HomeMy WebLinkAboutCC-08-20-07-01 Baker Hill Corp/Tax Abatement
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RESOLUTION CC-08-20-07-01
CONFIRMATORY RESOLUTION ("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 TEN (10) YEAR PERSONAL
PROPERTY ABATEMENT FOR BAKER lIILL CORPORATION
WHEREAS, under I.e. 6-1.1-12.1-2.5, the Common Council o(the City of Carmel, Indiana (the
"Council"), may designate an area as an Economic Revitalization Area ("ERA") and determine the duration
oCthe abatement period(s) for such property; and
WHEREAS, I.c. 6-1.1-12.1-4.5 provides for partial abatement of personal property taxes; and
WHEREAS, an SB-I has been filed which describes the amount of capital investment and job
impact of Baker Hill Corporation's investment ("the project"); and
WHEREAS, new Information Technology Equipment will be installed and Baker Hill
Corporation's operations expanded provided that Baker Hill Corporation is able to obtain personal property
tax dcductions as described; and
WHEREAS, Baker Hill Corporation seeks the Council to authorize personal property tax
deductions in connection with the project; and
WHEREAS, the Council has reviewed such information together with Baker Hill Corporation's
Statement 01' Benefits (Foml SB-l) and now desires to take actions hereinafter set forth.
NOW, THEREFORE, based on a review of the information provided and Form SB-l filed by
Baker Hill Corporation, the Council hereby makes the following findings:
FINDING l.
The site is suitable for designation as an ERA due to the following economic conditions:
(a) The area has become undesirable because of a lack of development and other factors
that have impaired values or prevent a normal development of property or use of
property.
(b) Expansion of Baker Hill Corporation's operations at this location will result in an
addition to the area's overall assessed value within an accelerated time period.
(c) The project represents a superior use for the site.
(d) 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 approximately 175 employees to be retained through the project
completion date listed in the SB-I at an annual average wage of $67,000 can be reasonably
expected to result from the project.
FINDING 4. The estimate of 80-100 positions to be created through the project completion date listed in
the SB-I at an annual average wage of $70,000 can reasonably be expected to result from
the project. It is anticipated that the company will have a minimum number of employees
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in Carmel at ea]endar year end as follows: 207 employees by 2010; 239 emp]oyees by
2014; 255 positions by 2016.
FINDING 5.
Other benefits can be reasonably expected to result from the project.
FINDING 6.
The totality of bene tits is suflicient to justify persona] property tax deductions herein
described.
FINDING 7.
The proposed investment in thc Site by Baker Hill Corporation mcets the parameters set
forth in Council Resolution CC-07 -16-07 -0 I.
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 preliminari]y declared an ERA for purposes
of granting tax abatement for new information technology equipment.
BE IT FURTHER RESOLVED THAT, the number of years for which Baker Hill Corporation is
entitled to a deduction for persona] property taxes shall be ten (10) years.
BE IT FURTHER RESOLVED THAT, the Council shall have the right to reduce the length
and/or end the persona] property tax abatement granted lar the Site should Baker Hill Corporation, or a
subsequent owner of the property or Baker Hill Corporation not fulfill commitments made regarding the
amount of capita] investment, job creation/retention and salary levels.
BE IT FURTHER RESOLVED THAT, in the event that Baker Hill Corporation 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 prior to p]aeing any ofthe New Information Techno]ogy Equipment in service.
BE IT FURTHER RESOLVED THAT, the ERA designation terminates March 1, 20]7;
however, relative to New Information Techno]ogy Equipment installed prior to the termination of the ERA
designation, this termination does not limit the period of time that Baker Hill Corporation or a successor
owner is entitled to receive a partial abatement of property taxes.
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-] 2.1-4.
BE IT FURTHER RESOLVED THAT, this Reso]ution shall be filed with the Hamilton County
Assessor as required by I.C. 6-1.1-12.1-4.
BE IT FINALL Y RESOLVED THAT notice of the adoption of and the substance of Reso]ution
CC-07-16-07-01 was published in accordance with I.C. 5-3-1.
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by thc Common COll'Jcil of the City of Carmel, Indiana, this .;)0 day of
2007, by a vote of l.:l ayes and 0 nays.
IL FOR THE CITY OF CARMEL
ATTEST:
Diana L. Cordray, IAMC, Clerk-Tr s rer
I'resented by me to the Mayor of t e City of Carmcl, Indiana this 80 ~ day of G.u.~
2007 at 1~ 11> ~.M.
~k
Diana L. Cordray, IAMC, Clerk- Treasllr r
Approvcd by me, Mayor of the City of Carmcl, Indiana this d.O~ay of Clu..~ ' 2007 at
,: \S- ~.M. . .. /J
~ (~~-I/
Ja .. es Brainard Mayor
ATTEST:
Contact Information:
Tim Cook on behalf of Baker Hill Corporation
317-580-2038
EXHIBIT A
A part of the Southwest Quarter of Section 26, Township 18 North, Range 3 East,
Hamilton County, Indiana, described as follows: Commencing at the northwest corner of said
quarter section; thence North 88 degrees 42 minutes 47 seconds East 710.01 feet along the
north line of said quarter section; thence South 00 degrees 25 minutes 34 seconds East 1 ,166.50
feet; thence Southerly 116.10 feet along an arc to the left and having a radius of 600.00 feet and
subtended by a long chord having a bearing of South 05 degrees 58 minutes 12 seconds East
and a length of 115.92 feet to the northeastern corner of the dedication of public right-of-way for
126th Street, Instrument number 8826758, as shown the Land Tille Survey prepared by Paul I.
Cripe, Inc., for Duke Associates, dated December 17, 1986 and last revised November 8, 1989;
thence along the eastern right-of-way line of said 126th Street the following two (2) courses (1)
Southerly, and Southeasterly 299.23 feet along an arc to the left and having a radius of 600.00
feet and subtended by a long chord having a bearing of South 25 degrees 47 minutes 59 seconds
East and a length of 296.14 feet (2) South 40 degrees 05 minutes 13 seconds East 453.12 feet
along said right-of-way line to the southwestern corner of a proposed Ingress-Egress Easement
shown on the I.L.TA Survey prepared by Paull. Cripe, Inc., for Duke Associates, dated August
31,1989 and last revised November 13, 1989 and the POINT OF BEGINNING of this description:
thence along the southeastern and eastern lines of said proposed Ingress-Egress Easement the
following three (3) courses (1) North 49 degrees 54 minutes 47 seconds East 74.95 feet; (2)
Northeasterly and Northerly 298.72 feet along an arc to the left and having a radius of 340.00 feet
and subtended by a long chord having a bearing of North 24 degrees 44 minutes 36 seconds
East and a length of 289.20 feet; (3) North 00 degrees 25 minutes 34 seconds West 199.70 feet
to the south line of the proposed Building 4 parcel; thence South 90 degrees 00 minutes 00
seconds East 470.72 feet along said south line to the western right-of-way line of U.S. Highway
31; thence South 00 degrees 03 minutes 57 seconds East 912.72 feet along said western right-
of-way line to the northern right-of-way line of said 126th Street; thence along the northern and
northeastern right-of-way line of said 126th Street the following three (3) courses (1) South 89
degrees 54 minutes 47 seconds West 30.04 feet: (2) Westerly, and Northwesterly 523.60 feet
along an arc to the right and having a radius of 600.00 feet and subtended by a long chord having
a bearing of North 65 degrees 05 minutes 14 seconds West and a length of 507.15 feet; (3) North
40 degrees 05 minutes 13 seconds West 246.42 feet to the point of beginning and containing
10.071 acres, more or less. The bearings in this description are based upon the north line of the
southwest Quarter of Section 26 having a bearing of North 88 degrees 42 minutes 47 seconds
East. Subject to all easements, restrictions and rights-of-way of legal record.