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HomeMy WebLinkAboutCC-10-06-08-01 Software Engr Prof ERASponsors: Councilors Carter, Sharp, Snyder and Rider RESOLUTION CC-10-06-08-01 RESOLUTION ("RESOLUTION") OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA DESIGNATING 11611 NORTH MERIDIAN STREET AS AN ECONOMIC REVITALIZATION AREA WHEREAS, I.C. 6-1.1-12.1-4 authorizes partial abatement of personal property taxes attributable to the installation of new qualifying information technology/telecommunications equipment, and computer hardware; and WHEREAS, I.C. 6-1.1-12.1-2.5 empowers the Common Council of the City of Carmel, Indiana (the "Council") to designate an area as an Economic Revitalization Area ("ERA"), determine the duration of the abatement period(s) for such property and impose other reasonable conditions; and WHEREAS, a Designation Application (as defined in I.C. 6-1.1-12.1-1) has heretofore been filed with the Council by Software Engineering Professionals, Inc. ("the Company"), and such Designation Application requests that the real estate located at 11611 North Meridian Street, Carmel, Indiana, and legally described therein (the "Site") be designated as an ERA; and WHEREAS, the Company will lease real estate in support of its global headquarters operations facility, provided that the Company is able to obtain personal property tax deductions as authorized by I.C. 6-1.1-12.1-4; and WHEREAS, the Company seeks to have the Council authorize personal property tax deductions in connection with the qualifying investment related to the installation of new information technology/ telecommunications equipment, and computer hardware, at the Company's global headquarters operations center located at 11611 North Meridian Street, Carmel, Indiana; and WHEREAS, the Council has reviewed such Designation Application 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 Designation. Application and Statement of Benefits (Form SB-I) heretofore filed by the Company, the Council hereby makes the following findings: FINDING 1. The Site has been 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) The Site is zoned for and is generally suitable for use as an office development; however, there is a lack of demand for office space in the geographic area where the Site is located due to the economic conditions present in the area (the "Corridor"). (c) Vacancy rates for office space in the area and an abundance of sublease opportunities evidence an oversupply of office space in the Corridor. FINDING 2. The Company's use of the Site for its global headquarters operations facility for the Company is consistent with the Site's existing zoning and represents.a superior use for the Site. FINDING 3. The Company's plans to install new personal property will result in an addition to the Corridor's overall assessed value within an accelerated time period. FINDING 4. The proposed expansion of the Site by the Company meets the parameters set forth in Council Resolution No. CC-02-05-01-02. FINDING 5. The estimate of the cost and assessed value of the Company's equipment investment at the Site is reasonable for projects of a similar nature. FINDING 6. The estimate of the number of individuals who will be employed (i.e., approximately 89 FTEs) can be reasonably expected to result from the Company's proposed expansion at the Site. FINDING 7. The estimate of the annual salaries (i.e., average of approximately $60,000 per annum) of those individuals who will be employed can be reasonably expected to result from the Company's expansion at the Site. FINDING 8. The estimate of the cost and assessed value of the new information technology / telecommunications equipment, and computer hardware, is reasonable for a project of this type. FINDING 9. With respect to the new information technology/telecommunications equipment, and computer hardware, the estimate of the number of individuals who will be employed (i.e., approximately 89 FTEs) can be reasonably expected to result from the installation of the new personal property. FINDING 10. The estimate of the annual salaries (i.e., average of approximately $60,000 per annum) of those individuals who will be employed can.be reasonably expected to result from the installation of the new personal property. FINDING 11. The Company will be active corporate citizens involved in and committed to the city of Carmel. FINDING 12. The Company's global headquarters operations facility in Carmel is consistent with the goals and vision established by the city of Carmel and Hamilton County Alliance. FINDING 13. Other benefits that can be reasonably expected to result from the Company's installation of the new personal property. FINDING 14. 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 ERA property has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site is hereby declared an ERA for purposes of granting personal property tax abatement in support of the global headquarters operations "facility project and the installation of new information technology / telecommunications equipment, and computer hardware. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for investments made in the new information technology / telecommunications equipment, and computer hardware, pursuant to I.C. 6-1.1-12.1-4, shall be ten (10). BE IT FURTHER RESOLVED THAT, the Carmel City Council shall have the right to reduce the length of and/or end the economic revitalization area designation period granted for the site should the Company and/or a subsequent owner of the Company not fulfill commitments made to the city of Carmel regarding the amount of capital investment, job creation/retention and average annual salary levels. BE IT FURTHER RESOLVED THAT, in the event the Company is sold to a new 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 present information regarding the plans for the company's operations in the city of Carmel. BE IT FURTHER RESOLVED THAT, the deductions authorized herein are contingent upon the designation of the ERA prior to the installation of new information technology / telecommunications equipment, and computer hardware: 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. 6-1.1-12.1-4. BE IT FURTHER RESOLVED THAT, this Resolution shall be filed with the Hamilton County Assessor as required by I.C. 6-1.1-12.1-4. 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. Adopted by the Common Council of the City of Cannel, Indiana this 60+?day of OCWAA , 2008, by a vote of -1 ayes and 0 nays. COMMON COUNCIL OF THE CITY OF esiding O cer ose . Gri tl Richard L. Sharp, fr/Fsidenty-F?npore Kevin Rider E. Carter ATTEST: ?t n_ \ Diana L. Cordray, IAMC, Clerk-Treasur r Presented by me to the Mayor of the city of Carmel, Indiana this day of 0 C+,oQr21L 2008, at 1 .1G_ _e.m. n Diana L. Cordray, Approved by me, Mayor of the City of Carmel, Indiana this "1+"__day of U C,?Qr Fyn 2008, at ;es Brainard, Mayor ATTEST: Diana L. Cordray, Prepared by: Larry Gigerich, Managing 9r1 Ginovus 8888 Keystone Crossing Suite 1450 Indianapolis, Indiana 46240 317/819-0890 (telephone) 317/819-0888 (facsimile) Larry(a,Ginovus.com (e-mail) 4un!yjder EXHIBIT A A Land Boundary Description Of The Building And Land Located At 11611 N. Meridian St. Hamilton County, Indiana October 6, 2008, 2008 PAGE I OF 1 Record Description - Legal Description of Meridian Mark 1, 11611 N. Meridian St., Carmel, Indiana PARCEL It: Part of the Southwest Quarter of Section 35, Township 18 North, Range 3 East in Hamilton County, Indiana, being more particularly described as follows: Beginning at the Southeast corner of the said Southwest Quarter Section; thence North 00 degrees 05 minutes 40 seconds West (assumed bearing) along the East line of the said Quarter Section 728.45 feet; thence North 75 degrees 05 minutes 40 seconds West 58.58 feet to a curve having a radius of 117.00 feet, the radius point of which bears North 14 degrees 54 minutes 20 seconds East, thence Northwesterly along the said curve 61.26 feet to a point which bears South 44 degrees 54 minutes 20 seconds West from said radius point; thence North 45 degrees 05 minutes 40 seconds West 287.00 feet; thence South 44 degrees 54 minutes 20 seconds West 145.00 feet; thence South 89 degrees 54 minutes 20 seconds West 172.39 feet to the East right-of-way line of U.S. Highway #31 (the next two (2) described courses being along the said East right-of -way line); thence South 00 degrees 04 minutes 52 seconds East 819.16 feet; thence South 58 degrees 40 minutes 40 seconds East 44.51 feet; thence South 00 degrees 04 minutes 52 seconds East 45.01 feet to tae South line of the said Quarter Section; thence North 88 degrees 32 minutes 30 seconds East along the said South line 549.26 feet to the Beginning Point. Together with easements rights created and reserved in a Declaration of Coordinated Development Covenants and Easements, executed by Meridian Mile Associates, a limited partnership on January 14, 1984 as Instrument number 84-755 in Miscellaneous Record 177, page 187-211. EXCEPT: That certain real property deeded to the City of Cannel, Indiana, and more particularly described in that certain Limited Warranty Deed from OP&F Indianapolis, LLC to City of Carmel, Indiana, filed on November 16, 2000, in the Office of the Recorder of Hamilton County, Indiana, as Instrument Number 200000057658. EXCEPT: That certain real property dedicated to the City of Carmel, Indiana, and more particularly described in that certain Grant of Right-of-Way from OP&F Indianapolis, LLC to City of Cannel, Indiana, filed on November 16, 2000, in the Office of the Recorder of Hamilton County, Indiana, as Instrument Number 200000057659. EXHIBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR SOFTWARE ENGINEERING PROFESSIONALS' HEADQUARTER OPERATIONS FACILITY LOCATED AT 11611 NORTH MERIDIAN STREET STREET October 6, 2008 PAGE 1 OF 1 PUBLIC NOTICE OF ADOPTION OF RESOLUTION CC-10-06-08-01 Notice is hereby given that the Common Council of the City of Carmel, Indiana did on October 6, 2008 adopt Resolution CC-10-06-08-01 approving a ten-year personal property tax abatement for Software Engineering Professionals, Inc. for its investment in the installation of new qualifying information technology/telecommunications equipment and computer hardware. This Resolution, which affects the following described property located in the City of Carmel, Indiana: 11611 North Meridian Street, Clay Township, Hamilton County as described in Exhibit A of Resolution CC-10-06-08-01 ("the Property") was adopted following the filing of information by Software Engineering Professionals, Inc. as an Economic Revitalization Area for the purpose of securing a ten-year personal property.tax abatement pursuant to Indiana Code Section 6-1.1-12.1-4. On the 20th of October 2008 at 6 p.m. in the Council Chamber Room, located at One Civic Square, Carmel, Indiana, 46032, the Common Council will receive all remonstrance's and objections from interested persons regarding these proceedings. A description of the property and a copy of Resolution CC-10-06-08-01 are available for inspection in the Hamilton County Assessor's Office, Suite 214, 33 North 9`' Street, Noblesville, Indiana 46060. For additional information on the project, contact Larry Gigerich; Managing Director, Ginovus 317-819-0890.