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HomeMy WebLinkAboutCRC-09-2005RESOLUTION NO. 9-,?cc5 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AMENDING THE DECLARATORY RESOLUTION FOR:THE INTEGRATED 126TH STREET CORRIDOR ECONOMIC DEVELOPMENT AREA WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment Commission") previously has adopted and amended a declarato7 resolution (the "Declaratory Resolution") establishing and expanding the Integrated 126` Street Corridor Economic Development Allocation Area (the "126th Street Allocation Area'), pursuant to Indiana Code 36-7-14, as amended (the "Act"); and WHEREAS, the Redevelopment Commission previously has approved the Integrated Economic Development Plan & Amended Redevelopment Plan (the "Integrated Plan'), a portion of which serves as the economic development plan for the 126th Street Allocation Area; and WHEREAS, the Redevelopment- Commission now desires to amend the Declaratory Resolution to add a designated taxpayer for purposes of allocating and distributing depreciable personal property taxes under Section 39.3 of the Act; NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment Commission as follows: 1. The Redevelopment Commission hereby designates Midwest Independent Transmissions System Operators, Inc. and its successors and assigns or any affiliate thereof as a designated taxpayer (the "Designated Taxpayer") for purposes of Section 39.3 of the Act, and the Declaratory Resolution is hereby amended to reflect this designation. 2. The Redevelopment Commission hereby finds that taxes to be derived from the depreciable personal property of the Designated Taxpayer to be located in the 126th Street Allocation Area, in excess of the taxes attributable to the base assessed value of such personal property, are needed to pay debt service or to provide security for bonds issued under Section 25.1 of the Act or to make payments or to provide security on leases payable tinder Section 25.2 of the Act, in order to provide local public improvements in or directly serving or benefiting the 126th Street Allocation Area. 3. The Redevelopment Commission hereby finds that the property of the Designated Taxpayer in the 126th Street Allocation Area will consist primarily of processing and distribution related projects and will not consist primarily of retail, commercial or residential projects. 4. "Property taxes" referred to herein and in the Declaratory Resolution shall mean taxes imposed under IC 6-1.1 on real property and taxes imposed under IC 6-1.1 on the depreciable personal property located and taxable-on the site of operations of the Designated Taxpayer. 5. In accordance with section-393(c) of the Act;,.for purposes of.Section 39 of the Act the term "base assessed. value" with -respect to the Designated Taxpayer's depreciable personal property hieans the net assessed value ofal! the depreciable. personal,property as finally determined for the March 1, 2005'assessment'date. 6. The Redevelopment. Commission hereby -finds that the amendments set forth herein are reasonable and, appropriate when considered in relation to. the, original Declaratory Resolution the Integrated Plan and the purposes of the Act. The Redevelopment Commission further finds that the Declaratory Resolution and the IntegratedP.lan, with the amendment set forth in this resolution, conform to°the coiivprehensid"e plan for ttie City-of Caravel. 7. This 'resolutionrshall ,be effective upon its' adoption. Adopted this 20th day of Septeinher,;2005. CITY OF CARMEL REDEVELOPMENT COMMISSION ?k 0,1 t Secretary Member, Memb INTSCLOW 787767v2 2