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HomeMy WebLinkAboutCC-04-21-08-01 Dormir Tax AbatementSponsors: Councilors Sharp and Carter RESOLUTION NO. CC- 04-21-08-01 A RESOLUTION ("RESOLUTION") OF THE COMMOINI COUNCIL OF THE CITY OF CARNIEL, INDIANA, APPROVING A TEN-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR DORMIR, LLC LOCATED AT 615 WEST CARMEL DRIVE WHEREAS, I.C. 6-1.1-12.1 authorizes partial abatement of personal property taxes attributable to the installation of new qualifying information technology equipment, telecommunications equipment, laboratory equipment, research & development equipment, computer hardware and certain forms of embedded computer software; and WHEREAS, I.C. 6-1.1-12.1 empowers the Common Council of the. City of Carmel, Indiana (the "Council") to grant approval for personal property tax abatement for qualifying investments in information technology equipment, telecommunications equipment, laboratory equipment, research & development equipment, computer hardware and certain.forms of embedded computer software made by companies; and WHEREAS, information (as defined in I.C. 6-1.1-12.1-1) has been provided to and heretofore been filed with the Council by Dormir, LLC ("the Company"), and such information describes the qualifying investment in information technology, telecommunications, and research & development equipment in personal property to be installed at 615 West Carmel Drive, Carmel, Indiana; WHEREAS, the site located at 615 Carmel Drive (the "Site") has been legally described and designated as an Economic Revitalization Area. (ERA) for purposes of providing personal property tax abatement to the Company (as defined in I.C. 6-I.1-12.1); and WHEREAS, the Company will execute a long-term lease.with,ATAPCO ("Owner"), if the Company is able to obtain personal property tax deductions as authorized by I.C. 6-1.1-12.1; and WHEREAS, the Company seeks.to have the Council authorize personal property tax deductions in connection with qualifying information technology, telecommunications, and research & development equipment to be installed in the leased building on the Site; and WHEREAS, the Council has reviewed such information together with the Company's Statement of Benefits (Form SB-1) and now desires to take actions hereinafter set forth. NOW, THEREFORE, based upon a review of the information provided and Statement of Benefits (Form SB-1) heretofore filed by the Company, the Council hereby makes the following findings: FINDING 1. The Site. is or has become undesirable for nonnal development due to the following economic conditions: (a) The Site has experienced a lack of development and growth over recent years; (b) Vacancy rates for office space in the area and an abundance of sublease opportunities evidence an oversupply of office space in the in the geographic area where the Site is located (the "Corridor")- (c) The Company's proposed development of the site as an expansion of its corporate headquarters is consistent with the site's existing zoning and represents a superior use for the site. (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 space in the Corridor due to the economic conditions currently present. (e) The Company's plans to install new personal property and building owner's plan to make real estate improvements, will resultin 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 redevelopment of the Site is reasonable for projects of a similar nature. FINDING 4. The estimate of the number of individuals who will be employed' (i.e., approximately 161 FTFs 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 558,000 per annum) of those individuals who will be employed call 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, and research & development equipment, is reasonable for a project of this type. FINDING 7. With respect to the new information technology, telecommunications and research & development equipment, the estimate of the number of individuals who will be employed (i.e.; approximately 161 FTFs 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 redevelopment of the site and installation of the new personal property. FINDING 12. The totality of benefits is sufficient to justify personal property tax deductions herein described. NOW, THEREFORE, BE IT RESOLVED THAT, a legal description of the previously declared ERA designation has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site was previously declared as an ERA for a period often (10) years from the effective date of the previously approved Resolution. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for qualifying information technology, telecommunications, and research & development equipment, pursuanfto I.C. 6-1.1-12.1-45 shall be ten (10). 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. 6-1.1-12.1-2. BE IT FURTHER RESOLVED THAT, this Resolution shall be filed with the Hamilton County Assessor as required by I.C. 6-1.1-12.1-2.5(b). 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 be in the form attached hereto and incorporated herein as Exhibit. B. _51- S ED by the Common Council of the City of Carmel, Indiana this day of 2008, by a vote of -7 ayes and (1) nays. COMMON C UNCIL OF THE CITY OF ATTEST: Diana L. Cordray, IAMC, Presented by me to the day of Mayor of the city of Carmel, Indiana this 'go 2008, at9 5d A.m. 16?X?4 Diana L. Cordray, IAMC 7 1cQ A proved by me, Mayor of the City of Carmel, Indiana this , day of 2008, atJ,.0"1 p.m. r r L mes Brainard, Mayor ATTEST Diana L. Cordray, IAMC, Clerk-Ttpsurer Prepared by: Larry Gigerich, Managing Director Ginovus 8888 Keystone Crossing: Suite 1450 Indianapolis, Indiana 46240 317/819-0890 (telephone) 317/819-0888 (facsimile) LarryQ Ginows.com 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, SNDIANA 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'ALONG 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 FEET 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 WHICH 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 FEET 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 BOOR 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 O6 MINUTES 12 SECONDS EAST 683.28 FEET; 3) THENCE ALONG THE Legal Description Page2 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 BEARS NORTH 01 DEGREES 10 MINUTES 44 SECONDS WEST; 4) THENCE NORTHEASTERLY ALONG SAID CURVE 31.79 FEET TO A POINT WHICH BEARS NORTH 89 DEGREES 53 MINUTES 48 SECONDS EAST; 5) THENCE NORTHERLY ALONG THE EAST LINE OF SAID BLOCK NORTH 00 DEGREES 06 MINUTES 12 SECONDS WEST 656.48 FEET; THENCE SOUTH 89 DEGREES 53 MINUTES 4`8 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 BOOR 13, PAGES 74-15 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 BLOCK; 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: BLOCK 8 OF THE FINAL SECONDARY PLAT - BLOCK 8 IN CARMEL SCIENCE AND TECHNOLOGY PARK AS PER FINAL SECONDARY PLAT OF BLOCK 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. Legal Description Page 3 of 3 EXHIBIT A - CONT'D TRACT 4: THE COMMON FACILIT: DEVELOPMENT STANDAI SCIENCE. AND TECHNO] NOVEMBER 10,:.1986 INSTRUMENT' NUMBER 7 NO._. 8810897;, AND AZ DEVELOPMENT STANDAI BCIENCS,ANO. T£CHNO] AUGUST '24', 1998`A9 SECONDARY PLAT OF.( OCTOBER':24., ..1986. F OF , cnya oe-ii n " "i'nn -rlne 54CONDARY'FLAT - BLOCK 3'CARMEL IENCB,AND TECHNOLOGY PARK: DATED' OCTOBER-24, 1986 AND RECORDED VEMBER 20, 1986 IN PLAT BOOK, 13', :PAGES 74-75' AND THE FINAL CONDARY PLAT - BLOCK 8 CAMEL SCIENCE AND TECBNOL06Y PARK DATED TOBER 24, 1986 AND RECORDED NOVEMBER '20, 1986 _1N`PLAT BOOK 13, -3- EXHfBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR DORMIR, LLC CORPORATE HEADQUARTERS EXPANSION PROJECT LOCATED AT 615 WEST CARMEL DRIVE, CARMEL, INDIANA April 21, 2008 PAGE 1 OF I Notice is hereby given that the Common Council of the City of Carmel, Indiana did on the 21 st of April, 2008 adopt a Resolution approving a ten-year personal property tax abatement for Dormir, LLCTor its investment in its corporate headquarters expansion project to be located 615 West Carmel Drive, Cannel, 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 615 West Carmel Drive as an Economic Revitalization Area for the purpose of securing an abatement of property taxes pursuant to Indiana Code Section 6-1.1-12.1 relative to the installation of new information technology, telecommunications; and"research.& development equipment. 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 Cannel, Indiana on the 17th day of March, 2008. Furthermore, the Resolution states that on the 21st day of April, 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 from persons interested in these proceedings and make a determination about approving a ten-year personal property tax abatement for Donnir; LLC for its investment in new information technology, teleCnlmUnlcatlons and research & development equipment. A description of information related to Donnir, LLC's project and a copy of such Resolution are available for inspection in the Hamilton County Assessor's Office, Suite 214, 33 North 9'h Street, Noblesville, Indiana 46060.