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HomeMy WebLinkAbout2023-R-07 Resolution Approving Statement o Benefits for Proposed Real Property Tax Abatement (Bridgepoint Partners REIG, LLC) BEFORE THE COMMON COUNCIL FOR THE CITY OF JEFFERSONVILLE INDIANA RESOLUTION NO. 2023-R- '7 RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PROPOSED REAL PROPERTY TAX ABATEMENT WHEREAS, Bridgeport Partners REIG, LLC petitioned the Common Council of the City of Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on proposed real estate improvements to be generally located at 1205 Bridgeport Drive, located in the City of Jeffersonville, Clark County, Indiana; and WHEREAS, Bridgeport Partners REIG, LLC has submitted a Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for real property, which statement includes a description of the estimated construction and investment cost, an estimated number of the individuals who will be employed as a result of the construction and investment, and estimated hourly salary of these individuals. WHEREAS,the Common Council of the City of Jeffersonville has previously determined that the area in which the proposed construction project is located in the City of Jeffersonville qualifies as an economic revitalization area pursuant to Indiana Code 6-1.1-12.1-5, et seq.; and WHEREAS,the Redevelopment Commission of the City of Jeffersonville has made a favorable recommendation for approval of the Statement of Benefits for real property; and WHEREAS,the Common Council of the City of Jeffersonville has reviewed the Statement of Benefits and its attachment "A" submitted herein, and attaches and incorporates the Statement of Benefits submitted herein, and attaches and incorporates the attachment"A" to this Resolution. BE IT FURTHER RESOLVED, that the Common Council of the City of Jeffersonville, Indiana, hereby approves the application for deduction presented by the Statement of Benefits filed by Bridgeport Partners REIG, LLC , and that said company shall be entitled to deduction for a period of TEN (10) years for improvements to real property pursuant to provisions of I.C. 6-1.1-12.1-3(d), with the timely filing and perfection thereof with the Clark County Auditor's and Clark County Assessor's office. This Resolution shall be in full force and effect from and after its passage and approval. Passed this IS day of May,2023. [signature page to follow] VOTED FOR: VOTED AGAINST: "---42A4 ��VV vl Passed and adopted by the Common Council of the City of Jeffersonville, Clark County, Indiana on this l,� day of May, 2023. L117fr Matt Owen, Co ncil President Attest: Lisa Gill, Clerk Presented by me as Clerk to the Mayor of said City of Jeffersonville this l(I day of May, 2023. Lisa Gill, Clerk This Resolution approved and signed by me this /7 day of M , 2023. Mike Moore, Mayor This Resolution vetoed by me this day of May, 2023. Mike Moore, Mayor NOW,THEREFORE, BE IT RESOLVED,by the Common Council of the City of Jeffersonville, Indiana, that it specifically and affirmatively finds as follows: 1. That the estimate value of the qualifying real estate improvement of$14,756,000.00 is reasonable for projects of the nature described in the Statement of Benefits submitted by the company. 2. That the effective"start date" of the deduction period will begin on , following approval from the Redevelopment Commission of the City of Jeffersonville. 3. That the abatement schedule is justified and prescribed by the Tax Abatement Score Sheet attached as"Exhibit A" in accordance with the Tax Abatement guidelines and Principles set out in Jeffersonville City Ordinance, Ordinance No. 2015-OR-56. 4. That the estimate of the number of 25 new individuals to be employed at the project site can reasonably be expected to result from the proposed described construction and investment. 5. That the estimate of the annual salaries of the 25 new individuals who will be employed at the project site can reasonably be expected to result from the proposed described construction and investment. 6. That the taxes lessened from the granting of this abatement shall be for improvements in real estate up to the value of$14,756,000.00. 7. That all other information requested from Bridgeport Partners REIG, LLC has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described construction and investment. 8. That the totality of benefits for said construction and investment is sufficient to justify the deduction. 111 9. That Bridgeport Partners REIG, LLC has agreed to the payment of a fee of 10% of the annual benefit of the abatement of the Jeffersonville City Council annually as described in I.C. 6-1.1-12.1-14. Abatement Schedule Exhibit Real Property Year Abatement Percentage 1 100% exempt 2 95% exempt 3 80% exempt 4 65% exempt 5 50% exempt 6 40% exempt 7 30% exempt 8 20% exempt 9 10% exempt 10 5% exempt 11 First year of full property tax payment ATTACHMENT TO THE STATEMENT OF BENEFITS FOR BRIDGEPORT PARTNERS REIG,LLC ,2023 The Council will grant a 10-year abatement on S14,756,000.00 in real property as allowed by state statute. The Company will provide jobs and salaries as specified in the SB-1 and any attachment thereto. It is the expectation of the Council that the company will reach the number of employees and average wages specified on the SB-1 within five years.The Company understands this abatement is being offered based upon those jobs and wages.If the company fails to substantially reach those numbers or fails to maintain those numbers over the life of the abatement,the Council may,as provided by law,rescind this abatement.The Company agrees to make available any and all information the Council de iiis necessary to verify compliance. The Company agrees to pay an annual fee of 10°o as described in Indiana Code 6-1.1-12.1-14. BRIDGEPORT PARTNERS RIEG,LLC By: nted: Title: J