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HomeMy Public PortalAbout04 - 2023-4 - WOODSHIRE PLACE PROPERTY TAX ABATEMENT RESOLUTION NO. 2023 -4 A RESOLUTION GRANTNG REAL PROPERTY TAX ABATEMENT IN THE ECONOMIC DEVELOPMENT TARGET AREA CREATED BY ORDINANCE 2023 - 1 AND RECOMMENDED TAX DEDUCTION (WOODSHIRE PLACE,LLC) WHEREAS,the laws of the State of Indiana,specifically I.C.6-1.1-12.1-7,et. seq.,provide for the creation of economic development target areas within the corporate limits of the City of Greencastle,Putnam County,Indiana,for the general purpose of providing property tax deductions to encourage private development and redevelopment of areas which have become undesirable or impossible for normal development and occupancy because of lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings, or other factors that have impaired values or prevent a normal development of property of use of property; and WHEREAS,pursuant to applicable laws of the State of Indiana,the Greencastle Common Council may create said economic development target area through the adoption of an ordinance; and WHEREAS, the need exists to establish an economic development target area in order to encourage private development and redevelopment in the City of Greencastle, Putnam County, Indiana; and WHEREAS, the Greencastle Common Council adopted Ordinance 2023-1 on April 20, 2023 creating an economic development target area and advertised a public hearing for April 20, 2023; and . WHEREAS, Woodshire Place LLC. proposes the development and construction of 39 rental townhouses by investing approximately $8.3 million in real .estate improvements. Woodshire Place LLC seeks a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and WHEREAS, a Statement of Benefits, Form SB-1/RE, has been submitted to the.Common Council on March 9,2023,prior to the start of construction by Woodshire Place LLC and that such Statement of Benefits with attachments is attached hereto and marked "Exhibit A"; and WHEREAS, the Greencastle Common Council, pursuant to the laws of the State of Indiana, does now hereby find that: 1. The estimate of the value of the residential development is reasonable for projects of that nature; 2. The proposed project meets the criteria and provides benefit to the community as an investment in an Economic Development Target Area; 1 3. That any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed residential development. 4. The totality of the benefits is sufficient to justify a deduction. THEREFORE,the Greencastle Common Council does recommend a deduction of assessed value for a period of ten (10) years as a result of the real estate investment as set forth in I.C. 6- 1.1-12.1-4. The following abatement schedule applies to the eligible real property that is a part of the proposed project outlined in this resolution and described in the Statement of Benefits: YEAR ONE 100% YEAR TWO 90% YEAR THREE 80% YEAR FOUR 70% YEAR FIVE 60% YEAR SIX 50% YEAR SEVEN 40% YEAR EIGHT 30% YEAR NINE 20%\ YEAR TEN 10% YEAR ELEVEN AND BEYOND 0% The Greencastle Common Council further recommends and approves the application of the deductions herein for real estate improvements constructed pursuant to the Statement of Benefits from the approval of this resolution and during the thirty-two (32) ensuing months, May 2023 to December 31, 2025. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this 20th day of April, 2023. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA C� X Ifg,44,44....taL, Cody E ert Mark . Hammer ___C___-- --0. / ,fr7 ALI Russell Harvey St cie L gd tia id Murray I/kW-61AP Veroni ejril ,6/NAN Darrel Thomas Approved and signed by me this 20th day of April, 2023 at t,bb p.m. o'clock. illiam A. Dory, Jr., Mayo ATTEST: Ly a R. Dunbar, Clerk-Treasurer is • • STATEMENT OF BENEFITS 20 23 PAY 20 24 1".`' ,?'. REAL ESTATE IMPROVEMENTS State Form 51767(R6i 10.14) FORM SB-1!Real Property I .t.•..✓' Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies under the following Indiana Code(check one box): I Any infomiatlon concerning the cost ❑Redevelopment or rehabilitation of real estate improvements(IC 6-1 1-12.1-4) of the property and specific salaries I 0paid to individual employees by the Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is con fidenttial per • IC 6-I.1-12 1.5 1. INSTRUCTIONS.' 1 This statement must Po submitted to.the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from tha 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. 2 The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of the redevelopment or rehabilitation for which the person desires to claim a deduction. . 3. To obtain a deduction,a Form 322/RE must be tiled with the County Auditor before May 10 in the year in which the addition to assessed valuation is made or not later than thirty(30)days after the assessment notice is mailed to the property owner it it was mailed after Anvil 10. A property owner who failed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year 4. A property owner who fries for the deduction must provide the County Auditor and designating body with a Form CF-f/Real Property. The Form CF-t/Real Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually foreleg!)year the deduction is applicable. IC 6-1.1-12.1-5,1(b) 5. For a Form S8-1/Real Property that is approved after June 30, 2013. the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect. IC 6-1.1-12.1-17 SEC I HON 1 TAXPAYER INFORMATION Name of taxpayer Woodshire Place, LLC 4 Address of taxpayer(number and street,city{stab.and ZIP code) - ' t 3344 Cartersburg Rd, Danville, IN 46122 [Name of contact person I Telephone number j E-mail address I Joy Skidmore ( 317 ) 409-0554 I jskidmore©singlesourceindy,com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PF OJEC,t Name of.• 'gnating body Resolution number I City of Greencastle , Location of property --- - �^ - OLGF taxing district number 101-210 Woodshire Place, Greencastle, IN 'County Putnam 008 Description of real property improvements,redevelopment or rehabilitation(vse additional sheets if necessarj1 ;Estimated start date(month day year) Development of 39 multi-family units June 1, 2023 i Estimated completion date(month day.year) December 1,2024 • SECTION 0 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT i Current number ' Salaries Number retained Salaries .Number additional I Salaries i 1 0.00 $0.00 0.00 $0.00 i SECTION 4 ESTIMATED TOTAL cOSTANp VALUE OF PROPOSED PROJECT . ' REAL ESTATE IMPROVEMENTS I COST ASSESSED VALUE i Current values i 191000 t sew.on Plus estimated values of proposed project $8.138.636 Less values of any property being replaced - I Net estimated values u.on completion of rdect se,937,050 r5549,840.10 SECTION E WAS IF CONVERTFC)AND O[fiEf<EIENEfITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) 0.00 0.00 I Estimated hazardous waste converted(pounds) _-. I Other benefits 4 ousing provided to support the local.businesses by providing employees a place to live close to where they work. In addition those residents are anticipated to spend 00%of their ancilliary income within the the City of Greencastle. i I 1 SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. i Signature of authortted representative —^ ;Ostte signed(month day,year) V�H I , 1 '�..��� , 0z I ►z,120 2.3 I Printed name or authorized representative !Title Joy M. Skidmore I Managing Member,Woodshire Place.LLC Page 1 of 2 I .I FOR USE OF THE DESIGNATING BODY We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed i under fC 6.1.1-'12.1.provides(or the following limitations, A. The designated area has been limited to a period of time not to exceed calendar years'(see below) The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements n Yes ❑No 2 Residentially distressed areas I j Yes 0 No C The amount of the deduction applicable is limited to$ • D. Other limitations or conditions(specify) E. Number of years allowed: :Year 1 u Year 2 L_1 Year 3 :_) Year 4 J Year 5 ('see below) ❑Year 6 ❑ Year 7 n Year 8 E Year 9 0 Year 10 F For a statement of benefits approved after.June 30.2013.did this designating body adopt an abatement schedule per IC 6-1 1-12 1-17? re Yes —] No If yes,attach a copy of the abatement schedule to this form, • If no,the designating body is required to establish an abatement schedule before the deduction can be determined I 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 the totality of benefits is sufficient to justify the deduction described above. Appr ed gnaturs and Litt of a tho ized member of designating body) j Telephone number I Date signed(month day,year) `Pnnted ame of uthonzed me ber f esignating b dy Name of designating body Mat k. I �� La—avYt�n�.�ov.�.�� Attested:y(signature and title of aft rt Printed name of attester 1 C ( �f C "^•_.._c,°✓T'"" ' ��+ __ _...�..��.J--W.?c_ �c.��'r. �f'��'�.W tom£ • f the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12 1-17 A For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions estabiished in IC 6-1,1-12.1-4 1 remain in effect.The deduction period may not exceed five(5)years. For a Form SB-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10)years. (See IC 6-1 1-12.1-17 below) B For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1,2013,the abatement schedule approved by the designating body remains in effect.For a Form SB-1/Real Property that is approved after June 30.2013,the designating body is required to establish an abatement schedule for each deduction allowed.(See IC 6-1.1-12.1-17 below.) IC 6-1.1-12.1-17 Abatement schedules • Sec 17 (a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under ( section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's investment. (b) This subsection applies to a statement of benefits approved after June 30,2013 A designating oody shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of . the deduction. An abatement schedule may not exceed ten(10)years (c) An abatement schedule approved for a particular taxpayer before July 1.2013;remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2