HomeMy Public PortalAbout05 - 2023-5 - INDIANA SPRINGS NORTH PROPERTY TAX ABATEMENT RESOLUTION NO. 2023 - 5
A RESOLUTION GRANTNG REAL PROPERTY T ABATEMENT IN THE
ECONOMIC DEVELOPMENT TARGET AREA CREATED BY ORDINANCE 2023 -2
AND RECOMMENDED TAX DEDUCTION
(INDIAN SPRINGS NORTH 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 occupanc , 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 Itidiana, 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 adopte Ordinance 2023-2 on April 20,
2023 creating an economic development target area and adverti ed a public hearing for April 20,
2023; and
WHEREAS, Indian Springs North LLC proposes tl[e redevelopment of 25 rental
apartments by investing approximately $0.5 million in real estate improvements. Indian Springs
North 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 Indian Springs North LLC and that
7 such Statement of Benefits with attachments is attached hereto ¶ d 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 devel pment 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 Are ;
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.71
.L ` V 1
'
Cody E .,rt Mark . Hammer /
arvey Stacie L. on //
r2g,, 1 ,01
ArPri.
id Murray r Ver+'t a Pe' •
Jw
r, i
•
Darrel Thomas
Approved and signed by me this 20th day of April, 2023 at V\%'. p.m. o'clock.
Af //A//
illiam A. Dory, Jr. Mayor
ATTEST:
1 :::--/./Z(V,..„
as R. Dunbar, Clerk-Treasurer
'-Jr
�': 5 I'ATt iVl(cl`I T or BENEFITS m-__._Pl1(zp .. _
�/f/t,1'4 - RFAL. EST1A1'E: IIVMPROVEIVIEN ',-;
`'•S Slala Fenn ti 17G7 Rr3; IU I t ...__.___._.�m.-_.-_...._. _-
,.`�.` f` 1 h FORM 613.11 Real Property
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): Any information concerning the cosi
Redevelopment or rehabilitation of real estate improvements(IC 6-1,1.12.1.4) of the property and specific salaries
paid io individual employees try the
❑Residentially distressed area(IC 6-1.1-12.1-4.1) property awnorISconffdentlatper
INSTRUCTIONS: ICO-LI-I^c.i•5.1
1. This statement roust be submitted to the body designating the Economic Revitalization Area prim to the public hearing if the designating body requires
informshon from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this atatoment 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 loon must be submitted to the designating body and the area dosignated an economic revitalization area before the initiation of
the redevelopment or rehabilitation lnr which the person desires to claim a deduction.
3 To obtain a deduction.a Form 322/RE must be filed with(1w County Auditor befpre May 10 in th year in which the addition to assessed valuation is
made or not later then thirty(30)days after the assessment notice is mailed to the property own r if it was mailed after April 10. .4 properly owner who
failed to tie a deduction application within the prescribed deadline may file an application bedwe n March i and May 10 0/a subsequent year.
4. A property Owner who fifes for the deductton'must provide due County Auditor and designating dy with a Form CF-I/Real Property. The Form CF-1/Real
Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable.
IC 6-1.1-12,1-5.1(b)
5. 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. Fora Form SB•1/Real Property that is approved prior to July I, 2013, the abatement schedule approved by the designating body
remains in effect. IC 6-1.1.12.1 17
Name of taxpayer
•
Indian Springs North LLC
Address of taxpayer(number and street,oily stale.and ZIP coda)
1108 S. Locust Street, Greencastle, IN 46135
Name of contact person E-mailaddress
Jared Grable • I dd s
` r l , ' Telephone number 629 I)ared@globalconslruGtonmgmt.com
( 17 )281-3
Name or nesigneti rg body. .r r 4' ; f m b o)of G 01,E t'f•.•z,°lr(°f�9_n,�1;.®d� w.. t
Resolution number
City Of Greencastle -
Location of property County DLGF taxing district number
615 - 736 Northview, Greencastle, IN 46135 Putnam 008
0esc11pt1on of real property improvements.redevelopment,or rn_hnbitttation(use additionod sheets If necessary) Estimated start dale(month,day,year)
Full interior/exterior rehibilitation of all buildings to include: 4/1/23
HVAC,interior doors,kitchen cabinetry,appliances floor coverings. tub/shower,vanity,light titures,toilets Estimated completion date(month day.year)
-_. _ 1
SyLil' . ��lair ice•? ',�� `'; 0�'a °•", ��� QiP? `
� � 4 _
Currentnumber Salaries Number retained Salaries Number additional Salaries
0 0 0 0
>;-4t C ; w fi,'' " H,t I' �:( -9c. IThottg1/4t71.4',;Ak t-01`r3k, •0ir- ._,
• REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values 1,250,000.00 717,100.00
Plus estimated values of proposed project 500,000.00
Less values of any property being replaced 0.00
Net estimated values u.on completion of project 1,750,000.00
x
�1 .11G.h, $ o0it ; a ' +1,° A • ;�0 1 !t:' • '•' _
Estimated solid waste converted(pounds) 0 Estimated hazerbous waste converted(pounds) 0
Other benefits
See attached letter
_
, 5' .tfi'. 0 4_
I hereby ceril.,•,thetifieie representations in this statement are true.
Signao d re tative Dale signed(month,day,year) —'
..___—.. 2/17/23
Printed amp of authorized representative title --
Jared Grable Member
Page I of 2
r7
•„
• kit " a72 w. `'„.x .4. ., td�"''141 I.1Th1:f•I.:�I:l:':I�I•;Il;.l; ll�l,: rf IS. r-�fi Y 1'f .%'.5"i.`.x..-• .
+is and that rite applicant meets die general et.nd.Ird-.a II r rreicatireci troll',•!::+r t: I ';ulo;ti:ul by.rn;hotly Said"... Ic tie.n p:,!a;:rl 'u u•Iw.,11.1:i,o.al
under IC 6-I I-12.1,provide:;fur(Ile following liuritelious;
A. ['he designated area has been limited to a period of lime not to exceed - ___ cal cider years`(see below) The date this designation
expires is
B I he type of(lecke:lion that Is allowed in the designated area is hooted to:
1.Redevelopment or rehabilitation of real estate improvements 0 Yes ❑No
2 Residentially distressed areas 0 Yes 0 No
C fhe amount of Ili Jr:dut:boil applicable is limited to
Il Oilier limitation,or randilion.e(specify) ,_ - --
Ntrnttpr of years allowed: Li Year 1 'D Year 2 0 Year :1 ❑ Year-I (J Yew 5 I .tee below)
Year ii (-] Year! 0 Yew ii L.i Year 9 t ) Year 10
F POI a olnlemeitt of benelils approved after June tin 2013.did this'l'csignaanrj body adopt n abatement schedule ow IC 6-I I•12, 171
0 'eve
If yes,attach a copy of the abatement schedule to this form
If no.lhr designating body is required to establish in ahntentnnl schedule before the tledur bon can be determined
Y/c have also reviewer)tare information contained lit the,tateme.nt of benefits and(trail that the r'.511 nat05 acid expectations ar0 reasonable.wccl nave
determined that the totality of benefits ix sufficient to justify the deduction described ak¢c+re.
Approver'in nalura Ant(bite of olhori-r3if number of rfoslpnorind body) Trle,pliant,numha _ Dale:mined(month,COI,.year)----~� -
_ 1
•
•
=�1 )
Prir tad lame of authori ee,Iri,.;Prn or of 1L-signabng body ;some of rle sein9tinq he IV
M'ap lc- N. 1-k?-w►mat__ -_.. CommatJ ct) a 'PC.
brio::°•sly r i:uynahure toil rilln<.+f dfer•1 .-_,_ __ r der('came of a4ryl?r _—
•
•
the designating body limits the lime period during which an area is.an economic revitalizalion a ea,that mutation 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 yea s designated under IC 6.1 1-12.1-17.
A For residentially distressed areas where the Form SB-1/Real Property was approved prior ti July I.2013,the deductions established in IC
6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(5)years For a arm SB-1/Real Property that is approved after lune 30
2013,the designating body is required to establish an abatement scnedule for each rleductom allowed. Me deduction period may not exceed ten
(10)years. (Soo IC 6-I.I-12.'1-17 below.)
B For the redevelopment or rehabilitation of real property where the Form SB-I/Real Property was approved poor to July I,2013.the abatement
scherlc.de approved by the designating body remains in effect.For a Form SB-1/Real Proper y that is approved after June 30,2013,the designating
early is required to establish an abatement schedule for each dedication allowed (See IC 6- .1-12.1-'17 below.)
IC 6-I.I-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 7 or 4.5 of this chapter an abatement schedule based on the following factors
(I) The total amount of the taxpayer's investment in real and personal properh
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state minimum cage
(4) The infrastructure requirements for the taxpayer's investment.
(b) This subsection applies to a statement of benefits approved after June 30,2013. A d signaling body shall establish an abatement schedule
for each deduction allowed under this chapter An abatement schedule must specify t e percentage amount of the deduction for each year of
the deduction. An abatement schedule may not exceed ten(10)years.
(a) An abatement schedule approved for a particular taxpayer before July 1,2013,vernal is in effect until the abatement schedule expires under
the terms of the resolution approving the taxpayer's statement of benefits.
•
Page 2 of 2