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Home My WebLink AboutCC-06-20-11-01 Belden, Inc 10 Year PP Tax AbatementRESOLUTION CC- 06- 20 -11 -01 Sponsors: Councilors Sharp and Carter A RESOLUTION OF THE COMMOM COUNCIL OF THE CITY OF CARMEL, INDIANA, APPROVING A TEN -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR BELDEN, INC. LOCATED AT 401 PENNSYLVANIA PARKWAY 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, manufacturing, telecommunications equipment, laboratory equipment, research development equipment, computer hardware and certain forms of embedded computer software; and WHEREAS, 1.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, manufacturing equipment, telecommunications equipment, laboratory equipment, research development equipment, computer hardware and certain forms of embedded computer software made by companies; and WHEREAS, information (as defined in 1.C. 6 -1.1- 12.1 -1) has been provided to and heretofore been filed with the Council by Belden, Inc. "the Company and such information describes the qualifying investment in information technology, manufacturing, telecommunications, and research development equipment in personal property to be installed at 401 Pennsylvania Parkway, Carmel, Indiana; WHEREAS, the site located at 401 Pennsylvania Parkway (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 MCP Partners One, LLC "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, manufacturing, 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; FINDING 2. FINDING 3. FINDING 4. FINDING 5. FINDING 6. FINDING 7. (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. 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 redevelopment 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 greater than $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, manufacturing, telecommunications, and research development equipment is reasonable for a project of this type. With respect to the new information technology, manufacturing, telecommunications 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. FINDING 8. The estimate of the annual salaries (i.e., average of greater than $1 60,000 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. FINDING 9. 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. Carmel 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 redevelopment 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 designation has been attached hereto as Exhibit A. BE IT FURTHER RESOLVED THAT, the Site was previously declared as an ERA for a period of ten (10) years from the effective date of the previously approved Resolution. BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled to a deduction for qualifying information technology, manufacturing, telecommunications, and research development equipment, pursuant to I.C. 6 -1.1- 12.1 -4.5 shall be ten (10). 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 -2. 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(b). BE IT FINALLY RESOLVED THAT notice of the adoption of and the substance of this Resolution shall be published in accordance with 1.C. 5 -3 -1 and that such notice shall be in the form attached hereto and incorporated herein as Exhibit B. PASSED by the Common Council of the City of Carmel, Indiana this d ay of 2011, by a vote of 7 ayes and (D nays. use C.• p Presiding Offi n V. Accetturo onald E. Carter ATTEST: COMMON C G UNC1L OF THE CITY OF CA AT ST: Pro Tempore Diana L. Cordray, IAMC, Clerk -Tre surer 5t` Presented by me to the Mayor of the city of Carmel, Indiana this c day of 2011, at I I:a a.m. Approved by me, Mayor of the City of Carmel, Indiana this �f 2011, at p.m. Diana L. Cordray, IAMC, Clem easurer Prepared by: Katie Culp, Senior Vice President Cassidy Turley One American Square, Suite 1300 Indianapolis, IN 46282 T: 317.639.485 F: 3 1 7.639.0504 Katie.Culp a cassidytu•ley.com Diana L. Cordray, IAMC ames Brainard, Mayor day of 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 I 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. EXHIBIT B NOTICE OF ADOPTION REGARDING THE APPROVAL OF A TEN -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR BELDEN, INC. 401 PENNSYLVANIA PARKWAY, INDIANAPOLIS, INDIANA 46280 PUBLIC NOTICE OF ADOPTION OF RESOLUTION CC: 06- 20 -11 -01 Notice is hereby given that the Common Council of the City of Carmel, Indiana did on the 6th of June, 2011 adopt Resolution CC: 06- 06 -11 -03 designating an Economic Revitalization Area "ERA for Belden, Inc. for its investment at its corporate executive headquarters facility located at 401 Pennsylvania Parkway. This Resolution, which affects the following described property located in the City of Carmel, Indiana: 401 Pennsylvania Parkway, Indianapolis, Indiana 46280, Clay Township, Parcel No. 16- 13- 11- 04 -1.8- 001.009 as described in Exhibit A of Resolution CC: 06- 06 -11 -03 "the Property was adopted following the filing of information by Belden, Inc, designating the Property as an. ERA for the purpose of securing a ten (10) 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. 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 of June, 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 qualifying 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. For additional information on the project, contact Katie Culp, Senior Vice President, Location Advisory Incentives Services, Cassidy Turley, 317 -639 -0485. SECTION`1 w" TAXPAYER INFORMATION: Name of taxpayer Beldin, Inc. Address of taxpayer (number and street, city, state, and ZiP code) 501 Pennsylvania Parkway, Suite 100 Name of contact person Dennis Wiser SECTION 2'y'''' LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Carmel City Council Telephone number (765) 983 -5570 Resolution number (s) Location of property 401 Pennsylvania Parkway County Hamilton DLGF taxing district number Description of manufacturing equipment andlor research and development equipment and /or logistical distribution equipment and/or information technology equipment. (use additional sheets if necessary) Office and information technology equipment as well as equipment necessary for a new state -of -art customer demonstration center. The demo center will feature ESTIMATED START DATE COMPLETION DATE Manufacturing Equipment 10/01/2011 12/31/2012 R D Equipment 10/01/2011 12/31/2011 Logist Dist Equipment manufacturing, IT and R &D equipment. 'SECTION 3,N lESTIMATEOF Current number Salaries 39 7,800,000.00 S E C TION 4' ESTIMATED NOTE: Pursuant to IC 6 -1.1- 12.1 -5.1 (d) (2) the COST of the property is confidential. EMPLOYEES AND SALARIES Number retained 39 TOTAL COST AND MANUFACTURING EQUIPMENT VALUE AS RESULT Salaries 7,800,000.00 OF PROPOSED R 0 EQUIPMENT IT Equipment OF PROPOSED PROJECT PROJECT Number additional 20 LOGIST EQUIPMENT 10/01/2011 DIST Sala 3,200,000.00 IT 12/31/2012 .P. ies EQUIPMENT COST ASSESSED VALUE COST ASSESSED VALUE COST ASSESSED VALUE COST ASSESSED VALUE Current values Plus estimated values of proposed project 300,000.00 100,000.00 150,000.00 Less values of any property being replaced Net estimated values upon completion of project T :SECTION 5; r WASTE CONVERTED AND Estimated solid waste converted (pounds) OTHER BENEFITS PROMISED Estimated hazardous BY THE waste TAXPAYER converted (pounds) Other benefits: SECTION,6 TAXPAYER CERTIFICATION. I hereby certify that the representations in this statement are true. Signaturdo thorized repress •-1 e /(/1/(4 M4 ice Title Vice President, Finance Date signed (month, day, year) 05/25/2011 INSTRUCTIONS: STATEMENT OF BENEFITS PERSONAL PROPERTY State Form 51764 (R 1 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. (!C 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. (!C 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. (1C 6 -1.1- 12.1 -4.5(0 and (g)) 1. FOR`USE OF 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 O years ❑4 years 5 years 6 years 7 years 8 years 9y yers 0 years 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. Approves ign re and ti f author d me er) Yes ON o ['Yes o Yes ON o Yes ❑N o For ERA's established prior to July 1, 2000, only a 5 or 10 year schedule may be deducted. Telephone number S 71-0 Date signe (month, ay, year) c �P D (month, If the designating body limits the ti entitled to receive a deduction to a n e per mber d during which an area is an economic revitalization area, it does not limit the length of time a taxpayer is years designated under IC 6- 1.1- 12.1 -4.5 D ignated body C2or 0rN GO LA_ rl