HomeMy WebLinkAboutCC-08-18-08-02 Pharmakon Compounding Pharmacy/ERASponsors: Councilor Snyder
RESOLUTION CC- 08-18-08-02
A RESOLUTION OF THE COMMOM COUNCIL
OF THE CITY OF CARMEL, INDIANA, APPROVING
A TEN-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
PHARMAKON LONG TERM CARE PHARMACY, INC AND PHARMAKON
COINIPOUNDING PHARMACY LOCATED AT 801 CONGRESSIONAL BLVD
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 bycompanies; 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 Pharmakon Compounding Pharmacy and Pharmakon
Long Term Care Pharmacy, lnc ("the Company"), and such information describes the qualifying
investment in information technology, telecommunications, and research & development
equipment in personal property to be.installed at 801 Congressional Boulevard, Carmel, Indiana;
WHEREAS, the site located at 801 Congressional Boulevard (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. 6-1.1-12.1); and
WHEREAS, the Company will execute a long-term lease with REi Investments
("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 normal 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 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
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 90 FTEs over the initial ten-year period) canoe 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 $50,000
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, 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 90 FTEs over the
initia6ten-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.ofithe annual' salaries (i.e., average of grdater than $50,000
per annum)of those.mdividuals who will be employed can-be reasonably
expected to.result,from the development ofthe Site,,;the installation of the
new personal property.
FINDING 9. The Company will be active corporate citizens involved:in-arid committed
to`the city of Cannel.
FINDING -10. 'The Company's.expanded corporate headquaiters_in=CarmelI is consistent
with the 'ggals and vision established by the city of Carmel and Hamilton
County Alliance.
FINDING 'I L Other: benefits that can brireasonably' expected to result from the
Company''-,s proposed redevelopment of the ;sitemnd 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
previeusly:declared ERA designation has been attached hereto as Exhibit A.
BE IT FURTHER RESOLVED THAT;ahe Site was previously deelared as an ERA.for
a period of ten ('l0) years from`ncc?effactive?date,o_f the previously, approved Resolution.
BE IT FURTHER RESOLVED THA'I', the'number of yearsfor which ihe,Company is
entitled to a deduction;;for qualifying.information technology,,teleconinrunications;,and.research
& developmett equipment, pursuant,to I;C. 6-L.1-12.1-4 5 shall be ten (10).
BE IT FURTHERRESOLVED THAT, if.the Site'i's located'in an allocation area (as.
defined in I.C..3Cr7-14=39 or I.C. '36-7-1.5.1 26), an application for-the'property tax deductions
approved herein sliall also.be'subject?to the;approval of the=commission that desigiiated the
allocation area as--required;under'I:C 6-1.1-12'1 -T
BE 11 FURTHER RESOLVED,THAT; this Resolution. shall lie,fil"ed with the
Mamiltoii County Assessor-as required by 1.6% 6-1:1-12.1-2.5(b).
BE IT FINALLY RESOLVED THAT notice oftheradoption 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.
P ASSED by the Common Council of the ;City of Carmel, Indiana this f $ day of
OL)IL 2008, by a vote of ayes and fa nays.
O
ATTEST:
Diana L. Cordray, TAMC, Clerk- r asurer
n Presented by me to the Mayor ofthe city of Carme3; Indiana'this day of
2008; at-(`Q) V .m.
Dianal. Coi•dray, TAMC
Approved'by me, Mayor of the City of Carrnel,,Indiana 'this 01111-day of
2008, at W p.m.
ames. Brainard', Mayor
Prepared by:
Katie Culp,::Senior Vice President's
Location Advisory & Incentives Practice
Colliers Turley Martin.;Tucker.
One American Square; Suite d1300
Indianapolis;.hidiana 46282
3.17763,9=0485 phone
kculp a ctmt;coin email
EXHIBIT A
A.LAND'BOUNDARY DESCRiPTI01V'OF THE BUIGDING.AND LAND
LOCATED AT 86f CONGRESSIONAL BLVD,
HAMILTON COU?4'V, INDIANA
AUGUST 18, 2008
PAC, E, 1,OiF I
801 Cong"ressional`Bqulevard
Carmel, IN 46032
Parcel No: 16-09-35-00-02-005:000
Lot PT1, Block P11, Carmel Science & Technology, containing 1:43 acres,
Leal Description.
Part of Block I i in tfieConditional Secondary Plat of,Cannel Science and Technology Park„a
subdivision: in Hamilton County, Indiana; [he plat of which is recorded in PIat-Book 13, pages„
65-71, amended by Certificate of Correction recorded as Instrument No! 8701.640 in the Office
of the Recorder'6fliamilton County; Indiana: Except the following;
Beginning at the'S6uthwest corner of the Northwest Quarter of Section 36, Township 18 North,
Range 3 East in Hamilton Comity„ Indiana (518" rebar with _cap marked ?'SchrieiderEngr,
Corp.''); thence North 88,degrees 59 mmutes'30 seconds East (assunfed hearing) along the South
line ofsaid Northwest:Quarter Seclion.andsalong;theSouth line ofsaid 'Block i l a distance of
401.50 feetsto a'578"7ebar with cap marked."5ciiiieider,Engr. Corp.'; thecice North 01 degrees
00 minutes`30 seconds,Wesf a distance of 265.00 feet to a5/8" rebar with cap,marked
"Schneider En-r; Corp." ;,,th en ceNorth 88; degrees 59 minutcs`30 seconds.East, parallel with the
said South line, a'distance of 20.00 feetto =a 5/8" rebar with cap,inarked ` Schneider Engr.
Corp."; thence North 01 degrees 00minutes 30 seconds West a distance of'l'90,00 feet to a'5/8"
rebar with cap marked "Schneider Eiigr. Corp.';'tlience'North 30 degrees 46 minutes 06 seconds
West a distance of 118:64 feet to a 518"rebar with.cap marked "Schneider Engr. Corp." on'the
Northerly dine of said Block.l l which said pointlies,on a' curve having a radius of 7 f0'.00 feet;
the radius point of which bears North 34 degrees 31'. minutes 39 seconds West (tlie;next,fve
courses are along,the Northerly, Westerly and Southerly lines ofsaid-Block 1'1); (1) thence
Westerly along Hie arc of said?curve a distance of 413.25 feet to a 5/8" rebar:with cap marked
Schneider:l:ngr. Coe p:`' gre utes,44,'seconds;East from said
which bears South 01 dees 10 " min
"
radius?poiht;,(2) thence South-88 degrees,49 minutes 16 seconds West a distance of 162.99 feet
to a-518" rebar with cap.inarked"Schneider Engr, Corp." and a curve,having.a radius of 20.00
feel, the radius point of which bears South 01 degrees 10 minutes 44 seconds East; (3) thence
Westerly and'_S6utherly=along the are of said curve.a distance of 31.42 feet to.a'S/8" rebarwith
cap marked "Schneider Engr Corp," which bears South 88 degrees 49 minutes 16 seconds West
from said radius point; (4) thence South 01 degrees 10 minutes 44, seconds East a distance of
420.00 feet to a 578"`rebar with cap marked "`Schneider Engr. Corp." on the•,South line of,the
Northeast Quarter of Section 35, Township 18 North; Range3 East; (5) thence North 88 degrees
49 ininutesA6 seconds E1st,along the Smith Ime,thereof; and the South line of said Block 11 a.
distance 4 148.13. feet twthe Point of Beginning, containing 6:07 acres; more or lass.
EXHIBIT B
NOTICE OF kDOPTION'REGARDING.THE APPROVAL OF A.
TEN-YEAR PERSONAL PROPERTY TAX ABATEMENT
FOR PH:ARMAKON'LONG TERM CARE. PIIARMACY,'INC;AND PIT RMAKON
COMPOUNDING .PHARMACY CORPORATE HEADQUARTERS EXPANSION'
PROJECT
LOCATED AT 801 CONGRESSIONAL BLVD, CARMEL, INDIANA
August.18, 2008
PAGE 1 OF I
Notice is hereby.,given that the Common Council of the City of Cannel, Indiana did on the 4th
of Aligns, 2008 adopt a.Resoldtion approving a ten-year;personal property, tax abatement for_
Pharmakon Compounding Pharmacy°and Pharmakon Long Term Care°Pharmacy,, Inc for its
investrnernf,in.its,corporateheadquarters, expansion project to be-located 801 Congressional Blvd,
Carmel; Indiana. This Resolution, which affects the'following described property locatted in the
City of Cannel, Indiana: 80.1 Congressional Blvd; Clay Township, Hamilton County, was
adopted following the,6ling of information by'Pharmakon CompoundingPharmacy-and
Pharmakon Long Term Care Pharmacy, Inc, and the previous approval of the designation of
property locatedAt 80.1 Congressional,Blvd as an Economic. Revitalization. Area+£or the purpose
of securina,an abatement of property taxespurstuant to Indiana Code Section 6-1.1-12.1 relative
to the installatiou: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 per so6gPpropertytax abatement for'Pharmakon
Compounding. Pharmacy and,Phannakon Long Term Care. Pharmacy, Incwere provided by the
Common Council ofthe City of Carmel,' Indiana on the _ day of August; 2008. Furthermore,
the Resolution states that on the day of Au usf; 2008 at6 p.m_ in the Council'Chamber
Room located at One.Civic Square, Carmel, Indiana 46032, the Common Council' met to hear
public comment froni,persogs interested in thesepiroceedings:and make:a determination about
approving a ten-year personal property tax abatement for Pharmakon Compounding-Pharmacy
and Pharmakan Long Term Care.Phamtacy, Inc for;its investment in ,new information,
technology; telecommunications:and reseaich &:development eguipmetit. A.description of
nformatiomrelated to Pharmakon Compounding Pharmacy's and'.Pharmakon Long Term Care
Pharmacy, Inc's project:arid a copy of such Resolrition are available for inspeetionin-the;
Hamilton County-Assessor'sOfpice,.Suite-214, 33 Nohh.9`" Street,' Noblesville, Indiana 46060:
STATEMENT OF BENEFITS
PERSONAL PROPERTY
.`. State Form 51764 (R t 1-06)
Prescribed by die Department of Local Government Finance
INSTRUCTIONS:
FORM SB-1 / PP
PRIVACY NOTICE
The cost and any specific Ind ldual's
salary Information is coniklenllal; the
balance of the filing is public record
per IC 6-1.1-12.1-5.1 c and (d .
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statemem must be submitted
to the designating body BEFORE a person installs the new manufacturing equipment and/or research and development equipment, and/or logistical distribution
equipment and/or information technology equipment for which the person wishes to claim a deduction. "Projects"planned. or committed to after July 1, 1987,
and areas designated after July 1, 1987, require a STATEMENT OF BENEFITS. (IC 6-1.1-12.1)
2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to installation of the new manufacturing equipment
and/or research aril development equipment and/or logistical distribution equipment and/orinformation 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
103-ERA) with the township assessor of the township where the property is situated. The 103-CRA must be riled. between March 1 and May 15 of the
assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or
information technology equipment is installed and fully functional, unless a filing extension has been obtained. A person who obtains a filing extension must
file the form between March 1 and the extended due date of that year
4. Property owners whose Statement of Benefits was approved after June 30, 1991; must submit Form CF-1 / PP annually to show rompiance with the
Statement of Benefits. (1061..1-12.1-5:6)
5. The schedules established under IC 6-1.1-12.1-4.5(d) and (e) apply to equipmentinstelled 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 6-1:1-12.1-4.5(I) and (g))
• ,XP,AYgR,INFORMATIONi
Name of taxpayer
Pharmakon Compounding Pharmacy
Address of taxpayer (number and street, city; state, and ZIP code)
9465 Delegates Row, Indianapolis, 46240
Name of contact person Telephone number
Paul Elmer, RPh (317)410.3178
Name of designating body Resolution number (s)
Carmel City Council B-Oy-OS-OL 08- 18-OQ"O'
Location of property County DLGF taxied district number
801 Congressional Boulevard Hamilton 29-018
Description of manufacturing equipment and/or research and development equipment ESTIMATED
and/or to istical distribution equipment and/or information technology equipment START DATE COMPLETION DATE
(use additional sheets if necessary)
Manufacturing Equipment 09/01/2008 09/01/2009
Servitor Modular Cleanroom
R & D Equipment
Logist Dist Equipment
IT Equipment
Guam number Salaries Number retained Salaries Number additional Salaries
0 10.00 0 0.00 90 4,500,000.00
01 • ••.
NOTE: Pursuant to IC 6-1.1-12-1-5.1 (d) (2) the MANUFACTURING R & D EQUIPMENT LOGIST DIST IT EQUIPMENT
EQUIPMENT EQUIPMENT
COST ASSESSED COST ASSESSED COST ASSESSED
COST of the property is confidential. COST
VALUE VALUE VALUE VALUE
VALUE
Current values
Plus estimated values of proposed project 76,500.00
Less values of any property being replaced
Net estimated values upon completion of project
Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds)
Other benefits:
I hereby certify that the representations in this statement are true.
Signature of ive Title Date signed (moth. day year)
1 P
-409
11.
We have reviewed our. prior actions relating to fhe.deslgnation of this economic revitalibibn area and find that the applicant meets the general'standwds
adopted m the resolution previokrsly approved 6y this body -Said, resolution,. passed under IC 6-1 .1-12:1.2.5 provides Tor the: following I!mitatonsas
authorized under IC6-111=12:1-2.
A .The designated area has been limited.to a period..of time not to exceed. calendaryears' (see ba7ow). The date this designation expires
B , The type of deduction that is allowed in the designated area is limited to:
1. Installatlonof new manufacturing 'equipment;- ?Yes ?No
2. lKstellation of.4w research and development equipment; ?Yes ?No
3, Installationofnew logistical distribution equipment: ?Yes ?N.o
4_lnstalletlon of how informAon technology equipment; ? Ve s ?N o
C. The amount of deduction!applica hie to new manufacturing equipment; is limited`to.$' cost with an assessed value`of
Q. The arrounbof deduction applicable to new research and development-equipmentisdimlted to-$ __----------- _ cast
witK an assessed value'. of'$
E . The amount of deduction applicable to,new iogisucal dlstr+pution equipmentis limited to $, cost'with an assessed,value: of
F. The amountot:deductidn applicable to new informailon technology equipment, is limited to $, cost with an.assessed value. of
$
a Other limitations or oonditians (spec fy)
H. The deduction for new manufacturing equipment and/or newreaearch and, development equipmenrand!or,naw logistical distribution equipment and/or
new information technology equiprien! Installed and first claimed ellglbte;for. deduction on or after July 1, 2000,, islallpwed for.
?1 year ?6B years " For ERAS established prior to July 1, 2000; only a'
?2years ?7 years 5.or 10;year schedule may tie deducted..
?3,yeam ?8.years
?4yeam ?9 years
? 5 years.. ? 10 years"
Also we have reviewed the inionnalion contained in the statement o[ benefiits and find that the esumate_s'Find expectations are reas_onahle and, have
determined that the totality l o?enefm is sufficient to LjustMthe ded5choNdesMbad above.,' " - -
Y381
designating hody'limits .the time. nenoC;dynng Whim an anea,is an ecoromic revitalization area, it does not limit the length-of time.a taxpayer is
to receive a deduction to a number of years des! nated:under IC 6-i-:1-12.174
STATEMENT OF BENEFITS
i` PERSON41L PROPERTY
State Form 51764(R 11-06)
Prescribed by the Department of Local Govemment Finance
INSTRUCTIONS.
1. This statement must be
and areas designated atfer JUly4; 1987, requtrea'STA7BMrt
2. Approval ofthe designating body (City Council, Town Board
aniWormsearch'and deyelopmerefequipment. and/or logistical
be approved
3.. To obtain a deductlon, a peison musCfrle a cerdHed deduclior
103-ERA)'with-t6e township sssessor oC the [dwnsdip:wherr
FORM 58-1 ! PP
PRIVACY NOTICE
The costaM any sped4c Individual's
salary Information is confidential; the
balance of the. filingg is puhlic record
, IC 6-1 T-12.1 5 .1 c end (d).
1,, 1987,
ctfoh schedule (Fond
t and. Met, 15 of the
assossmenf year in which:.new manufacturing,equipment.and/oc research and development egwpment:and/ordogistical dtstnbution equipment anavor
intonnation technology gquipm'eri0s installetl and fully hriretlonat, unless a, Ming. eirtunsrorf has Been obtsiner/. Aperson who obtains a'fitidg extension must
rile tire foim between March, 9 antlthe extended dua7datWol that yeas
A. Property owhers•wliose Statement dt8enefrts was approygd a. er June 30, 1991;. must submH Form,CF-1„% PP annuaily to.show.complianpe with-the'
SYatementc(Benefits: (!C?(r-7, 1-12.7-5.5J - - - ? -
5. The schedules. established under
2001, the schedules and statutes
For equipmert instafled;prior to March
o
-IT YX
••
Name of laxpayar
Pharmakon.Long Term Care-Pharmacy, Inc.
Address of taxpayer /ember end sue if, city) Sla[e,. and z"' coda)
9465 Delegates Row, Iniiiana olts,46240
Nama`of fnnfad person Telephone aumbar
Paul Elmer, RPh' (31g) 4 03378
flame of desgriaflag' body. ' Resolution number. (s)
161
-
Carmel. City Counaj &Q-0
09-1144rb 9-02
-18
Looatonof penperty County pLGF lazing dlstrid number
801 Con ressional Boulevard :'Har iRon 29-0181
Description of manufacturing equipment andlor research and development equipment
" ' ESTIM ATED
andlol to istidal distribution equipment and/orinformatidn'technology equipment
+? START DATE COMPLETION DATE
(aye additional sheets if nECESSary) -
Manufactunng,Equipmen[ 09101/2008 0910112009
Automated EXP
aGka
in
r
Cflirfe
p
jy
g
g
n2 '
MedSelect dispensing system ga
DEquipment
Logist Dist' Equipment,
IT Equipment, 09]0112008 0910112009
Current rxlmder Salaries Numberretalned sale as, Numberaddltlonal Salar ies
0 10.00 0 0.00 90 4`,5 00,000.00
•
IIIIIIIIIIIIAM
• • o r
• •o•• a •
••
NOTE: Pursuant to IG6-T:1-12:1-5:1 (d) (2) the MANUFACTURING
EQUIPMENT R &,D EQUIPMENT LOGIST. DIST IT EQUIPMENT
EQUIPMENT
COST of thepraperty is donfidentiaL COST` ASSESSED COST, ASSESSED; COST ASSESSED COST' -ASSESSED
- VALUE VALUE -'- - VALUE VALUE
Current vafue5
Plus estimated values of proposed project 455,500.00 58,000.00
Loss values of. anyproperty.being replaced
Net estimated values. uponcompletion of project
Estimated solid waste convened,(pounds) Estimated hazardous waste converted (voundi
Ollier.benefits:
Y_
I herebycarlify thatthe'.representations. in thisstatement 'are -true .
Sigrid uth - ad .entafivf.' Tule dale slgnetl.(mdhth, dayyearj
President - boa 8
We have reviewed our prior actions. relating to the'designation of thiseconomic revftalization,area-and End that the applicant meetsthe"general standards
adopted in the resoluiion-previously approved by this body.=Said. resolution; passed under IC 6 1.1 12:1-2:5,:provides:for the f_ollowing . limitations as
authorized under.IC 6-1.1-12.1-2.
A . The designated area has been limied.to a perlod,oftrme not to exceed' _ calendar years ' (see, below), The,oate3his designation expires
B . The type of deduction that is allowed in the designated'are"a is limited to
1. Installation of now manufacturing equipment; ?Yes ?Na
2. installation of. now mseamnandd.deveiopmentequipment:: ?,yes. ?No
3. Installation of new ioglsticat distribution equipment:. Oyes ?Na
4,. Installation of newinforrnationtechri gy equipment '?Yes ?No
C.. The amount of deduction.. applicable to, new manufacturing, equ'mrnem+is l r ited,tq S - cast with an'. assessed value.of
'D: The amouri deductiari-.applicable to new research and developmeint,equipment`is limited to cost
with an assessed value 'of.$
E . The'amount.of deduction applicable to new logistical distributienequipment is limhed:to$ cost with an assessed value of
E The amount of deduction -applicable to new information technology equipment is limited to S. cosh with amassessed value of
$
G. Other limitations or. conditions ,(specilyI
H. The deduction fairnew manufacturing equipment and/orti research: and development equipment andlcr new logistical distribution equipment andlor
new infomnationtechnology equipment' installed. and Wst'claimed'eligible.for deduction poor utter July 1; 2000, Is allowed forr,
? l year ?6:years ^ For ERA's established"prior to. )aly %200Q: only a
?2 years ?7 years '5 or 10year,schadule may he deducted.
?3 years ?8,years
?4years ?9 years
?5years " ?10years"
Also we have reviewed the information contained in,the-.statement of benefits and rind thnt the estimates and!expectations am reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.. '
Approved(shytiihire X=1 Telepllone.?umber, Dace sl ned{month, daY, Year)
7r-ai4i-3 ?3 ?IQi
Attested by: D.? gneted body
If the designating body limits the time perl during whi Agents l an,economrc revitalization :area; it does not limit the length of tini taxpayer is
en0tledio receive a deduction to a numeer of years oe na under IC 6-1.1-12.1-0,5
Tr,?Crty OF CARMCL
JAhICS BRAliYARD,• MAYOR'
July 17, 2008
Mr. Paul F_lfiier'
President
Magnolia Healthcare
9465 Delegates Row
Indianapolis, Indiana 462=40
Dear Paul:
The City of Carmel appreciates the opportunity to discuss. Nlagnoha Healthcare''s and
Pllarmako6's.lleadquarters pro_jectand_participatc•in the company's potential relocation to
Carmel.
We are excited: to hear that Magnolia Healthcare and Phamiakon' will initially employ
approximately 36 pcople-with a.payroll of $2,468,000 peryear (without,bene#its) or an
average salary of $64,947. It is-also ?iy understanding,thaf thexonipany plans-to grow by
52 positions over the next:-fivc,,ycars with.an average salary of $60,000. We-,are also
pleased to learn that the Company is°proiecOng to invest $930,000 in real and personal
property. We understand that yourrcompanies,are currently looking for space to lease in
Carmel. We also understand thai'the company is ev4luating siting optionsain other states
Besides Indiana.
In.supportof•the•companies' growth plans, the -City of Carmel proposes a;tell (10) year
personal property•tax `abatement with.a'total value of $`163693. This proposal requires
formal review and approval of the Carmel City Council. tam, confidetntthat.the City of
Carmel is'an'excell'ent community for life s6ence companies likeMapnolia Healthcare
and `Pharmakon. Carmel will also. assist thecompany through its local planning and
permittinL process.
Ong ('tsic.SQUANP:, C;AVnM I, fn 46032 L)rrici. 317.571 2,101, rns 3i7.844.3498
I MALI. jLn.1 I IlA I CICCi:c,ar jicl-. in: 'n5
If you haw:, my Carmel related questions, do not!liesita[e to contact me,
Very truly yours,
/J?i,Brainard
Mayor
CC: Jeff Burt, Ilamilion County Alliance
Katie Culp, CTMT