HomeMy WebLinkAboutCC-11-19-07-02 Maaguzi, LLC/Tax AbatementSPONSOR: Councilor Rattermann
RESOLUTION CC-11-19-07-02
CONFIRMATORY RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
CARMEL, INDIANA FOR DESIGNATION OF THE ATTACHED PROPERTY AS AN
ECON'OM[C REVITALIZATION AREA AND APPROVAL OF A THREE (3) YEAR
PERSONAL PROPER'T'Y TAX ABATEMENT FOR M'AAGUZI, LLC'
WHEREAS, under I.C. 6-1.1-12.1-2.5 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 the abatement period(s) for such property; and
WHEREAS, I.C. 6-1.1-12.1-4 provides for the partial abatement of personal property taxes; and
WHEREAS, an S13-1 has been filed which describes the amount of capital investment andjob
impact for Maaguzi, LLC's expansion ("the project"); and
WHEREAS, Resolution CC-10-15-07-01 was approved by the Council which designated the site
located at 11711 North Meridian Street,.Carmcl, Indiana 46032 as an ERA for purposes of providing
personal property tax abatement to Maaguzi, LLC; and
WHEREAS, building located on the ERA will serve as office space for Maaguzi, LLC's
expansion; and
WHEREAS, Maaguzi, LLC seeks to have the Council authorize personal property tax deductions
in connection with the capital expenditures of the expansion; and
WHEREAS, the Council has reviewed such information together with Maaguzi, LLC's.Statement
of Benefits (Form S13-1) and now desires to take actions hereinafter set forth.
NOW, THEREFORE, based upon a review of the information provided and Form SB-i filed by
Maaguzi, LLC, the Council hereby makes the following findings:
FINDING 1. The site is suitable for designation as an ERA due to the following
economic conditions:
(a) Expansion will result in an addition to the area's overall assessed value within an
accelerated time period.
(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 $67,393 per annum) of
those individuals who are currently employed can be reasonably expected to result from the
project.
FINDING 5. The estimate of the cost and assessed value of the project is reasonable for a project of this
type.
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SAONSOR: Councilor Rattermann
FINDING G. The projected,creatiomof approximately 35 FTEstovet the next.tliree years'can be
reasonably expected.
FINDING. 7. The estimate ofthe:annual salaries of approximately-$94;745 per•anndm oftiiose
individuals who will be newly employed can be,reasonably, expected.,
FINDING 8. Other benefits can be.reasonably expected to result from'the project.
'FINDING 9. The totalityofbenefits is.sufficient to justify personal:propertytax deductions herein
described.
FINDINGdO. Tire proposed redevelopmenFofthe Site>by Maaguzi, LLC mects the!paranneters set-forth in
Council Resolution CC-10-15-07-61.
NOW, THEREFORE, BE IT RESOLVED THAT,.a.legafdescription of tlic•site has.been
attached hereto as Exhibit`A.
BIT IT FURTHER RESOLVED THAT, the Site was pre] iminarily.designated as;an ERA fo_r
purposes of granting -personal property tax abatement to Maaguzi,.LLC'.
BE IT FURTHCR,RESOLVED THAT,-the De is.herebydeclaredian.CRP, for,purposes.of
granting personal property tax 'abatement,
BE.IT FURTHMRGSOLVtD THAT,'Ilretnunrberof years for_which Maaguzi, LLC is entitled
to a deduction for personal`properfytaxesslialf bit4three.(3),
BE IT FURTMER RESOLVED TIIAT,?the Couneil,sliall:have the-1ight,to,.reduce the leugih.of,
and/or end the personal :property-tax abatement granted for the.-site'should'Maaguzi, LLC, pra,su13sequent
owner, of he building-not NIfill corn rnitnicits`nrade regarding4he`ainount'of capital=investment, job
creation/retentian and salary lcv is
BE IT FURTHER RESOLVED THAT, in the event that Maaguzi,-LLC,-is sold to a nevo;wner,
the new owmer,shall appear-before4lie Carmel, City Council wiihin,90 days of closing on the ptfrchase of the
Company to present information regarding the plans forthe:Cornpany's-operations,in.the City of Carmel.
BE IT FURTHER RESOLVE]) THAT Ai is,ResoIution shall-be filed with the Harmlton County
Assessor as required•byi.C: 6-1.1-12.1-4.
BE IT FIN'ALLY'RESOLVED ThIAT notice of the adoption of and the "sobstance:of-Resolution
CC-104-07=01 was published,in accordancewitlr I.C 5-3: 1.
N PASSE11 by'tlie Common Council ofthc City Of Carmel, Indiana this iqday0f
2007, bya vote of -7 ayes'afidr C nays.
0'.
SPONSOR: Councilor Ratterniann
iR 7(HE CITY OF
Mark Raitermann_
W. E'ric s '006s64 j
L.'
ATTFST.;
Diana L. Cordiay;IAMC, e _Treasurcr
Presented by melto the Mayo"r ofthe,City ofCaCmeljifdianathis OD day,of
N 6lr?21? 2007; ate .? 8 _A-M.
n
D4mn i,L: Cordray, LkMC,
Approved by ine, Mayor:of the°Cityof Came], Indiana; this,-Ot&- day of
N 2007, at'Ip' 43 A.M.
'I yes Brainard,,Mayor
ATTEST'
Diana L. Cordray;IAMC,
k=Treasurer
C(Y
Contact Information
D€ana,Bilger on behalf'of-Maaguzi,.LLC 317 .01 7174