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HomeMy WebLinkAboutCC-06-06-11-03 Belden, Inc. ERA for PP Tax AbatementRESOLUTION CC- 06- 06 -11 -03 AS AMENDED A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA DESIGNATING 401 PENNSYLVANIA PARKWAY AS AN ECONOMIC REVITALIZATION AREA Sponsor: Councilor Snyder WHEREAS, I.C. 6- 1.142.1 authorizes partial abatement of personal property taxes attributable to the installation of new qualifying information technology, telecommunications, laboratory equipment, and research development equipment, and WHEREAS, I.C. 6 -1.1 -12.1 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 Belden, Inc. "the Company and such Designation Application requests that the real estate located at 401 Pennsylvania Parkway, Indianapolis, Indiana and legally described therein (the "Site be designated as an ERA; and WHEREAS, the Company will lease the Site for their new divisional headquarters facility, provided that 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 the qualifying investment related to the installation of new information technology, telecommunications, laboratory, and research development equipment, 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 -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. FINDING 2. FINDING 3. FINDING 4. FINDING 5. FINDING 6. FINDING 7. FINDING 8. FINDING 9. (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 developments in the Corridor due to the economic conditions currently present. (e) The Company's plans to install new personal property and make real estate improvements will result in an addition to the Corridor's overall assessed value within an accelerated time period. The proposed development of the Site by the Company meets 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 development of the Site is reasonable for projects of a similar nature. The estimate of the number of individuals who will be employed (i.e., approximately 59 FTEs over the initial ten -year period) can be reasonably expected to result from the Company's proposed development of the Site. The estimate of the annual salaries (i.e., average of approximately $160,000 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. The estimate of the cost and assessed value of the new information technology, telecommunications, laboratory, and research development equipment, is reasonable for a project of this type. With respect to the new information technology, telecommunications, laboratory, and research development equipment, the estimate of the number of individuals who will be employed (i.e., approximately 59 FTEs 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. The estimate of the annual salaries (i.e., average of greater than $160,000 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. 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 Calinel 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 development 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 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 expansion of the Company's corporate headquarters, the installation of new information technology, telecommunications, laboratory, and research development equipment. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for investments made in new information technology, telecommunications, laboratory, and research development equipment, pursuant to I.C. 6 -1.1 -12.1 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 new information technology, telecommunications, laboratory, and research development equipment. BE IT FURTHER RESOLVED THAT, if the Site is located in an allocation area (as defined in LC. 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. 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. 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 foiin attached hereto and incorporated herein as Exhibit B. Adopted by the Common Council of the City of Carmel, Indiana this day of 2011, by a vote of ayes and nays. esiding Officer W. Eric Sei nsticker, P --1; Accetturo nald E. Carter ATTEST: Diana L. Cordray, IAMC, Clerk -Tr Presented by me to the CTZ gA M U ATTES Diana L. Cordray, IAMC, C1er,; surer COMMON COUNCIL OF THE CITY OF CARMEL surer Prepared by: Katie Culp, MBA, Senior Vice President Cassidy Turley One American Square, Suite 1300 Indianapolis, IN 46282 T: 317.63 9.0485 F: 317.639.0405 Katie.Culp a,cassidyturley.com Tempore evin Rider Al 0 T P2ESGN1 of the citx of Carmel, Indiana this day of 2011, a .m. ta: t� Diana L. Cordray, IAMC Approved by me, Mayor of the City of Carmel, Indiana this day of 2011, es Cra Mayor TRACT 3 PARCEL 2: EXHIBIT A 401 Pennsylvania Parkway Legal Description PART OF THAT TRACT OF GROUND WHICH WAS PREVIOUSLY PLATTED AS PART OF "COLLEGE PARK THE PLAT OF WHICH WAS RECORDED APRIL 1, 1922 IN DEED RECORD 113, PAGES 2 AND 3 IN THE OFFICE OF THE RECORDER OF HAMILTON COUNTY, INDIANA, (PART OF SAID PLAT HAS BEEN VACATED BY THE CARMEL PLAN COMMISSION PER DOCKET NO. 43 -87 -PV RECORDED SEPTEMBER 22, 1987 AS INSTRUMENT NUMBER 8743000 IN SAID RECORDER'S OFFICE) LOCATED IN PART OF THE SOUTHEAST QUARTER OF SECTION 11, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA;MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER SECTION; THENCE ALONG THE EAST LINE THEREOF SOUTH 00 DEGREES 39 MINUTES 06 SECONDS WEST (ASSUMED BEARING) 756.70 FEET; THENCE NORTH 89 DEGREES 20 MINUTES 54 SECONDS WEST 46.93 FEET TO A CURVE HAVING A RADIUS OF 135.00 FEET, THE RADIUS POINT OF WHICH BEARS NORTH 00 DEGREES 39 MINUTES 06 SECONDS EAST; THENCE WESTERLY ALONG SAID CURVE 85.50 FEET TO A POINT WHICH BEARS SOUTH 36 DEGREES 56 MINUTES 16 SECONDS WEST FROM SAID RADIUS POINT; THENCE NORTH 53 DEGREES 03 MINUTES 44 SECONDS WEST 150.19 FEET TO A CURVE HAVING A RADIUS OF 300.00 FEET, THE RADIUS POINT OF WHICH BEARS SOUTH 36 DEGREES 56 MINUTES 16 SECONDS WEST; THENCE WESTERLY ALONG SAID CURVE 189.99 FEET TO A POINT WHICH BEARS NORTH 00 DEGREES 39 MINUTES 06 SECONDS EAST FROM SAID RADIUS POINT; THENCE NORTH 89 DEGREES 20 MINUTES 54 SECONDS WEST 694.48 FEET; THENCE SOUTH 00 DEGREES 39 MINUTES 06 SECONDS WEST 80.00 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 89 DEGREES 20 MINUTES 54 SECONDS EAST 694.48 FEET TO A CURVE HAVING A RADIUS OF 220.00 FEET, THE RADIUS POINT OF WHICH BEARS SOUTH 00 DEGREES 39 MINUTES 06 SECONDS WEST; THENCE EASTERLY ALONG SAID CURVE 56.47 FEET TO A POINT WHICH BEARS NORTH 15 DEGREES 21 MINUTES 30 SECONDS EAST FROM SAID RADIUS POINT; THENCE SOUTH 00 DEGREES 39 MINUTES 06 SECONDS WEST 248.49 FEET; THENCE NORTH 89 DEGREES 20 MINUTES 54 SECONDS WEST 321.50 FEET; THENCE SOUTH 32 DEGREES 01 MINUTE 29 SECONDS WEST 35.53 FEET; THENCE NORTH 89 DEGREES 20 MINUTES 54 SECONDS WEST 275.33 FEET; THENCE NORTH 00 DEGREES 39 MINUTES 06 SECONDS EAST 40.00 FEET; THENCE NORTH 89 DEGREES 20 MINUTES 54 SECONDS WEST 135.00 FEET TO A POINT WHICH BEARS SOUTH 00 DEGREES 39 MINUTES 06 SECONDS WEST 246.03 FEET FROM THE POINT OF BEGINNING; THENCE NORTH 00 DEGREES 39 MINUTES 06 SECONDS EAST 246,03 FEET TO THE POINT OF BEGINNING. NON- EXCLUSIVE EASEMENTS FOR THE BENEFIT OF PARCEL 1 AS SET FORTH IN, A DECLARATION OF COVENANTS AND RESTRICTIONS FOR MERIDIAN CORPORATE PLAZA RECORDED NOVEMBER 28. 1989 AS INSTRUMENT NUMBER 8926869 AND IN A DECLARATION OF EASEMENTS AND RESTRICTIONS FOR MERIDIAN CORPORATE PLAZA RECORDED DECEMBER 31,1991 AS INSTRUMENT NUMBER 9135273 IN THE OFFICE OF THE RECORDER OF HAMILTON COUNTY, INDIANA. Page 1 of 1 EXHI.BIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR BELDEN, INC CORPORATE HEADQUARTERS EXPANSION PROJECT LOCATED AT 401 PENNSYLVANIA PARKWAY June6,2011 PAGE 1 OF 1 Notice is hereby given that the Common Council of the City of Cannel, Indiana did on the 6th ofJune, 2011 adopt a Resolution approving a ten -year personal property tax abatement for Belden, Inc for its investment in its corporate headquarters expansion project to be located 401. Pennsylvania Parkway, Indianapolis, Indiana. This Resolution, which affects the following described property located in the City of Cannel, Indiana: 401 Pennsylvania Parkway, Hamilton County, was adopted following the filing of information by Belden, Inc, and the previous approval of the designation of property located at 401 Pennsylvania Parkway 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, manufacturing 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 Belden, Inc were provided by the Common. Council of the City of Carmel, Indiana on the 6 day ofJune, 2011. Furthermore, the Resolution states that on the 20 day of June, 2011 at 6 p.m. in the Council Chamber Room located at One Civic Square, Carmel, Indiana 46032, the Common Council will meet to hear public comment from persons interested in these proceedings and make a determination about approving a ten -year personal property tax abatement for Belden, Inc for its investment in new information technology, telecommunications, manufacturing and research development equipment. A description of information related to Belden, Inc's project and a copy of such Resolution are available for inspection in the Hamilton County Assessor's Office, Suite 214, 33 North 9 Street, Noblesville, Indiana 46060. May 25, 2011 Mr. Denis G. Suggs Executive Vice President Americas Belden, Inc 501 Pennsylvania Parkway Suite 100 Indianapolis, IN 46280 Dear Mr. Suggs: U o CITY OF CARMEL JAMES BRAINARD, MAYOR The City of Carmel is pleased to learn that the Belden's Americas Division is proposing an expansion of its Carmel headquarters operations. It is my understanding that Belden designs, manufactures and markets cable connectivity and networking products. It is also my understanding that Belden Americas is the largest of four divisions of Belden, Inc. Carmel is a proven and growing market for headquarters operations like Belden Americas. To that end, the elements of the proposed expansion are: C] Leasing approximately 30,000 sq. ft. of Class A office space. $600,000 in real property improvements plus lease expenses Personal property investment of $550,000 (including the creation of a state -of- the -art customer demonstration center). Retention of 39 executive positions with an average annual compensation of $200,000 plus benefits Creation of 20 new positions over the next four years with an average annual compensation of $160,000 plus benefits Based upon this information, the City of Carmel proposes a ten (10) year personal property abatement with a total value of $22,870. This proposal requires formal review and approval by the Carmel City Council. Carmel will also assist Belden through its local planning and permitting process. Carmel is central to the most talented labor force in Indiana. Carmel and Hamilton County boast a quality of life that ranks among the top markets in the U.S. I am confident that Belden Americas will find a very supportive environment in which to recruit and retain the talent it requires. Carmel welcomes the opportunity to be Belden's community partner in its future growth. I look forward to Belden's continuing success in the marketplace and its growing presence in Carmel. V truly yours, i` ames Brainard, Mayor I/ cc: Carmel City Council members Diana Cordray, Clerk- Treasurer Jeff Burt, Hamilton County Alliance ONE CIVIC SQUARE, CARMEL, IN 46032 OFFICE 317.571.2401, FAX 317.844.3498 EMAIL. jbrainard @carrnel.in.gov