HomeMy WebLinkAboutCC-03-17-08-01 Dormir, LLC/ERA - Tax AbatementN
Sponsors:, Councilors Sharp and-Carter
RESOLUTION CC 03-17-08-01
RESOLUTION ("RESOL,13? M ) OF THE"COiVIi N COUNCIL OF
TIIE CITY OF CARMEL, INDIANA
IIESIGNATING 615 `VEST CARMEL DRIVE
AS AN ECONOMIC REVITALIZATION AREA
NVHEREA5, LC. 6-1:1212.1 :authorizes partial abatement-o(personal Property taxes
attributable to:.the installation of new qualifying:information technology, telee6nihiun catiaiis,
laboratory equipment, and research & developinent egwpinent, and
WHEREAS, I.C.-6-I.1-12.1 empoNvers the Common Council of the City"ofCarmel,.Indiana
(the""Council'-) to designate an area•as,an EconomicFRevitalization Area (ERAS')',,determine the
duration of, the abatement period(s) for?such Property and,impase,other reasonable conditions; and
WI3EREAS;.a Designation Application (as defined in I.C. 6.1.1-12.1-1) has-heretofore
been. filed with.the Couiicil'b,y Dornrir,,LCC'("the,Compmy"), and such Designation Application
requests that-the real "estate located at.6t5 West-Carmel Drive, Carmel; Indiana and-legally
described. therein (the"Site").be designated as,an FRA-, and
WHEREAS, the Company will own the Site:for their-new ,operations,facility, provided that
the Company is able to,obtain personal property tax deductions as authorized byI,C. 6-1.1.12_.1;
and
WHEREAS, the Coiiipairy seeks to have the Council'aathotize personal property tax
deductions in connection with the?qualifying investment related to theansiallation°of:new
information technplogy, teleconan7unications, laboratory, and research & de-Velopmerit.equipment,
and
WHERE-AS the'Coimcil has reyiewed sirefi Designatiaii Application together with the
Company's' Statementof Benefits (Form "SB-1) and'now desires to take actions hu•einaftcr serfortlr.
NOW, T11EIZEFORE; based upon,a,review of tfie`Design5[ion-A5plication and Statement
of Bcnefits (Form SI3-1) heretofomfiled by thc,Conrpany, the Council hereby makes the following
findings:
FrNDING L The Site,is,or.lias become undesirible-for nornaaldevelopment due to the
foflownig;economic conditions:
(a) Tf e Site has experieAced.a lack -of:devclopnient and growth over
recent years,
(b) Vacancy rates for office space,in the area and•an;ahundance'of
sublease opportunities=evidence an oversupply ofoffice, space -in the
in the geographic, area where the?Sife is,locatcd (the "Corridor").
(c) The Company"s proposed development of the site as an expansion of its
corporate headq"u ffters is, ' consistdntwith the,site's existing zoning,and
represcnts.a superior, use+•for theasite.
(d) The Site is zoned for and generally suitable for use as an office
development; however, there is a lack of demand for office building
developments in the Corridor due to the economic conditions
currently present.
(e) 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-02-05-01-02.
FINDING.3. The estimate of the cost and assessed value of the Company's proposed
development of the.Site isreasonable for projects of a similar nature.
FINDING 4. The estimate of the number of individuals who will be employed (i.e.,
approximately 161 FTEs over the initial ten-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 $58,000 per
annum) of those individuals who will be employed can be reasonably
expected to result from the Company's proposed re-development of the Site.
FINDING 6. The estimate of the cost and assessed value of the new information
technology, telecommunications, laboratory, and research & development
equipment, is reasonable for a project of this type.
FINDING 7. With respect to the new information technology, telecommunications,
laboratory, and research & development equipment, the estimate of the
number of individuals who will be employed (i.e., approximately 161 FTEs
over the initial ten-year period) can be reasonably expected to result from the
development of the Site and installation of the new personal property.
FINDING 8. The estimate of the annual salaries (i.e., average of greater than $58,000 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.
FINDING 9. The Company will be active corporate citizens involved in and committed to
the city of Carmel.
FINDING 10. The Company's expanded corporate headquarters 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 and installation of the new personal
property.
FINIJ NG 12. The totality of benefits is sufficient io justify persoinal,property tax
deductions` herein described.
NOW,4HFREFORE,,BE IT "RESOLVED THAT, a.legal description of the previously
declared ERA has;been.attached'hereto as ExhibitA.
BE IT FURTHER,RESOLVED THAT, the Site is hereby declared an ERA for purposes
of granting,personal -property tax_ abatement-in support:of the expansion of the Company's corporate
headquarters, the installation of new information technology,;telecomiitunications, laboratory, and
research & development equipment.
BE IT FURTHER.RESOLVED THAT;. the number of years for which the Coinpany,is
entitled to a deduction'for investments made in new.infotmation-technology, telecommunications,
laboratory, and research &development equipment; pursuant:to LC'. 6-LIA2.1 shall be tan(10).
BE IT FURTHER;RESOLVED-THAT, the Carmel City"-Council,, shall; have the•right to
reduce the length:ofand/or-end the, economic revitalization area designation :period granted for the
site should the Company ,andlora subsequent owner of the;Company not:fulfill commitments made
to the city of Carmel regarding,the amount:of capital investment, job ci-eation/ketention and average
annual salary'level&
BE IT FURTHER RESOLVED THAT, in the event,the Company is sold to anew 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 presentdriformation regarding the. plans for the
company's operations in the city of Cartel.
BE IT FURTHER RESOLVED THAT, the deductions authorized.hcrein are contingent
upon the designation of the'ERA,prior to, the installation -new infuriation technology,
telecommunications, laboratory, and rescarch:& development equipment.
BE IT FURTHER RESOLVED THAT,, if the Site is-located in an allocation area (as
defined in.I.C. 36-4-14-39, or I.C. 3677-1.5.1;26),; an application for the property tax deductions
approved herein shall also be snhjecfto the approvai`of the commission that designated the
allocation area as required-under I.C. 64.1-12J,
BE IT FURTHER RESOLVED THAT, this Resolutionshall be filed with the Hainilton
County Assessor as required by I.C. 6-1,1-12.1.
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 beAn the=form
attached hereto and incorporated herein as Exhibit B;
Adopted bythe Common Council of the City of Carmel,' Indiana this ?? day of
N_X_ n 2008, bya vote of-7 ayes and 0 nays.
COMMON COUNCIL OF THE CITY OF CA
I
P siding Offifey ?Q
Richard L. Sharp, Kresiaen}-'I-xQTempore
E. Carter
ATTEST:
Kevin Ride
W. Eric Seid
Presented by me to the Mayor of the city of Carmel, Indiana this (ca*day of
n!Sjp x a'_ 2008, at la al P.m.
n -
Diana L. Cordray, IAMC
Approved by me, Mayor of the City of Carmel, Indiana this I g+'-day of 6S? ovvc?. 2008, atlQrZS'- P.m.
ATTEST:
Diana L. Cordray, IAM , Clerk-Treas er
Prepared by: Larry Gigerich, Managing Director
Ginovus
8888 Keystone Crossing; Suite 1450
Indianapolis, Indiana 46240
317/819-4426 (telephone)
317/819-0888 (facsimile)
Richard@Ginovus.com (E-Mail)
v?
ames Brainard, Mayor
EXHIBIT A
A LAND BOUNDARY DESCRIPTION OF THE BUILDING AND LAND
LOCATED AT 615 WEST CARMEL DRIVE,
HAMILTON COUNTY, INDIANA
,2008
PAGE 1 OF 3
TRACT 2A:
PART OF BLOCK 3 OF THE CARMEL SCIENCE AND TECHNOLOGY PARK,'THE
PLAT OF WHICH WAS. RECORDED IN THE OFFICE OF THE RECORDER OF
HAMILTON COUNTY, INDIANA ON NOVEMBER 20TH, 1986, IN PLAT BOOK 13
AS PAGES 74-75, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID BLOCK 3 (THE NEXT FOUR
COURSES ARE-AL40NG SAID BLOCK 3): 1) THENCE SOUTH 81 DEGREES 22
MINUTES 30 SECONDS EAST 371.45 FEET TO A CURVE HAVING A RADIUS
OF 970.00 FEET, THE, RADIUS POINT OF WHICH BEARS SOUTH 08 DEGREES
37 MINUTES 30 SECONDS WEST; THENCE SOUTHEASTERLY ALONG SAID
CURVE 167.49 PEET TO A POINT WHICH LIES NORTH 18 DEGREES 31
MINUTES 06 SECONDS EAST FROM SAID RADIUS POINT, SAID POINT ALSO
LIES, ON A CURVE HAVING A RADIUS OF 20.00 FEET, THE RADIUS POINT
OF 14HICH-BEARS SOUTH 18 DEGREES 31 MINUTES 06 SECONDS WEST,
THENCE SOUTHERLY ALONG SAID CURVE 32.36 FEET TO A POINT WHICH
BEARS SOUTH 68 DEGREES 46 MINUTES 00 SECONDS EAST FROM SAID
RADIUS POINT; THENCE.SOUTH 21 DEGREES 14 MINUTES 00 SECONDS WEST
321.85 FEET TO.A CURVE HAVING A RADIUS OF 620.00 FEET, THE
RADIUS POINT OF WHICH BEARS SOUTH 68. DEGREES 46 MINUTES 00
SECONDS EAST; THENCE SOUTHWESTERLY ALONG SAID CURVE 79.94 BEET
TO'A POINT WHICH BEARS NORTH 76 DEGREES 09 MINUTES 16 SECONDS
WEST FROM SAID RADIUS POINT; THENCE NORTH 76 DEGREES ...09 MINUTES
16.SECONDS WEST 31.06 FEET; THENCE SOUTH 89 DEGREES 53 MINUTES
48 SECONDS WEST 370.47 FEET TO A POINT ON THE WESTERLY LINE OF
SAID BLOCK WHICH LIES SOUTH 00 DEGREES 06 MINUTES 12 SECONDS
EAST 490.58 FEET OF SAID POINT OF BEGINNING; THENCE NORTH 00
DEGREES 06 MINUTES 12 SECONDS WEST 490.58 FEET TO THE POINT OF
BEGINNING, CONTAINING 4.96 ACRES, MORE OR LESS.
TRACT 2C:
PART OF BLOCK 3 OF THE CARMEL SCIENCE AND TECHNOLOGY PARK, THE
PLAT OF WHICH WAS RECORDED IN THE OFFICE OF THE RECORDER OF
HAMILTON COUNTY, 'INDIANA ON NOVEMBER 20TH, 1986 IN PLAT BOOK 13
AS PAGES 74-75, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF SAID BLOCK 3 (THE NEXT
FIVE COURSES ARE ALONG SAID BLOCK), 1) THENCE SOUTH 00 DEGREES
06 MINUTES 12 SECONDS EAST 1116.58 FEET TO THE POINT OF
BEGINNING; 2) THENCE CONTINUING ALONG SAID LINE SOUTH 00 DEGREES
06 MINUTES 12 SECONDS EAST 683.28 FEET; 3) THENCE ALONG THE
Legal Description Page 2 of 3
SOUTH LINE OF SAID BLOCK NORTH 88 DEGREES 49 MINUTES 16 SECONDS
EAST 362.77 FEET TO A POINT ON A CURVE HAVING A RADIUS OF 20.00
FEET, THE RADIUS POINT OF WHICH BEAM NORTH 01 DEGREES 10
MINUTES 44 SECONDS WEST; 4) THENCE NORTHEASTERLY ALONG SAIB
CURVE 31.79 FEET TO A POINT WHICH BEARS NORTH 89 DEGREES 53
MINUTES 48 SECONDS EAST; 5) THENCE NORTHERLY ALONG Tilt EAST LINE
OF SAID BLOCK NORTH 00 DEGREES 06 MINUTES 12 SECONDS WEST
656.48 FEET; THENCE SOUTH'89 DBGREES-53 MINUTES 48 SECONDS WEST
382.33 FEET TO THE POINT OF BEGINNING, CONTAINING 5.96 ACRES,
MORE OR LESS.
TRACT 2B:
PART OF BLOCK 3 OF THE FINAL SECONDARY PLAT-BLOCK 3 CARMEL
SCIENCE AND TECHNOLOGY PARK AS PER FINAL SECONDARY PLAT OF BLOCK
3, RECORDED IN PLAT BOOK 13, PAGES 74-75 AMENDING THE
CONDITIONAL SECONDARY PLAT OF CARMEL SCIENCE AND TECHNOLOGY
PARK, AN ADDITION TO THE CITY OF CARMEL, INDIANA, AS PER PLAT
THEREOF RECORDED IN PLAT BOOK 13, PAGES 65-71, IN THE OFFICE OF
THE RECORDER OF HAMILTON COUNTY, INDIANA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF SAID BLOCK 3 THENCE ALONG
THE WESTERLY LINE OF SAID BLOCK SOUTH 00 DEGREES 06 MINUTES 12
SECONDS EAST 490.58 FEET TO THE POINT OF BEGINNING; THENCE
CONTINUING ALONG SAID LINE SOUTH 00 DEGREES 06 MINUTES 12
SECONDS EAST 626.00 FEET; THENCE NORTH 89 DEGREES 53 MINUTES 48
SECONDS EAST 382.33 FEET TO A POINT ON THE EAST LINE OF SAID
BLACK; THENCE NORTHERLY ALONG SAID EAST LINE NORTH 00 DEGREES 06
MINUTES 12 SECONDS WEST 469.06 FEET TO A CURVE HAVING A RADIUS
OF 620.00 FEET, THE RADIUS POINT OF WHICH BEARS NORTH 89 DEGREES
53 MINUTES 48 SECONDS EAST; THENCE NORTHEASTERLY ALONG SAID,
CURVE 150.94 FEET TO A POINT WHICH BEARS NORTH 76 DEGREES 09
MINUTES 16 SECONDS WEST OF SAID RADIUS POINT; THENCE NORTH 76
DEGREES 09•MINUTES 16 SECONDS 'WEST 31.06 FEET; THENCE SOUTH 89
DEGREES 53 MINUTES 48 SECONDS WEST 370.47 FEET TO THE POINT OF
BEGINNING.
TRACT 3:
BLACK 8 OF THE FINAL SECONDARY PLAT - BLOCK 8 IN CARMEL SCIENCE
AND TECHNOLOGY PARK AS PER FINAL SECONDARY PLAT OF BLACK 8,
RECORDED IN PLAT BOOK 13, PAGE 76-77 AMENDING THE CONDITIONAL
SECONDARY PLAT OF CARMEL SCIENCE AND TECHNOLOGY PARK, AN
ADDITION TO THE CITY OF CARMEL, INDIANA, AS PER PLAT THEREOF
RECORDED IN PLAT BOOK 13, PAGES 65-71, IN THE OFFICE OF THE
RECORDER OF HAMILTON COUNTY, INDIANA.
EXHIBIT A - CONT'D
TRACT 4?
AND
7,
'cs,, i?oo tia 1
)ARY PLAT OF CA
ER' 24.; 1986, AN
,GE 65-71 AND T
:E AND TECHNOLO
3ER 20,. 1986 IN
)ARY PLAT '-,BLO
'sR 24, 1986 AND
'76-77.
2
CLCORDED- NOVEMBER. 2D; 1986
,„ YN PLAT HOOK
FINAL SECONDARY PLAT -'BLOCK 3'CARMELFARK,DATED OCTOBER 24', 1986• AND; RECORDED
,AT BOOK: -13, PAGES 74-75 AND THE, FINAL
e CARNEL SCIENCE AND TE6HN6LOGY PARK DATED
CORbED NOVEMBER 20, 1986, IN PLAT BOOK 13,
EXHIBIT IB'
NOTICE Ol<ADOPTION,REGARDING THE APPROVAL OF A
TEN-YEAR PERSONAL PROPERTY TAX,ABATEMENT
FOR DORMIR,,LLC CORPORATE HEADQUARTERS;EXPAN5ION`PROJECT
LOCATED AT 615 11 WEST CARMEL, DRIVE, CARMEL,,INDIANA
, 2008
PAGE -1 OF I
Notice is herebygivewthat'the Common Council of the City of Carmel, Indiana did on the. of
2008 adopt a'Resolution.approving a ten-year personal property tax abatement far
Dormir, LLC for its investment in its corporate headquarters expansion project to be located 615
West Carmef Drive, Carmel, Indiana. This Resolution; which affects the following described
property located in the City of Carmel,. Indiana: 615'West Carmel Drive, Clay Township;
Hamilton County, was adopted following the filing of information by'Dormir;.LLC,.and the
previous approval of the designation of property located at'61.5 West Cannel-Drive as an-Economic
Revitalization Area for-the purpose of,securing an abatement of property taxes,pursuant'to Indiana
Code Section 671.1.12.1 relative to the installation of new iiiformation technoiogy`equipment_;
telecommunications equipment, laboratory-equipment, research & development equipment,
computer hardware and computer,sbftwarc.
Such Resolution.previously approving such 'property as an 'Economic Revitalization Area
and such Resolution approving a ten=year personal property tax abatement-for Dormir, LLC were
provided by.the Common Council'of the City of Carmel, Indiana on, the day of
2008. Furthermore; the Resolution.states that on the _,day of „ 2008.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 frorn;persons'intere4ed in these: pfoce.edings and make a determination
about approving a-ten-year.personal property•tax abatement: for Dormir; LLC for its investment in
new information technology equipment, telecommunications. equipment, laboratory gquipment,
research & development equipment, computer Mrdw&e and computer software. A description of
information related to Dormir, LLC's project an d a copy of such Resolution are available for
inspection in the Hatniiton County Assessor's•Office, Suite 214,33 North.9*,Street, Noblesville;
Indiana 46060.
>?' STATEMENT OF BENEFITS
g? •Jyi% PERSONAL PROPERTY
Stale Form 51764 (R I 1-06)
?=-? Prescribed by the Department o(Local Government Finance
INSTRUCTIONS:
FORM SB-1 / PP
PRIVACY NOTICE
The cost and any specific individual's
salary information is confdenW the
balance of the tiling is public record
par IC 5-1.1-12.1-5,1 12.1-5,110 and
i, This statement must be submitted to the body designating the Economic Revitalization Area prior to file public hearing if the designating body requires
information from the applicant in making its decision about whethorto designate an Economic RevitalizalionArea. Ot9erwise this statoment muse be submitted
to the designating body BEFORE a persodinstalls the new manufacturing equipment and/or research and development equipment. and/orlogistical dis istution
equipment and/or inforrnarion technology equipment for which the poison wishes to claim a deduction. "Proiects-planned or committed to after July 1, 1967.
and areas designated alter July 1, 1987, require a STATEMENT OF BENEFITS. (IC G-1:7-72:1)
2. Approval of the designating body (City Council, Town Board, County Council, etc.l must be obtained prior to installation of the new manufacturing equipment
and/or research and development equipment and/or logistical distribution equipment and/or information. technology equipment. BEFORE a deduction may
be approved
3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form
703-ERA) with the township assessor of the township where the properly is situated. The 103-ERA must fie filed between March 1 and May 15 of the
assessment year in which new manufacluring equiprnenl and/or research and development equipment andior logistical distribution equipment andior
information technology equipmeni is installed and fully functional. unless a filing extension has habit obtained. A person who obtains a filing extension must
fife the form between March I and the extended due date of chat year.
a. Property owners whose Statement of Benents was approved after June 30. 9991, must submit Form CF-t / PP annually to show compliance with the
Statenlenrol'Sereffts. (IC G-i.1-12..?-5761
5. The schedules established under IC 6-1. 1-12.1-4.5rd) and (e) apply to equipment installed after March 1. 2001. For equipment installed prior to March 2.
2001, the schedules and statutes in effect at the time shall continue to apply. (IC 6-1.1-12. i-4-5(g and (g))
SECTION •-
Name of taxpaver
Dormir, LLC
Address of la. payer rournbor and street, city, starts, and ZIP cede)
615 West Carmel Drive, Suite 900, Indiana 46032 Effective 4/08 suite number is 130).
Name of contact person Telephone number
Craig Hittle, Vice President of Finance (317) 706-1080
Name of desronating body ( Resolution number Is)
City of Carmel Common Council
Location of oropeny County DLGF taxing district number
615 West Carmel Drive, Carmel, Indiana 46033 Hamilton 29-023
Description of manufacturing'equipment andlor research and development equipment 1 ESTIMATED
andlor logistical distribution equipment and/or information technology equipment.
(use additional sheels if necessary) START DATE I COMPLETION DATE I
Dormir,. LLC plans to invest $695,000 in personal Manufacturing Equipment
property to include an estimated $215,000 in research R R D Equipment 02/01/2008 02/2812012
and development. equipment and $480,000 in IT and Logist Dist Equipment
computer equipment necessary to support growth.
IT Equipment 102/01/2008 02/2812012
D'PROJECT
Cu item number Salaries Number retained Salaries Number additional Salaries
41 2,545,608.00 141 12,545,608.00 161 9,250,176.00
SECT16N 4 ESTIMATED TOTAL COSTAND VALUE OF PROPOSED
PROJECT"
,
MANUFACTURING
NOTE: Pursuant to IC 5-1.1-72.1-5.7 (d) (2) the
EQUIPMENT R 1, D EQUIPMENT 'L GIST DIST
IT EQUIP
N
EQUIPMENT
I
COST of ;he properly Is coCOST I ASSESSED
bALLE COST ASS
VA V
COST ASSESSED COST
VALUE
Current values I I I
Plus estimated values of proposed protect 216,000.00 ? -
I I 1480,00000 I
Less values of any property being replaced 1 1 I I
,'let estimaled values upon completion of project 1215.000.00 1
1 (480,000.00
Estimated solid waste converted (pounds) 0.00 Estimated hazardous waste converted (pounds) 0.00
Other benefits'
sEcndNG TAXPAYER CERTIFICATION'
I hereby certify that the representations in this statement are true.
Signawm of auutorr_ad'reurr°?'
L???Ti 'Title
VP of Finance D: le signed (morifh, day, year)
l ?ZZ /08-
We have reviewed our prior actions relating to the designation of this economic revitalization' area and find that the applicant meets the general standards
adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1. T-12.1-2.5, provides for the following limitations as
authorized under IC 6-1.1-12.1-2.
A . The designated area has been limited to a period of time not ;o exceed calendar year ' (see below). The date this designation expires
e T he type of deduction that is allowed in the designated area is limited to:
? Y
? N
1. Installation of new manufacturing equipment; e s o
2. Installation of new research and development. equipment ? Yes ? N o
3. Installation of new logistical distribulion equipment. ?Ye s ? N o
Installation of new information technology equipment; ? Yes ? N o
C. The amount of deduction applicable to new manufacturing equipment is limited to5 cost with an assessed value of
5
D. The amount of deduction applicable to new research and development equip ment is limited to 5 _ _ _ cost
with an assessed value of 5 .
E . The amount of deduction applicable to new logistical distribution equipment is limited to S cost with an assessed value of
5
F. The amount of deduction applicable to new information technology equipment is limited to S cost with an assessed value of
G. Other limitations or conditions (specii9J
H. The deduction for new manufacturing equipment ani new research and development equipment andfor new logistical distribution equipment andfor
new information te chnology equipment installed and first claimed eligible for deduction on or after July t, 2000, is allowed for:
? 1 year ?6 ;,ears " For ERA's established prior to July 1, 2000, onlv..a
? 2 years ? 7 years 5 or 10 year schedule may be deducted.
?3 years ?8 years
?4years ?9years
? 5 years " ? 10 year ..
Also we have reviewed the information contained in the slatemenl of benefits and find.thal the estimates and expectations are reasonable and have
determined that th,,, totality of benefits is sufficient to justify the deduction described above.
Approved:
Telephone number Date signed (monrb, day, yea:)
511 -a 4 3
ated body
De
P
- 40 AN-,
' If the designating body limits the time period during which an area. is an economic revitalization area, it does not limit the length of time a taxpayer is
entitled to receive a deduction to a number of years designated under IC 6-11-12.1 ? 1.5'
CITY OF CARMEL
JAMES BRAINARD, MAYOR
Seplember 19: 2007
Mr. Timothy Miller
CEO
DORMIR, LLC
clo Grnovos
8888 Keystone Crassing
Suite 1450
Indianapolis, Indiana 46240,
Dear,Mr. Miller.
the Gity of CarmeLis.most pleased to have the opportunity to work: with DORMIR, LLC-,tegaidingthe:proposeid
location of its. new corporate headquarters facility irt.Garme1jitclima, We have enjoyed working with your sites-selection
consultant, Ginovus to identify the most tneaiimgfiil 'ways we can assist with your proposed'. project.,
It is ourunderstanditig that DORMIR, LLC is contemplating a capital investment of approximately $4 million
(including building leasc,ebsts); and the creation ofapproximately 161,newjobs (average annual, salary level of approximately
S5 1,000.00, plus benefits) in the city of Carmel by December'31,.2012..In supgorCrif the proposed'locadom!of your -hew
corporate headquarters•facility, the,City of Carmel _makes,the fol[_owingcarnniitments',ia support of the project
1. The City of,Carmel will. provide;a,ten;year personal property tak abatement iiisupporf of the capital
investment eligible for tax abatement made by DORNIM, LLC;in?. support. of the proposed new,corporate
headquarters facility;°and;
2.. The.CityuCCarmel will'provide spppo3 t,for.and participate in a public announcement of DORMIR, LLC7s
proposed new corporate'headquarters faci€ityshould Came]; Indiana be selected for the project.
Please note that final approval is required'from the Carmel City Council for,property tax abatement. The City of
Carmel will f6vide your company and Ginovus with all necessary technical-'assistance throughout die approval process.
The City of Carmel greatly appreciates the;opportunity to work.with DORMIR, LLC,• We are very pleascd:that your
company is copsidering the location of ifs new corporate headquarters facility in our,community: If you have. any questions,
and/or comments, please dD not hesitate to givetnc a call. Thank you for your consideralitim
Ver/truly yours
rr ? C?_oL11L
James Brainard
Mayor
Cc: -Members of the-Carmel?City Council
Larry Gigench„Managing Director, Ginovus
ONE CtVIC.SrvunxE, CARVEL, IN 46032 OFTKE.317S571.•240.1 FAS 317:844.3498'
E6id13. jhrai19ai @Cantiel:irr:g0v