HomeMy Public PortalAbout02-2011-14 C
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RESOLUTION NO. 2011 - 14 7/)a/l I
A RESOLUTION IN SUPPORT OF APPLICATIONS TO THE INDIANA ECONOMIC
DEVELOPMENT CORPORATION FOR INDUSTRIAL RECOVERY TAX CREDITS
FOR THE RENOVATION AND REUSE OF THE INDUSTRIAL FACILITY LOCATED
AT 370 MANHATTAN ROAD
WHEREAS, during the 2011 session, the Indiana Legislature passed HEA 1005 which
modified the criteria for industrial properties to be eligible for financial benefits under the Industrial
Recovery Tax Credit program found in I.C. 6.3.1-11, and,
WHEREAS,the Governor of the state of Indiana signed HEA 1005 into law which provides
that the modified eligibility criteria take effect on January 1, 2011, and,
WHEREAS,the Oxford Automotive facility located at 370 Manhattan Road has been vacant
and not used in a productive manner since the summer of 2005, and,
WHEREAS,the Common Council of the City of Greencastle has determined that it would
be in the best interest of the citizens of Greencastle if such Common Council supported applications
to the Indiana Economic Development Corporation to obtain Industrial Recovery Tax Credits for the
rehabilitation and reuse of the Oxford Automotive facility; and,
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WHEREAS, based on the newly revised criteria found in I.C. 6-3.1-11-15, the Common
Council finds that the facility meets the definition of"Vacant Industrial Facility:"
A. The 224,172 square feet of the Oxford Automotive Building exceeds the minimum
square footage requirement of 50,000 square feet.
B. The opening of Greencastle Manufacturing at the location 40 years ago in 1971 exceeds
the minimum placed in service requirement of 15 years.
C. The six year vacancy of the facility starting in 2005 exceeds the minimum vacancy
requirement of one year.
WHEREAS, based on the application evaluation factors outlined in I.C. 6-3.1-11-19, the
Common Council finds that:
A. The closure of Oxford Automotive due to the bankruptcy of the corporation resulted in
the loss of 330 well paid jobs at the Greencastle facility.
B. The closure of the facility resulted in the loss of local tax revenue due to loss of value
from the deteriorated real estate, removal of personal property, and elimination of
employment.
C. The City and the Greencastle/Putnam County Development Center have been marketing
the property to industrial prospects to improve the economic and employment conditions
in the surrounding community.
D. The Common Council is in full support of reuse of the facility to provide employment
opportunities and to expand the local tax base.
E. The Common Council supports the efforts of various agencies such at the Greencastle
Redevelopment Commission, the Greencastle/Putnam County Development Center,
Work One Western Indiana,utility providers,and others to assist prospective purchasers
in the development of plans and strategies that will result in redevelopment and reuse
activities and the development of job opportunities.
F. The Common Council and the City of Greencastle will work with prospective purchasers
to develop competitive incentive packages in support of the redevelopment and reuse of
the facility and the development of job opportunities.
G. On July 12, 2011,the Common Council passed Resolution Number 2011-13 declaring
the site an Economic Revitalization Area under I.C. 6-1.1-12.1.
NOW THEREFORE BE IT RESOLVED by the Common Council of the City of Greencastle,
Indiana, as follows:
1. That this Common Council hereby declares by description the boundaries of the area to
be included for any application for designation as an Industrial Recovery Site and the use of
Industrial Recovery Tax Credits:
Situated in the State of Indiana, County of Putnam and being a part of the West half
of the Northeast quarter of Section 29, Township 14 North, Range 4 West of the
Second Principal Meridian more particularly described to-wit:
Beginning at the Southwest corner of the West half of the Northeast quarter of Section
29,Township 14 North,Range 4 West; thence North 1762 feet with the West line of
said Northeast quarter to the centerline of a paved county road; thence Northeasterly
1494 feet with said centerline to the East line of the West half of said Northeast
quarter; thence leaving said centerline South 1327 feet with said East line to the
centerline of the Greencastle-Manhattan Road;thence Southwesterly 1236.4 feet with
said centerline to the South line of said West half quarter; thence West 815.2 feet to
the point of beginning containing 57 acres, more or less.
Also;
A part of the East half of the Northeast quarter of Section 29, Township 14 North,
Range 4 West of the Second Principal Meridian more particularly described to-wit:
Beginning at the point of intersection of the West line of the East half of the Northeast
quarter of Section 29, Township 14 North, Range 4 West and the centerline of the
Greencastle-Manhattan Road the said point of intersection being 1124 feet North of
the Southwest corner of said East half; thence North 332 feet with said West line to
the South line of a 100 foot wide easement granted to the Public Service Company of
Indiana; thence South 72 degrees 28 minutes East 117 feet to the said West right-of-
way line of the Monon Railroad; thence Southwesterly 281 feet with the West right-
of-way line to the centerline of the aforesaid Manhattan Road; thence Southwesterly
30 feet with said centerline to the point of beginning containing 0.45 of an acre,more
or less.
Commonly known as 370 Manhattan Road. Deed Record 2005007519
2. That the Common Council authorizes the Mayor and the Greencastle/Putnam County
Development Center to work with prospective purchasers of the property and prepare applications
to the Indiana Economic Development Corporation to have the facility designated an Industrial
Recovery Site under I.C. 6-3.1-11-18..
I3. That the Mayor of the City of Greencastle is authorized to sign such applications on behalf
of the City of Greencastle.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular
meeting this 12th day of July, 2011.
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COMMON COUNCIL OF THE CITY OF I
CASTLE, INDIANA
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M k N. Hammer Phyllis Ro icki
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Terry J. Sm.
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Approved and signed by me this 12th day of July, 2011 at-`•�` p.m. o'clock.
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Susan V. Murray, Mayor
I ATT T:
ITeresa P. Glenn, lerk-Treasurer
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