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
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Secretary
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