HomeMy WebLinkAboutCC-04-15-13-03 Baldwin & Lyons RE 10 Year Tax Abatement Sponsors: Councilors Carter,Finkam,Rider, Schleif, Seidensticker,Sharp and Snyder
RESOLUTION CC- 04-15-13-03
CONFIRMATORY RESOLUTION ("RESOLUTION") OF THE COMMON COUNCIL
OF THE CITY OF CARMEL, INDIANA DESIGNATING
111 CONGRESSIONAL BOULEVARD, CARMEL, INDIANA
AS AN ECONOMIC REVITALIZATION AREA
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"), to determine the
duration of the abatement period(s) for such property and impose other reasonable conditions; and
WHEREAS, on March 18, 2013 the Council adopted Resolution No. CC 03-18-13-01 (The
"Declaratory Resolution") designating the area described in Exhibit A (the "Site") as an ERA under I.C.
6-1.1-12.1 (the "Act") at the request of Protective Insurance Company and Baldwin & Lyons, Inc.
(collectively, the "Company") for a real property tax deduction; and
WHEREAS, the Company will make real property improvements at the Site in support of its
operations, provided that the Company is able to obtain real property tax deductions as authorized by
I.C. 6-1.1-12.1-4; and
WHEREAS, by adopting the Declaratory Resolution, under I.C. 6-1.1-12.1, the Council
preliminarily approved and allowed the Company real property tax deductions for ten (10) years for the
real estate improvements located in the ERA, as described in the Statement of Benefits (Form SB-1)
previously filed with the Council; and
WHEREAS, a copy of the Declaratory Resolution was properly filed with the Hamilton County
Assessor and the Hamilton County Auditor, and proper legal notices were published indicating the
adoption and substance of this resolution and stating when and where a final hearing would be held; and
WHEREAS, after conducting a public hearing, the Council has given careful consideration to all
comments and views expressed and any evidence presented regarding the designation of the Site as an
ERA.
NOW, THEREFORE, based upon a review of the Form SB-1 heretofore filed by the Company,
the Council hereby confirms the following findings:
FINDING 1. The Site is located in the City of Carmel and has been undesirable for normal
development due to the following economic conditions:
(a) The Site is zoned for and is generally suitable for use as an office
development; however, there is a low demand for office space in the
geographic area where the Site is located due to the economic conditions
present in the area (the "Corridor").
(b) Vacancy rates for office space in the area and an abundance of sublease
opportunities evidence an oversupply of office space in the Corridor.
Sponsors: Councilors Carter,Finkam,Rider,Schleif, Seidensticker,Sharp and Snyder
FINDING 2. The Company's operations at the Site are consistent with the Site's existing
zoning and represents an enhanced use for the Site.
FINDING 3. The Company plans to make real estate improvements that will result in an
addition to the Site's overall assessed value within an accelerated time period.
FINDING 4. The estimate of the number of individuals who will be employed (i.e.,
approximately 500 new and retained FTEs) can be reasonably expected to result
from the Company's proposed improvement of the Site.
FINDING 5. The estimate of the annual salaries (i.e., average of approximately $90,000 per
annum) of those individuals who will be employed can be reasonably expected to
result from the Company's proposed project at the Site.
FINDING 6. The estimate of the cost and assessed value of the real estate improvements is
reasonable for a project of this type.
FINDING 7. The Company will be an active corporate citizen involved in and committed to the
City of Carmel.
FINDING 8. The Company's facility in Cannel is consistent with the goals and vision
established by the City of Cannel and the Hamilton County Alliance.
FINDING 9. Other benefits can be reasonably expected to result from the Company's proposed
investment in real estate improvements at the Site.
FINDING 10. The totality of benefits is sufficient to justify real property tax deductions herein
described.
NOW, THEREFORE, BE IT RESOLVED THAT, the Council now confirms, adopts, and
approves the Declaratory Resolution and thereby designates, finds, and establishes the Site as an
Economic Revitalization Area under the Act.
BE IT FURTHER RESOLVED THAT, the number of years for which the Company is entitled
to a deduction for real estate improvements, pursuant to I.C. 6-1.1-12.1-4, shall be ten (10).
BE IT FURTHER RESOLVED THAT, the designation of the ERA and the granting of the tax
abatement contemplated herein is conditioned upon the Company's agreement to not appeal the assessed
value of the real estate in a manner which would result in the reduction of the property taxes owed
below the dollar amount to be paid in 2013.
BE IT FURTHER RESOLVED THAT, the Council shall have the right to reduce the length of
and/or end the ERA 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 Cannel herein, including the amount
of capital investment,job creation/retention and average annual salary levels.
Sponsors: Councilors Carter,Finkam,Rider,Schleif,Seidensticker,Sharp and Snyder
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
Camel.
BE IT FINALLY RESOLVED THAT, the deductions authorized herein are contingent upon
the designation of the ERA prior to the commencement of construction of the real estate improvements.
Ado ted by the Common Council of the City of Carmel, Indiana this l day of
, 2013, by a vote of 7 ayes and 0 nays.
/ CO MON COUNCIL OF THE CITY 0 -CARMEL/
Presiding • •r / Rider
.ter.. , ,
0),6,Calir ;
Richard L. harp, Pr::ident Pro Tempore Carol Schleif
/1' 3tG,-- E-- -f'-4 A. ,---...- i I ...,,a,,..41 OP
-: • .. Carter W. Eric ei,,ensticker / Mr
L• - `inkam uci •yder
i
ATTEST;
Irl : X' A
Diana L. Cordray, Clerk-Treasurer
Presented by me to the Mayor of the City of Carmel, Indiana this R day of
a 2013, at /I:311 A .m.
`
Diana L. Cordray, Clerk-Treasurer
Appr ved by me, Mayor of the City of Carmel, Indiana this o9'/ day of
2013, at I'32 P.m.
/- /-Brainard, Mayor
ATTES •-
Diana L. Cordray, Clerk-Treasurer
Prepared by: Larry Gigerich,Managing Director
Ginovus, 8888 Keystone Crossing, Suite 1450, Indianapolis, Indiana 46240
317/819-0890(telephone)
317/819-0888(facsimile)
Larry@Ginovus.com(e-mail)
Sponsors: Councilors Carter,Finkam,Rider, Schleif, Seidensticker,Sharp and Snyder
EXHIBIT A
A LAND BOUNDARY DESCRIPTION OF THE BUILDINGS AND LAND LOCATED AT
111 CONGRESSIONAL BOULEVARD, CARMEL, INDIANA
HAMILTON COUNTY,INDIANA
DATE
PAGE 1 OF 1
Legal Description— 111 Congressional Boulevard, Carmel, IN 46032
PART OF THE SOUTHEAST QUARTER OF SECTION 35,TOWNSHIP 18 NORTH,RANGE 3 EAST OF THE
SECOND PRINCIPAL MERIDIAN IN HAMILTON COUNTY, INDIANA,BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF THE SAID SOUTHEAST QUARTER SECTION; THENCE
NORTH 00 DEGREES 05 MINUTES 40 SECONDS WEST(ASSUMED BEARING)ALONG THE WEST LINE OF
SAID SOUTHEAST QUARTER SECTION A DISTANCE OF 56.09 FEET;THENCE NORTH 89 DEGREES 54
MINUTES 20 SECONDS EAST A DISTANCE OF 55.00 FEET TO THE INTERSECTION OF THE EAST RIGHT
OF WAY LINE OF PENNSYLVANIA STREET AND NORTH RIGHT OF WAY LINE OF EAST 116TH STREET
AND THE BEGINNING POINT;THENCE NORTH 00 DEGREES 05 MINUTES 40 SECONDS WEST ALONG
SAID EAST RIGHT OF WAY LINE A DISTANCE OF 673.44 FEET;THENCE NORTH 88 DEGREES 46
MINUTES 54 SECONDS EAST A DISTANCE OF 332.75 FEET TO A CURVE HAVING A RADIUS OF 750.00
FEET,THE RADIUS POINT OF WHICH BEARS NORTH 01 DEGREES 13 MINUTES 06 SECONDS WEST;
THENCE EASTERLY ALONG THE ARC OF SAID CURVE A DISTANCE OF 229.07 FEET(CHORD BEARING
NORTH 80 DEGREES 18 MINUTES 07 SECONDS EAST,LENGTH, 228.19 FEET)TO A POINT WHICH
BEARS SOUTH 18 DEGREES 43 MINUTES 06 SECONDS EAST FROM SAID RADIUS POINT;THENCE
NORTH 71 DEGREES 16 MINUTES 54 SECONDS EAST A DISTANCE OF 226.51 FEET;THENCE SOUTH 18
DEGREES 43 MINUTES 06 SECONDS EAST A DISTANCE OF 78.76 FEET TO A CURVE HAVING A RADIUS
OF 150.00 FEET,THE RADIUS POINT OF WHICH BEARS SOUTH 71 DEGREES 16 MINUTES 54 SECONDS
WEST;THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE A DISTANCE OF 45.82 FEET(CHORD
BEARING SOUTH 09 DEGREES 58 MINUTES 06 SECONDS EAST, LENGTH 45.64 FEET)TO A POINT
WHICH BEARS NORTH 88 DEGREES 46 MINUTES 54 SECONDS EAST FROM SAID RADIUS POINT;
THENCE SOUTH 01 DEGREES 13 MINUTES 06 SECONDS EAST A DISTANCE OF 655.91 FEET TO THE
SAID NORTH RIGHT OF WAY LINE OF EAST 116TH STREET;THENCE SOUTH 88 DEGREES 46 MINUTES
54 SECONDS WEST ALONG THE SAID NORTH RIGHT OF WAY LINE A DISTANCE OF 818.14 FEET TO THE
BEGINNING POINT, CONTAINING 12.982 ACRES,MORE OR LESS.
Sponsors: Councilors Carter,Finkam,Rider,Schleif,Seidensticker,Sharp and Snyder
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�"`"' f. STATEMENT OF BENEFITS
����� 20 PAY 20
'� 1 REAL ESTATE IMPROVEMENTS
State Form 51767(R3/12-11) FORM SB-1/Real Property
Prescribed by the Department of Local Government Finance
Deis
This statement is being completed for real property that qualifies under the following Indiana Code(check one box):
GI Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4)
❑ Eligible vacant building(IC 6-1.1-12.1-4.8)
INSTRUCTIONS:
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 statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of real property 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 initiation of the redevelopment or rehabilitation,
BEFORE a deduction may be approved.
3. To obtain a deduction,application Form.322 ERA/RE or Form 322 ERA/VBD, Whichever is applicable,must be filed with the County Auditor by the later
of:(1)May 10;or(2)thirty(30)days after the notice of addition to assessed valuation or new assessment is mailed to the property owner at the address
shown on the records of the township assessor,if any,or the county assessor.
4. Property owners whose Statement of Benefits was approved after June 30, 1991, must attach a Form CF-1/Real Property annually to the application to
show compliance with the Statement of Benefits. [IC 6-1.1-12.1-5.1(b)and IC 6-1.1-12.1-5.3(j)]
5. The schedules established under IC 6-1.1-12.1-4(d)for rehabilitated property and under IC 6-1.1-12.1-4.8(1)for vacant buildings apply to any statement
of benefits approved on or after July 1,2000,unless an alternative deduction schedule is adopted by the designating body(/C 6-1.1-12.1-17). The
schedules effective prior to July 1, 2000,shall continue to apply to a statement of benefits filed before July 1, 2000.
N4SECTION 1 x,�sx?v ` su :c`z k ' Y E `fir.: ,.TAXPAYER INFORMATION 'r i ' ? a sr � s.: ,.
Name of taxpayer
Protective Insurance Company/Baldwin & Lyons, Inc. •
Address of taxpayer(number and street,city,state,and ZIP code)
1099 North Meridian Street, Suite 700, Indianapolis, IN 46204
Name of contact person Telephone number E-mail address
James D. (sham (317)636-9800 jisham@baldwinandlyons.c
SECTION 2T k� r - 's e �' LOCATION ANDiDESCRIPTION OF PROPOSED PROJECT' r .f , ;3 ' °art
Name of designating body Resolution number
City of Carmel Common Council
Location of property County DLGF taxing district number
111 Congressional Boulevard, Carmel, IN 46032 . Hamilton 29-18
Description of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year)
The company will purchase and make improvements to an existing building that will house 04/01/2013
its executive, administrative and technical personnel. Estimated completion date(month,day,year)
12/31/2018
SECTION 3 :,� „z ..+. ; s "ESTIMATE>OF EMPLOYEES AND"SALARIES AS RESULT OE PROPOSED PROJECT; . , y
Current number Salaries Number retained Salaries Number additional Salaries
0.00 $0.00 0.00 $0.00 500.00 $45,000,000.00
e SECTION 4*; � * w �a sj s :FESTIMATED,TOTAL COST AND'VALUE,OF PROPOSED PROJECT. d, "t y. a., :,,
NOTE:Pursuant to IC 6-1.1-12.1-5.1 (d)(2)the COST of the property REAL ESTATE IMPROVEMENTS
is confidential. COST ASSESSED VALUE
Current values
Plus estimated values of proposed project 9,450,000.00
Less values of any property being replaced
Net estimated values upon completion of project
SECTION S;,{'J , 4«WASTE CONVERTEDfAND OTHER'BEN EFITSPROMISEDBY THE.TAXPAYER
Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds)
Other benefits
4 TAXPAYER C _ TIFICTI •_ tv} ;' - ; y• t:,
., �.� .s,...a
I hereby certify that the representations in this statement are true.
Signature of authorized representative Title Date signed month,gay,year)
6 I - Senior VP, Administration ek/oZ.///13
Page 1 of 2
We have reviewed our prior actions relating to the designation of this Economic Revitalization Area and find that the applicant meets the general standards
adopted in the resolution previously approved by this body. Said resolution,passed under IC 6-1.1-12.1,provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years*(see below). The date this designation
expires is
B. The type of deduction that is allowed in the designated area is limited to:
1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No
2.Residentially distressed areas ❑Yes ❑No
3.Occupancy of a vacant building ❑Yes ❑No
C. The amount of the deduction applicable is limited to$
D. Other limitations or conditions(specify)
E. The deduction is allowed for /0 years*(see below).
F. Did the designating body adopt an alternative deduction schedule per IC 6-1.1-12.1-17? ❑Yes ❑No •
If yes,attach a copy of the alternative deduction schedule to this form.
We have also reviewed the information contained in the statement of benefits and find that the estimates and,expectations are reasonable and have
determined that th- otality of benefits is sufficient to justify the deduction described above.
Approved(signatu, ^nd tit/o - adze, ember of designating body) Telephone number . Date si ned(mo th,day,year)
•
"► (311 )57/- aV/ 3 T�.S�3
Attested by at •and+tk of.fst: Designated body
• ! 1 ' d CQrme / C-0 r~an Caknce j
*If the designating body limits the time period during 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 years designated under IC 6-1.12-12.1-4.
A. For residentially distressed areas,the deduction period may not exceed five(5)years.
B. For redevelopment and rehabilitation or real estate improvements:
1. If the Economic Revitalization Area was designated prior to July 1,2000,the deduction period is limited to three(3),six(6),or ten(10)years.
2. If the Economic Revitalization Area was designated after June 20,2000,the deduction period may not exceed ten(10)years.
C.For vacant buildings,the deduction period may not exceed two(2)years.
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