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Home My WebLink AboutCC-06-16-08-01 CITON ERA - Tax AbatementSPONSOR: COUNCILOR SNYDER RESOLUTION CC-06-16-08-01 RESOLUTION ("RESOLUTION") OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA FOR DESIGNATION OF THE ATTACHED PROPERTY AS AN ECONOMIC REVITALIZATION AREA 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, CITON Agency, Inc. seeks the Council to authorize personal property tax abatement in connection with the investment and job impact (`project"); and WHEREAS, the Council has reviewed CITON Agency,.Inc's Statement of Benefits (Forni SB-1) and now desires to take actions hereinafter set forth. NOW, TIIEREFORE, based on a review of the Form SB-1 filed by CITON Agency, Inc., the Council hereby makes the following findings: FINDING 1. The site is suitable for designation as an EIZA due to the following economic conditions: (a) The area has become undesirable because of a lack of development and other factors that have impaired values or prevent a normal development of property or use of property. (b) Expansion of CITON Agency. Inc's operations at this location will result in an addition fo the area's overall assessed value within an accelerated time period. (c) The project represents a superior use for the site. (d) 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 approximately 3 employees to be retained through the project completion date listed in the SB-1 of'Decernber.31, 2017, at an annual average wage of $258,000 can be reasonably expected to result-from the project. FINDING 4. The estimate of 102 positions to be created through the project completion date listed in the SB-1 ol'December 31, 2017, at an annual average wage of $60,000 can reasonably be expected to result from the project. FINDING 5. Other benefits can be reasonably expected to result from the project. SPONSOR: COUNCILOR SNYDER FINDING 6. The totality of benefits is sufticicntto-Justify personal property tax deductions he-ein,descrihed'., N0W, THEREFORE, BE IT'.RESOLVE_D THAT, a_ legal desbriptioti of the site has beenattached hereto as Exhibit A. BE ITFURTHER RESOLVED TII,AT, the Site is hereby rieclai`cid an ERA for-purposes of granting.tax abateinent'fai new information teclmolo-y equipment. BE'IT FURTHER R_ESOL`VED THAT,'the•number of', years for wlueh;CITON Agency. personal property-taxes;shall be ten() 0), years. lire. is entitled to'.a deduction for BEAT FURTHER RESOLVED THAT, in the evcm-that CITON AgencyInc. is sold to a new `owner; the new owner of the-company shall appear before the Carmel City Council yvithin 90 days of.ctosing on,lhe purchase=of the company to`pies`entinfornintion:regardiztg? the plans for the company's operations in. [lie City of 'Cannel_ BE-,IT FURTHER RESOLVED THAT, the dcductions'authoei'zed hereinarecontingent upon the designation of the ; RA prior to placing any of the 'New Information Technology Equipment in service-. 13E'IT FURTHER RESOLVED THAT, the ERA designation `terminates°March'], 2018; however,.reluti0e to New Mfoitri'ation_Technology Equipment installed pr onto the termination of the F" designation, this termination-does 1101.1imit tire period of time that CITON Agency; Inc. or a succcssoro?vner-is entitled;to`receive;a partial'abatemcnt of property, tFixes, BE IT FURTHER RESOLVED THAT, if the Site is located'in -,in -allocation area (as defined in I.G. 36.-7-°14-39 or 1.0. 36-X7.15.1-26), an application fortbe property tax,deductions approved herein shall also be subject to the approval of. the coriimtssi6ri that designated the allocation area as required ulnd.6I:C_6-1.1-12:'14_ BF, IT FURTHER RESOLVEDTIIAT?•this 1tesolution•sli6il be filed with the,,Hamilton County Assessor as'required by I C. 6-1,1-12-1-4. 13E 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. PASSED by.the? Comni n Council of the City of Carmel; Indiana,,:this 1&4'?'d'ay 'if ?005, by a.vote of -7 ayes and V nays. SPONSOR: COUNCILOR SNYDFR COMMON COUNCIL FOR THE CITY OF CARMEL A /? Pr :ding 41-15p? Ile 47 Richard L. Shar}i;PfgsX6ant Pro Tempore V. E.. ATTEST: Dina L. Cordray, TAMC, Ierk-Treasuref Presented by me 'to the Mayor of` the City of Carmel. 3ndiana this r? day of 2008 at 6: ay /' . t?.. iana 1- CoWray,, ] 4MG; Cleik-Treasurer Approved by me, Iviayor of'the C ity of Carmel, 2608atb."al.M. I ndia"na this day of 16? ies Brainard-Mayor ATTEST: SP NSOR: COUNCILOR SNYDER Diana L. Cordray, IAIVIC; Clerk-Treecsiuer Contact Information: Lisa. Leventhal on_hehalf of CITON Aocnc4,;lnc: 317-580-202'6 RESOLUTION CC-06-16-08-01 Exhibit A - Legal Description Real estate owned by: BREOF Keystone REO LLC Abbreviated legal description: LAKEWOOD PROP OFFICE PARK A 12/31/86 FR NORTFILAKE 11/20/92 FR NELSON ETAL9246022 10/21/96 PR BANK ONE 9644351 8/19/99 FR SHERIDAN REALTY 9949154