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HomeMy WebLinkAboutCC-06-06-11-01 Flywheel 10 Year PP Tax AbatementSponsors: Councilors Carter, Rider, Sharp and Snyder RESOLUTION CC: 06- 06 -11 -01 A CONFIRMATORY RESOLUTION "RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, APPROVING A TEN -YEAR (10) PERSONAL PROPERTY TAX ABATEMENT FOR FLYWHEEL HEALTHCARE, LLC, D /B /A YOUNG AT HEART, 101 WEST 103 STREET, CARMEL, INDIANA 46290 WHEREAS, I.C. 6- 1.1- 12.1 -4.5 authorizes partial abatement of personal property taxes attributable to the installation of qualifying new manufacturing equipment, new research and development equipment, new logistical distribution equipment, or new information technology equipment "Qualified Equipment and WHEREAS, I.C. 6 -1.1- 12.1 -4.5 empowers the Common Council of the City of Carmel, Indiana (the "Council to grant approval for personal property tax abatement for new Qualified Equipment; and WHEREAS, information contained in the Designation Application (as defined in I.C. 6- 1.1- 12.1 -1) has heretofore been filed with the Council by Flywheel Healthcare, LLC, d/b /a Young at Heart "the Company and such information describes the investment in new Qualified Equipment at 101 W. 103rd Street, Carmel, Indiana (the "Site and WHEREAS, on May 2, 2011, the Council did approve declaratory Resolution CC: 05- 16-11-01 designating the Site as an Economic Revitalization Area (ERA) for purposes of providing personal property tax abatement to the Company; and WHEREAS, the Company will occupy this location for its corporate headquarters operations, provided that the Company is able to obtain personal property tax deductions as authorized by I.C. 6- 1.1- 12.1 -4.5; 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 Qualified Equipment at 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 and building are zoned for and generally suitable for use as an office development; however, there is lack of demand for office space in the geographic area where the Site is located (the "Corridor due to the present economic conditions. (b) Vacancy rates for office space in the Corridor and an abundance of sublease opportunities evidence an oversupply of office space in the Corridor. FINDING 2. The Company's proposed use of the Site as a corporate headquarters is consistent with the site's existing zoning and represents a superior use for a portion of the building. FINDING 3. The Company's installation of new personal property will result in an addition to the Corridor's overall assessed value. FINDING 4. FINDING 5. FINDING 6. FINDING 7. FINDING 8. FINDING 9. Sponsors: Councilors Carter, Rider, Sharp and Snyder The proposed improvements at the Site by the Company meet the parameters set forth in Council Resolution No. CC- 02- 05- 01 -02. The estimate of the cost and assessed value of the Company's proposed re- development at the Site is reasonable for projects of a similar nature. The estimate of the number of individuals who will be employed (i.e., approximately 106 new FTE's) can be reasonably expected to result from the Company's proposed expansion at the Site. The estimate of the annual salaries (i.e., average of approximately $50,000 per annum) for those individuals who will be employed by the Company can be reasonably expected to result from the Company's proposed expansion at the Site. The estimate of the cost and assessed value of the new Qualified Equipment is reasonable for investment of that type. The Company will continue to be an active corporate citizen. FINDING 10. The Company's corporate headquarters in Carmel is consistent with the goals and vision established by the City of Carmel and the Hamilton County Alliance. FINDING 11. Other benefits can be reasonably expected to result from the Company's proposed expansion at 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. Sponsors: Councilors Carter, Rider, Sharp and Snyder NOW, THEREFORE, BE IT RESOLVED THAT, a legal description of the Site has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site was previously designated as an ERA for purposes of granting personal property tax abatement in support of the new Qualified Equipment. BE IT FURTHER RESOLVED THAT, on May 16, 2011, the Council did hold a public hearing to receive all remonstrances and objections from interested persons, and took final action confirming Resolution CC: 05- 16 -11 -01 along with the findings and declarations contained therein. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for investments made in the new Qualified Equipment pursuant to I.C. 6- 1.1- 12.1 -4.5 shall be ten (10). BE IT FURTHER RESOLVED THAT, the Council shall have the right to reduce the length of and /or end the ERA and subsequent personal property tax abatement 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 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 final approval of the (10) ten -year personal property tax abatement prior to the installation of new Qualified Equipment. 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. 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. 2011, by a vote of (0 ayes and a nays. 01— .P Q. e5 e N Richard L. Sharp, Parliamentarian ATTEST: ATTEST: Adopted by the Common Council of the City of Carmel, Indiana this a day o A M� Diana L. Cordray, Clerk- Treasurer 2011, at 12,'.IS P .m. 2011, ata:SS p .m. Prepared by: Leslie Wagner, Director of Project Management and Development Ginovus 8888 Keystone Crossing, Suite 1450 Indianapolis, Indiana 46240 317/819 -4412 (telephone) 317/844 -4780 (facsimile) Leslie @.jinovus.com (e -mail) Sponsors: Councilors Carter, Rider, Sharp and Snyder COMMON CO CIL OF THE CITY OF C RM /A/i Ronald E. Carter V. Accetturo Diana L. Cordray, Clerk -Treas Presented by me to e Mayor of the City of Carmel, Indiana, the 7 day of Diana L. Cordray, Clerk Treasur Approved by me, the Mayor of the City of Carmel, Indiana this day of s Brainard, Mayor Parcel 1< Sponsors: Councilors Carter, Rider, Sharp and Snyder EXHJBIT A A LAND BOUNDARY DESCRIPTION OF THE BUILDING AT 101 WEST 103" STREET, CARMEL, INDIANA 46290 HAMILTON COUNTY, INDIANA LAND DESCRIPTION- R &D PREMISES Part of the West Half of Section 11, Township 17 North, Range 3 East in Hamilton County, Indiana, being more particularly described as follows: Commencing at the Northwest corner of the Northwest Quarter of said Section 11, Township 17 North, Range 3 East; thence North 89 degrees 12 minutes 45 seconds East (Assumed Bearing) along the North line of said Northwest Quarter a distance of 1703.15 feet; thence South 00 degrees 47 minutes 15 seconds East a distance of 16.50 feet to the Southwesterly right -of -way line of U.S. #31 a per plans for I.S.H.C. Project No. St F -222 (9) dated' 1973; thence South 78 degrees 38 minutes 19 seconds East, along said right -of -way line a distance of 218.74 feet to a curve having a radius of 22773.31 feet, the radius point of which bears North 89 degrees 48 minutes 13 seconds West; thence Southerly along said curve and West right-of-way line of U.S. #31 a distance of 771.69 feet to a point which bears South 87 degrees 51 minutes 40 seconds East from said radius point; thence South 02 degrees 08 minutes 20 seconds 'West along said right -of -way line a distance of 656.61 feet to a curve having a radius of 23063.31 feet, the radius point of which bears South 87 degrees 51 minutes 40 seconds East; thence Southerly along said curve and West right-of-way line a distance of 491.51 feet to the North line of a tract of land conveyed to the Pilgrim Lutheran Church of Indianapolis, Incorporated, recorded April 15, 1976, per Corporate Warranty deed in Deed Book 287, pages 832 and 833, in the Office of the Recorder of Hamilton County, Indiana, (said point being North 89 degrees 04 minutes 56 seconds West from said radius point); thence South 89 degrees 06 minutes 10 seconds West along the said North line a distance of 612.98 feet; thence South 00 degrees 08 minutes 07 seconds West a distance of 300.47 feet; thence South 89 degrees 06 minutes 10 seconds West a distance of 45.81 feet to the Beginning point; thence South 02 degrees 29 minutes 47 seconds East a distance of 99.79 feet to a curve having a radius of 815,00 feet, the radius point of which bears south 87 degrees 30 minutes 13 seconds West; thence southerly along the arc of said curve a distance of 172.66 feet to the point of reverse curvature of a curve having a radius of 1085.00 feet, the radius point of which bears South 80 degrees 21 minutes 28 seconds East;. thence Southerly along the arc of said curve a distance of 179.98 feet to a point which bears North 89 degrees 51 minutes 25 seconds West from said radius point; thence South 00 degrees 08 minutes 35 seconds West a distance of 132.88 feet to a curve having a radius of 135.00 feet, the radius point of which bears North 89 degrees 51 minutes 25 seconds West; thence Southwesterly along the arc of said curve a distance of 211.71 feet to a point which bears South 00 degrees 00 minutes 00 seconds West from said radius point; thence North 90 degrees 00 minutes 00 seconds West a distance of 313.18 feet to a curve having a radius of 300.00 feet, the radius point of which bears North 00 degrees 00 minutes 00 seconds West; thence Westerly along the arc of said curve a distance of 119.05 feet to a point which bears South 22 degrees 44 minutes 15 seconds West from said radius point; thence North 67 degrees 15 minutes 45 seconds West a distance of 26.05 feet to a curve having a radius of 40,00 feet, the radius point of which bears North 22 degrees 44 minutes 15 seconds East; thence Northwesterly along the arc of said surve a distance of 59,74 feet to the point of reverse curvature of a curve having a radius of 715.00 feet, the radius point of which bears North 71 degrees 41 mintues 19 seconds West; thence Northerly along the arc of said curve a distance of 228.51 feet to a point which bears North 90 degrees 00 minutes 00 seconds East from said radius point; thence North 00 degrees 00 minutes 00 seconds East a distance of 130.55 feet to a curve having a radius of 485.00 feet, the radius point of which bears North 90 degrees 00 minutes 00 seconds East; thence Northeasterly along the are of said curve a distance of 422.68 feet to a point which bears North 40 degrees 03 :minutes 58 seconds West from said radius point; thence North 49 degrees 56 minutes 02 seconds East a distance of 125.79 feet to a curve having a radius of 40.00 feet, the radius point of which bears South 40 degrees 03 minutes 58 seconds East; thence Easterly along the arc of said curve a distance of 55.05 feet to the point of reverse curvature of a curve having a radius of 165.00 feet, the radius point of which bears North 38 degrees 47 minutes 13 seconds East, .thence Easterly along the arc of said curve a distance of 195.77 feet to the point of reverse curvature of a curve having a radius of 40.00 feet, the radius point of which bears South 29 degrees 11 minutes 31 seconds East, thence Easterly along the are of said curve a distance of 63994 feet to the point of compound curvature of a curve having a radius of 335.00 feet, the radius point of which bears South a degrees 23 minutes 28 seconds West; thence Southeasterly along the are of said curve a distance of 146.83 feet to a point which bears North 87 degrees 30 minutes 13 seconds East from said radius point and the Beginning Point. Parcel II Sponsors: Councilors Carter, Rider, Sharp and Snyder Part of the West half of Section 11, Township 17 North, Range 3 East in Hamilton County, Indiana being more particularly described as follows: Commencing at the Northwest corner of the Northwest Quarter of Section 11, Township 17 North, Range 3 East; thence North 89 degrees 12 minutes 45 seconds East (assumed bearing) along the North line of said Northwest Quarter a distance of 1703.15 feet; thence south 00 degrees 47 minutes 15 seconds East a distance of 16.50 feet to the Southwesterly right-of-way line of U.S. #31 as per plans for I.S.H.C. Project No. ST F-222(9) dated 1973; thence South 78 degrees 38 minutes 19 seconds East along, said right -of way line a distance of 218.74 feet to the west right of way line of U.S. #31 on a curve having a radius of 22773.31 feet, the radius point of which bears North 89 degrees 48 minutes 13 seconds West; thence Southerly along said curve and West right -of -way line of U.S. #31 an arc distance of 771,69 feet to a point which bears South 87 degrees -51 minutes 40 seconds East from said radius point; thence South 02 degrees 08 minutes 20 seconds West along said right-of-way line a distance of 656.61 feet to a curve having a radius of 23063.31 feet, the radius point of which bears South 87 degrees 51 minutes 40 seconds East; thence Southerly along said curve and West right line an are distance of 491.51 feet to a point which bears North 89 degrees 04 minutes 56 seconds West from said radius point, thence South 89 degrees 06 minutes 10 seconds West parallel with the South line of said Northwest Quarter Section a distance of 612,98 feet; thence South 00 degrees 08 minutes 07 seconds West a distance of 29.85 feet to the Beginning Point; thence continuing South 00 degrees 08 minutes 07 seconds West a distance of 316.20 feet; thence North 89 degrees 06 minutes 10 seconds East parallel with the South line of said Northwest Quarter Section a distance of 53,40 feet; thence South 00 degrees 09 minutes '10 seconds West a distance of 330.05 feet; thence South 89 degrees 06 minutes 10 seconds West parallel with the South line of said Northwest Quarter Section a distance of 88.30 feet to a point on a curve having a radius of 1055.00 feet the radius point of which bears South 85 degrees 45 minutes 37 seconds East; Sponsors: Councilors Carter, Rider, Sharp and Snyder thence Northerly along said curve an arc distance of 99,48 feet to the point of curvature of a reverse curve having a radius of 845.00 feet the radius point of which bears North 80 degrees 21 minutes 28 seconds West; thence Northerly along.the arc of said curve a distance of 179.02 feet to a point which bears North 87 degrees 30 minutes 13 seconds East from said radius point; thence North 02 degrees 29 minutes 47 seconds West a distance of 99.79 feet to the point of curvature of a curve having a radius of 365.00 feet the radius point of which bears South 87 degrees 30 minutes 13 seconds West; thence Northwesterly along said curve an arc distance of 191.26 feet to the point of curvature of a reverse curve having a radius of 40.00 feet the radius point of which bears North 57 degrees 28 minutes 53 seconds East; thence Northerly along said curve an are distance of 42.63 feet to the point of curvature of a reverse curve having a radius of 165.00 feet the radius point of which bears North 61 degrees 27 minutes 18 seconds West; thence Northeasterly along said curve an arc distance of 24.46 feet to the point of curvature of a reverse curve having a radius of 40.00 feet to the radius point of which bears South 69 degrees 56 minutes 59 seconds East; thence Northeasterly along said curve an arc distance of 48.21 feet to a point which bears North 00 degrees 53 minutes 50 seconds West from said radius point; thence North 88 degrees 53 minutes 36 seconds East a distance of 29.01 feet to the Beginning Point. Parcel III And those easements and rights set out and described in Declaration of Covenants and Easements by Meridian 465 Associates, L,P., dated August 24, 1990 and recorded August 31, 1990 as Instrument No. 9021705 and amended by Easement Relocation recorded Juen 24, 1992 as Instrument No. 9223780 and further amended by a Limitation of Declared Easements recorded November 23, 1994 as Instrument No. 94- 48443. Parcel Sponsors: Councilors Carter, Rider, Sharp and Snyder LAND DESCRIPTION- OFFICE HEADQUARTERS FACILITY Part of the West Half of Section 11, Township 17 North, Range 3 east in Hamilton County, Indiana, being more particularly described as follows: Commencing at the Northwest corner of the Northwest Quarter of said Section 11, Township 17 North, Range 3 East; thence North 89 degrees 12 minutes 45 seconds East (assumed bearing) along the North line of said Northwest Quarter a distance of 1703,15 feet; thence South 00 degrees 47 minutes 15 seconds East a distance of 16.50 feet to the Southwesterly right -of -way line of U.S. #31 as per plans for Project I.S.H.C. Project No. ST F- 222(9) dated 1973; thence South 78 degrees 38 minutes 19 seconds East, along said right-of-way line a distance of 218.74 feet to a curve having a radius of 2277331 feet, the radius point of which bears North 89 degrees 48 minutes 13 seconds West; thence Southerly along said curve and West right -of -way line of U.S. #31 a distance of 771.69 feet to a point whieh bears South 87 degrees 51 minutes 40 seconds East from said radius point; thence South 02 degrees 08 minutes 20 seconds West along said right -of -way line a distance of 328.86 feet to the Beginning Point; thence continuing South 02 degrees 08 minutes 20 seconds West along said right- of-way line a distance of 327.75 feet to a curve having a radius of 2306131 feet, the radius point of which bears South 87 degrees 51 minute 40 seconds East; thence Southerly along said curve and West right -of- -way line a distance of 466.90 feet to a point which bears North 89 degrees 01 minutes 16 seconds West from said radius point (said point also being on a curve having a radius of 1974.00 feet, the radius point of which bears North 01 degree 04 minutes 19 seconds West; thence Westerly along the are of said curve a distance of 174.39 feet to the point of reverse curvature of a curve having a radius of 2026.00 feet, the radius point of whieh bears South 03 degrees 59 minutes 23 seconds West; thence Westerly alogn the arc of said curve a distance of 180.32 feet to a point which bears North 01 degree 06 minutes 35 seconds West from said radius point; thence South 88 degrees 53 minutes 25 seconds West a distance of 289.45 feet to a curve having a radius of 40.00 feet the radius point of which bears North 01 degree 06 minutes 35 seconds West; thence Northwesterly along the arc of said curve a distance of 48,06 feet to the point of reverse curvature of a curve having a radius of 165,00 feet, the radius point of which bears South 67 degrees 43 minutes 49 seconds West; thence Northwesterly along the arc of said curve a distance of 130,56 feet to the point of reverse curvature of a curve having a radius of 40.00 feet, the radius point of which bears North 22 degrees 2.3 minutes 35 seconds East; thence Northwesterly along the arc of the said curve a distance of 45.74 feet to the point of compound curvature of a curve having a radius of 185.00 feet, the radius point of which bears North 87 degrees 54 minutes 18 seconds East; thence Northerly along the arc of said curve a distance of 110.89 feet to a point which bears North 57 degrees 45 mintues 00 seconds West from said radius point; thence North 32 degrees 15 mintues 00 seconds East a distance of 297.48 feet to a curve having a radius of 261.00 feet, the radius point of which bears North 57 degrees 45 minutes 00 seconds West; thence Northerly along the arc of said curve a distance of 146.91 feet to a point which bears North 90 degrees 00 minutes 00 seconds East from said radius point; thence North 00 degrees 00 mintues 00 seconds East a distance of 144.15 feet; thence North 90 degrees 00 minutes 00 seconds East a distance of 593.75 feet to the Beginning Point, Parcel IZ Parcel III Sponsors: Councilors Carter, Rider, Sharp and Snyder Part of the Northwest Quarter of Section 11, Township 17 North, Range 3 East in Hamilton County, Indiana, being more particularly described as follows: Commencing at the Northwest comer of the said Northwest Quarter Section; thence on an assumed bearing of North 89 degrees 12 minutes 45 seconds East along the North line of the said Northwest Quarter Section a distance of 1320.00 feet; thence South 00 degrees 00 minutes 00 seconds West, parallel with the West line of the said Northwest Quarter Section, a distance of 65.00 feet; thence North 89 degrees 05 minutes 48 seconds East a distance of 597.86 feet to the West Right of-Way line of U.S. 31 (North Meridian Street) and a curve having a radius of 22773.31 feet, the radius point of which bears North 89 degrees 48 minutes 01 seconds West; thence southerly along said West right way line an arc distance of 770:45 feet to a point which bears South 87 degrees 51 minutes 40 seconds East from said radius point; thence South 02 degrees 08 minutes 20 seconds West along said West right- of-way line a distance of 264,82 feet to the POINT OF BEGINNING; thence continuing South 02 degrees 08 minutes 20 seconds West along said right way line a distance of 64.04 feet; thence South 90 degrees 00 minutes 00 seconds west a distance of 593.75 feet to the Easterly Right-of-Way line for Illinois Street per Warranty Deed recorded as Instnzment Number 9202819 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 00 minutes 00 seconds East along said East right of-way line a distance of 64.00 feet; thence North 90 degrees 00 minutes 00 seconds East a distance of 596.14 feet to the Beginning of Point. Those easements and rights set out and described in a Declaration of Covenants and Easements by Meridian 465 Associates, L,E., dated August 24, 1990, and recorded August 31, 1990, as Instrument No. 9021705 and amended by an Easement Relocation recorded June 24, 1992, as Instrument #9223780 and further amended by a Limitation of Declared Easements recorded November 23, 1994, as Instrument No 94- 48443. Sponsors: Councilors Carter, Rider, Sharp and Snyder EXHIBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR FLYWHEEL HEALTHCARE, LLC, D/B/A YOUNG AT HEART 101 WEST 103 STREET, CARMEL, INDIANA 46290 PAGE 1 OF 1 PUBLIC NOTICE OF ADOPTION OF RESOLUTION CC: 06- 06 -11 -01 Notice is hereby given that the Common Council of the City of Carmel, Indiana did on the 16th of May, 2011, adopt Resolution CC: 05-16-11-01 designating an Economic Revitalization Area "ERA for Flywheel Healthcare, LLC, d/b /a Young at Heart for its investment at its corporate headquarters facility located at 101 West 103 Street. This Resolution, which affects the following described property located in the City of Carmel, Indiana: 101 West 103 Street, White River Township, Parcel No. 16- 13- 11- 00- 00- 036.008 as described in Exhibit A of Resolution CC: 05- 16 -11 -01 (the Property was adopted following the filing of information by Flywheel Healthcare, LLC, designating the Property as an ERA for the purpose of securing a (10) ten year personal property tax abatement pursuant to Indiana Code Section 6- 1.1- 12.1 -4.5 relative to the installation of new qualifying equipment. On the 6th of June, 2011, at 6 p.m. in the Council Chamber Room, located at One Civic Square, Carmel, Indiana, 46032, the Common Council held a public hearing and received all remonstrances and objections from interested persons regarding these proceedings and took final action confirming Resolution CC: 05- 16- 11 -01, and approving a ten (10) year personal property tax abatement. A description of the property and a copy of Resolution CC: 05- 16 -11 -01 are available for inspection in the Hamilton County Assessor's Office, North 9th Street, Suite 214, Noblesville, Indiana 46060. For additional information on the project, contact Larry Gigerich, Managing Director, Ginovus, 317 -819 -0890. INSTRUCTIONS: 1. STATEMENT OF BENEFITS PERSONAL PROPERTY State Form 51764 (RI 1 -06) Prescribed by the Department of Local Government Finance FORM SB -1 PP PRIVACY NOTICE The cost and any specific individual's salary information is confidential; the balance of the filing is public record per IC 6 -1.1- 12.1 -5.1 (c) and (d). 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 statement 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 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 103 -ERA) with the township assessor of the township where the property is situated. The 103 -ERA must be filed 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 compliance with the Statement of Benefits. (IC 6- 1.1- 12.1 -5.6) 5. The schedules established under iC 6 -1.1- 12.1- 4.5(d) 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- 12.1 -4.5(0 and (g)) SECTION -1 Name of taxpayer Flywheel Healthcare, LLC, d /b /a Young at Heart Address of taxpayer (number and street, city, state, and ZIP code) 101 W. 103rd Street, Carmel, IN 46290 Name of contact person Erik Young SECTION `2 Name of designating body COMMON COUNCIL OF THE CITY OF CARMEL Location of property 101 W. 103rd Street, Carmel, IN 46290 Description of manufacturing equipment and /or research and development equipment and /or logistical distribution equipment and /or information technology equipment. (use additional sheets if necessary) Logistics and IT equipment to support corporate HQ and pharmaceutical distribution operations. SECTION 3 Current number 12 SECTION 4 NOTE: Pursuant to IC 6 -1.1- 12.1 -5.1 (d) (2) the COST of the property is confidential. Current values Plus estimated values of proposed project Less values of any property being replaced Net estimated values upon completion of project SECTION 5^ Estimated solid waste converted (pounds) SECTION 6 .,a Salaries 626,673.54 OCATION'AND DESCRIPTION OF-P,ROPOSED PROJECT:' ESTIMATE OF EMPLOYEES AND;SALARIES AS'RESULT'OF PROPOSED, PROJECT; a" Number retained 12 ESTIMATED TOTALCOST AND VALUE O F P ROPOSED PROJECT MANUFACTURING EQUIPMENT COST TAXPAYER INFORMATION ASSESSED VALUE Signature of authorized represents tie R D EQUIPMENT COST TAXPAYER County Hamilton Manufacturing Equipment R D Equipment Logist Dist Equipment IT Equipment Salaries 626,673.54 ASSESSED VALUE ASTE CONVERTEDAND OTHER BENEFITS,'PROMSED BY THE TEIXFAYER Title .kA ea- Telephone number (866) 308 COST 278,594.00 Resolution number (s) CC 04- 04 -11- DLGF taxing district number 29 -017 ESTIMATED START DATE 03/01/2011 03/01/2011 Number additional 106 LOGIST DIST EQUIPMENT ASSESSED VALUE Estimated hazardous waste converted (pounds) Other benefits: Y COMPLETION DATE 12/31/2015 12/31/2015 Sala ies 5,300,000.00 IT EQUIPMENT COST 411,419.00 ASSESSED VALUE i hereby certify that the representations in this statement are true. Date signed (month, day, year) 21 20 11 FORJUSE THE DESIGNATING.BODY 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 -1.1- 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 to exceed calendar years (see below). The date this designation expires is B The type of deduction that is allowed in the designated area is limited to: 1. Installation of new manufacturing equipment; 2. Installation of new research and development equipment; 3. Installation of new logistical distribution equipment. 4. Installation of new information technology equipment; C. The amount of deduction applicable to new manufacturing equipment is limited to cost with an assessed value of D. The amount of deduction applicable to new research and development equipment is limited to cost with an assessed value of E The amount of deduction applicable to new logistical distribution equipment is limited to cost with an assessed value of F. The amount of deduction applicable to new information technology equipment is limited to cost with an assessed value of G. Other limitations or conditions (specify) H. The deduction for new manufacturing equipment and /or new research and development equipment and /or new logistical distribution equipment and/or new information technology equipment installed and first claimed eligible for deduction on or after July 1, 2000, is allowed for: 1 year 2 years 3 years ❑4 years ❑5 years ❑6 years 7 years 8 years 9 years 10years Yes ❑No E Yes ON o ❑Yes ❑N o Yes ❑N o For ERA's established prior to July 1, 2000, only a 5 or 10 year schedule may be deducted. Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. honed ember) Approved: a tur title o Attested by: Telephone number 57I -c ft 3 Designated body C Om rr\ 0 Date sig ed (month, day, year) 6 /6 1 I If the designating body limits the time period uri g 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 e- s designated under IC 6 -1.1- 12.1 -4.5 Smith, Vickie From: Brainard, James C [JBrainard ©carmel.in.gov] Sent: Wednesday, February 16, 2011 5:54 PM To: Gigerich, Larry Subject: Re: Young at Heart Project in Carmel Larry, I see no issues with the proposal. If you would prepare the appropriate paperwork and explanation, I will put the City Council on notice this coming. Thanks, Jim On Feb 16, 2011, at 5:50 PM, "Gigerich, Larry" <Larr (ginovus.com <mailto:Larry(c ginovus.com» wrote: Mayor Brainard, I hope you are well. On March 1, 2010, Flywheel Healthcare d /b /a Young at Heart, LLC was granted approval of a ten year personal property tax abatement for new equipment to be in placed into service in their new facility at 12800 N. Meridian Street, Suite 175. Following this approval, Young at Heart experienced greater than anticipated growth and it quickly became apparent that their existing space would not accommodate their growing needs. In response to this demand, the company identified a more suitable property and is relocating its operations to another building within the City of Carmel. In response to the company's continued commitment to remain and expand in the City of Carmel, Young at Heart is requesting support of a new tax abatement resolution that would provide personal property tax abatement at its newly identified location at 101 E. 103 Street. It is important to note that the company originally committed to make a capital investment of $890,000 by 12/31/2015 on the official Statement of Benefits Form filed a year ago. As of December 31, 2010, the company's eligible investment totals nearly $413K or 46% of the anticipated total within the first year alone. The company is doing extremely well and is positioned for continued growth.