvements, the estimate of the number of individuals who will be employed (i.e., approximately 317 FTEs over the initial six-year period) can be reasonably expected to result from the development of the Site, installation of the new personal property and completion ofreal estate improvements. FINDING 8. The estimate of the annual salaries (i.e., average of greater than $43,000 per annum) of those individuals who will be employed can be reasonably expected to result from the development of the Site, the installation of the new personal property and completion of real estate improvements. FINDING 9. The Company will be active corporate citizens involved in and committed to the city of Carmel. FINDING 10. The Company's new regional operations facility in Carmel is consistent with the goals and vision established by the city of Carmel and Hamilton County Alliance. FINDING 11. Other benefits that can be reasonably expected to result from the Company's proposed development of the site, installation of the new personal property, and completion ofreiil estate improvements. FINDING 12. The totality of benefits is sufficient to justify real and personal property tax deductions herein described. Sponsors: Councilors Carter and Sharp NOW, THEREFORE, BE IT RESOLVED THAT, a legal description of the previously declared ERA designation has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site was previously declared as an ERA for purposes of granting personal property tax abatement in support of the new qualifying information technology / telecommunications equipment, laboratory equipment, research & development equipment, and computer hardware, and real property tax abatement in support of real estate improvements. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for investments made in the new qualifying information technology / telecommunications equipment, laboratory equipment, research & development equipment, and computer hardware, and real estate improvements pursuant to I.C. 6-1.1-12.1-4 shall be ten (10). BE IT FURTHER RESOLVED THAT, the Carmel City Council shall have the right to reduce the length of and/or end the real and personal property tax abatement 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 ofthe 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 based upon the approval of a ten-year real and personal property tax abatement prior to the installation of new qualifying information technology/telecommunications equipment, laboratory equipment, research & development equipment, and computer hardware, and the completion of real estate improvements. BE IT FURTHER RESOLVED THAT, ifthe 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. PASSED by the Common Council of the City of Carmel, Indiana this I f6 +~ay of ~ ,2007, by a vote of!!!;; and () nays. Sponsors: Conncilors Carter and Sharp COMMON COUNCIL OF THE CITY OF CARMEL Nc::l" PfeSG" Nr- Brian D. Mayo 7~-- NOT f>e..e~eN I M"k~ Richard L.Ps arp ATTEST: / Diana L. Cordray, Clerk-Treasure Presented ~ by me to the Mayor of the City of Carmel, Indiana, the ~ day of ,2007, at :3 ~03 P.m. 1~ by me, the Mayor o,f the Cf' of Carmel, Indiana this ,2007, at g, 03 .m. Diana L. Cordray, Clerk-Treasu r I 2. ~day of ATTEST: ~ . er Prepared hy: Larry Gigerich, Mana 109 Director Ginovus 8888 Keystone Crossing Suite 1450 Indianapolis, Indiana 46240 317/819-0890 (telephone) 317/819-0888 (facsimile) LarrvCalGinovus.com (e-mail) Sponsors: Councilors Carter and Sharp EXHIBIT A A LAND BOUNDARY DESCRIPTION OF THE BUILDING AND LAND LOCATED AT THE CORNER OF CARMEL DRIVE / 126TH STREET AND NORTH MERIDIAN STREET, HAMILTON COUNTY, INDIANA JUNE 18, 2007 PAGE 1 OF 1 Record Description - Instrument No. 99-1721 Part of the Southwest Quarter of Section 26, Township 18 North, Range 3 East in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast corner of said Southwest Quarter Section; thence along the East line thereof South 00 degrees 10 minutes 07 seconds East (assumed bearing) 439.67 feet; thence parallel with the North line of said Quarter Section South 88 degrees 42 minutes 47 seconds West 45.39 feet to a point on the Westerly right of way line of Penn sylvania Street, the dedication of public right of way of which was recorded December 9,1986 in Book 4, on pages 697 thm 701 in the Office of the Recorder of Hamilton County, Indiana, which said point is the point of beginning (the next four courses are along said right of way dedication); (1) thence South 05 degrees 43 minutes 38 seconds East 68.84 feet to a curve having a radius of 788.95 feet, the radius point of which bears South 84 degrees 16 minutes 22 seconds West; (2) thence Southerly along said curve 76.54 feet to a point which bears North 89 degrees 49 minutes 53 seconds East from said radius point; (3) thence South 00 degrees 10 minutes 07 seconds East 1754.23 feet to a point on the Northerly right of way line of 126th Street; (4) thence South 89 degrees 54 minutes 47 seconds West 547.52 feet to a point on the Easterly right of way line of U.S. Highway #31 (Line "K" for LS.H.C. Project ST -F-222 (9) DTD 1973); thence along said right of way line North 00 degrees 03 minutes 57 seconds West 1588.24 feet to a curve having a radius of 2146.83 feet, the radius point of which bears North 89 degrees 56 minutes 03 seconds East; thence Northerly along said right of way line and said curve 301.18 feet to a point which bears North 82 degrees 01 minutes 41 seconds West from said radius point; thence parallel with the North line of said Quarter Section North 88 degrees 42 minutes 47 seconds East 512.76 feet to the point of beginning. Subject to all legal easements and rights-of-way. Sponsors: Councilors Carter and Sharp Land Description - Parcel I Part of the Southwest Quarter of Section 26, Township 18 North, Range 3 East in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast comer of said Southwest Quarter Section; thence along the East line thereof South 00 degrees 10 minutes 07 seconds East (assumed bearing) 439.67 feet; thence parallel with the North line of said Quarter Section South 88 degrees 42 minutes 47 seconds West 45.39 feet to a point on the Westerly right of way line of Pennsylvania Street, the dedication of public right of way of which was recorded December 9,1986 in Book 4, on pages 697 thm 701 in the Office of the Recorder of Hamilton County, Indiana, (the next four courses are along said right of way dedication); (1) thence South 05 degrees 43 minutes 38 seconds East 68.84 feet to a curve having a radius of788.95 feet, the radius point of which bears South 84 degrees 16 minutes 22 seconds West; (2) thence Southerly along said curve 76.54 feet to a point which bears North 89 degrees 49 minutes 53 seconds East from said radius point; (3) thence South 00 degrees 10 minutes 07 seconds East 1131.23 feet to the Point of Beginning of this description; (4) thence continuing South 00 degrees 10 minutes 07 seconds East 622.69 feet to a point on the Northerly right of way line of 126th Street; thence along said right of way line South 89 degrees 54 minutes 47 seconds West 547.52 feet to a point on the Easterly right of way line ofD.S. Highway #31 (Referenced from Line "K" for LS.H.C. Project ST-F-222 (9) DTD 1973); thence along said right of way line North 00 degrees 03 minutes 57 seconds West 623.52 feet; thence North 90 degrees 00 minutes 00 seconds East 546.40 feet to the point of beginning, containing 7.824 acres, more or less. Subject to all legal easements and rights-of-way. Land Description - Parcel II Part of the Southwest Quarter of Section 26, Township 18 North, Range 3 East in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast comer of said Southwest Quarter Section; thence along the East line thereof South 00 degrees 10 minutes 07 seconds East (assumed bearing) 439.67 feet; thence parallel with the North line of said Quarter Section South 88 degrees 42 minutes 47 seconds West 45.39 feet to a point on the Westerly right of way line of Pennsylvania Street, the dedication of public right of way of which was recorded December 9,1986 in Book 4, on pages 697 thm 701 in the Office of the Recorder of Hamilton County, Indiana (the next four courses are along said right of way dedication); (1) thence South 05 degrees 43 minutes 38 seconds East 68.84 feet to a curve having a radius of788.95 feet, the radius point of which bears South 84 degrees 16 minutes 22 seconds West; (2) thence Southerly along said curve 76.54 feet to a point which bears North 89 degrees 49 minutes 53 seconds East from said radius point; (3) thence South 00 degrees 10 minutes 07 seconds East 676.20 feet to the Point of Beginning; (4) thence continuing South 00 degrees 10 minutes 07 seconds East 455.34 feet; thence South 90 degrees 00 minutes 00 seconds West 546.40 feet to a point on the Easterly right of way line ofD.S. Highway #31 (Referenced from Line "K" for LS.H.C. Project ST-F-222 (9) DTD 1973); thence along said right of way line North 00 degrees 03 minutes 57 seconds West 730.64 feet; thence North 89 degrees 49 minutes 53 seconds East 350.64 feet; thence South 00 degrees 10 minutes 07 seconds East 276.91 feet; thence North 89 degrees 49 minutes 53 seconds East 194.45 feet to the point of beginning, containing 7.928 acres, more or less. Subject to all legal easements and rights-of-way. Sponsors: Councilors Carter and Sharp Land Description - Parcel III Part of the Southwest Quarter of Section 26, Township 18 North, Range 3 East in Hamilton County, Indiana, more particularly described as follows: Commencing at the Northeast comer of said Southwest Quarter Section; thence along the East line thereof South 00 degrees 10 minutes 07 seconds East (assumed bearing) 439.67 feet; thence parallel with the North line of said Quarter Section South 88 degrees 42 minutes 47 seconds West 45.39 feet to a point on the Westerly right of way line of Pennsylvania Street, the dedication of public right of way of which was recorded December 9,1986 in Book 4, on pages 697 thru 701 in the Office of the Recorder of Hamilton County, Indiana, which said point is the point of beginning (the next three courses are along said right of way dedication); (I) thence South 05 degrees 43 minutes 38 seconds East 68.84 feet to a curve having a radius of788.95 feet, the radius point of which bears South 84 degrees 16 minutes 22 seconds West; (2) thence Southerly along said curve 76.54 feet to a point which bears North 89 degrees 49 minutes 53 seconds East from said radius point; (3) thence South 00 degrees 10 minutes 07 seconds East 676.20 feet; thence South 89 degrees 49 minutes 53 seconds West 194.45 feet; thence North 00 degrees 10 minutes 07 seconds West 276.91 feet; thence South 89 degrees 49 minutes 53 seconds West 350.64 feet to a point on the Easterly right of way line of U.S. Highway #31 (Referenced from Line "K" for LS.H.C. Project ST-F-222 (9) DTD 1973); thence along said right of way line North 00 degrees 03 minutes 57 seconds West 234.08 feet to a curve having a radius of2146.83 feet, the radius point of which bears North 89 degrees 56 minutes 03 seconds East; thence Northerly along said right of way line and said curve 301.18 feet to a point which bears North 82 degrees 01 minutes 41 seconds West from said radius point; thence parallel with the North line of said Quarter Section North 88 degrees 42 minutes 47 seconds East 512.76 feet to the point of beginning, containing 7.915 acres, more or less. Subject to all legal easements and rights-of-way. Sponsors: Councilors Carter and Sharp EXHIBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN-YEAR REAL AND PERSONAL PROPERTY TAX ABATEMENT FOR CAPITAL BANK AND TRUST COMPANY'S NEW REGIONAL OPERATIONS CENTER FACILITY LOCATED AT CORNER OF CARMEL DRIVE /126'h STREET AND NORTH MERIDIAN STREET JUNE 18,2007 PAGE 1 OF 1 Notice is hereby given that the Common Council of the City of Carmel, Indiana did on the 21 st of May 2007 adopt a Resolution approving a ten-year real and personal property tax abatement for Capital Bank and Trust Company for its investment in a new regional operations center facility to be located at the northeast comer of Carmel Drive /126th Street and North Meridian Street. This Resolution, which affects the following described property located in the City of Carmel, Indiana: Carmel Drive /126'h Street and North Meridian Street, Clay Township, Hamilton County, was adopted following the filing of information by Capital Bank and Trust Company and the previous approval of the designation of property located at the northeast comer of Carmel Drive /126th Street and 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 equipment, laboratory equipment, information technology and computer hardware equipment, and completion of real estate improvements. Such Resolution previously approving such property as an Economic Revitalization Area and such Resolution approving a ten-year real and personal property tax abatement for Capital Bank and Trust Company were provided by the Common Council of the City of Carmel, Indiana on the 18th of June 2007. Furthermore, the Resolution states that on the 18th of June 2007 at 6 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 ten-year real and personal property tax abatement for Capital Bank and Trust Company for its investment in new qualifying research and development equipment, laboratory equipment, information technology and computer hardware equipment, and real estate improvements. A description of information related to Capital Bank and Trust Company'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, Nob1esviIle, Indiana 46060.