Metropolitan Development Commission: Meeting Details · Metropolitan Development Commission:...

Metropolitan Development Commission: Meeting Notice

Meeting Details:

Notice is hereby given of a public hearing to be held virtually on June 17, 2020 at 1:00 p.m. via WebEx. Members of the public may join the meeting at 12:55 p.m. Date: June 17, 2020 Time: 1:00 P.M. Location and Event Information for the General Public: https://indy.webex.com/indy/onstage/g.php?MTID=ecdcdd3365d33e5ed1281a7fcf74812b7 United States Toll: +1-408-418-9388 United States Toll Free: 1-844-992-4726 Event number (access code): 129 935 7055

Business and Policy Resolutions: Adoption of Meeting Minutes: June 03, 2020 REAL ESTATE: Resolution No. 2020-R-030 Authorizes DMD to convey title of fifteen (15) properties to Renew Indianapolis, Inc. for the sale prices listed on Exhibit A of the resolution in consideration of certain commitments to be made by Renew for the purpose of providing neighborhood re-development. Resolution No. 2020-R-031 Authorizes DMD to amend an agreement with Arsee Engineers to allow for a $3,000.00 increase in the total agreement amount to conduct a re-bidding process for repairs to the Market District Garage. ECONOMIC DEVELOPMENT/INCENTIVES: Resolution No. 2020-E-009 Authorizes and approves a grant of unobligated funds on deposit in the Consolidated Redevelopment Allocation Fund to the Indianapolis Private Industry Council Inc., d/b/a EmployIndy, to implement a Marion County employee training program for Zylo, Inc., in an amount not to exceed $110,000.00. Resolution No. 2020-E-010 Authorizes and approves a grant of unobligated funds on deposit in the Consolidated Redevelopment Allocation Fund to the Indianapolis Private Industry Council Inc., d/b/a EmployIndy, to implement a Marion County employee training program for Kainos Worksmart, Inc., in an amount not to exceed $110,000.00. Resolution No. 2020-A-017 (For Public Hearing) Approves a final Economic Revitalization Area Resolution for POINT Biopharma, Inc., located at 4850 West 78th Street, Council District #1, Pike Township. Recommend approval of eight (8) years real property tax abatement.

https://indy.webex.com/indy/onstage/g.php?MTID=ecdcdd3365d33e5ed1281a7fcf74812b7

https://indy.webex.com/indy/onstage/g.php?MTID=ecdcdd3365d33e5ed1281a7fcf74812b7

Metropolitan Development Commission: Meeting Notice

Resolution No. 2020-A-018 (For Public Hearing) Approves a final Economic Revitalization Area Resolution for POINT Biopharma, Inc., located at 4850 West 78th Street, Council District #1, Pike Township. Recommend approval of eight (8) years personal property tax abatement. COMMUNITY INVESTMENTS: Resolution No. 2020-C-004 Authorizes DMD to extend the term of Housing Trust Fund (HTF) agreement with Partners in Housing Development Corporation to December 31, 2020. No additional funding is being added to this contract.

Zoning Petitions:

See next page.

Community Economic Development

Indy Land Bank/Renew Indianapolis

Real Estate Conveyance - June 17, 2020

METROPOLITAN DEVELOPMENT COMMISSION

OF

MARION COUNTY, INDIANA

Resolution No. 2020-R-030

WHEREAS, The City of Indianapolis, Department of Metropolitan Development ("DMD"), is engaging in

disposition and redevelopment activities within the Marion County Redevelopment District in Marion

County, Indiana ("Redevelopment District"); and

WHEREAS, pursuant to I.C. 36‑7‑15.1‑6, the Metropolitan Development Commission ("Commission") is

charged with the responsibility of promoting the use of land in the manner that best serves the interest of

the City of Indianapolis ("City") and its inhabitants, both from the standpoint of human needs and economic

values; and

WHEREAS, the Commission has acquired real property listed on the attached Exhibit A of this Resolution,

all generally located in the Redevelopment District (collectively, the "Properties"); and

WHEREAS, in accordance with IC 36-7-15.1-15.1, the Commission may sell or grant at no cost title to real

property to a qualifying corporation for the purpose of providing development that will benefit or serve low

or moderate income families if such a corporation agrees to the requirements of IC 36-7-15.1-15.1(b), which

includes requiring that the development that will serve or benefit low or moderate income families on the

Property be completed within a specified period and meets certain additional criteria set forth therein; and

WHEREAS, Renew Indianapolis, Inc. (“Renew”) is a qualifying corporation as defined in IC 36-7-15.1-

15.1; and

WHEREAS, DMD desires to convey title or an option to purchase title of the Fifteen (15) Properties to

Renew as a qualifying corporation as described and for the respective sales and option/maintenance prices

listed on Exhibit A of this Resolution in consideration of certain commitments to be made by Renew for

the purpose of providing development that will benefit or serve low or moderate-income families;

NOW, THEREFORE, BE IT RESOLVED THAT:

1. The Metropolitan Development Commission does hereby authorize the DMD to convey title of the

Fifteen (15) Properties to Renew as described and for the sales and option/maintenance prices listed

on Exhibit A in consideration of certain commitments to be made by Renew for the purpose of

providing development that will benefit or serve low or moderate-income families.

2. The DMD Director is hereby authorized to execute the necessary documents, with such terms and

provisions as may be deemed necessary or appropriate, including without limitation, commitments

to be made by Renew Indianapolis, Inc., consistent with Indiana Code 36-7-15.1-15.1, to best

accomplish the objectives set forth herein and all actions heretofore taken by any such official

toward the completion thereof are hereby ratified, confirmed and approved, for the conveyance of

said Properties in accordance with this Resolution.

Approved as to Adequacy & Legal Form Metropolitan Development Commission

________________________________ __________________________________

Sheila Kinney, Asst. Corp Counsel John J. Dillon III, President

Date: ___________________________ Date: _____________________________

Exhibit A

Property Information

Parcel Street

Address

Zip

Code

Application

Type

Property

Type

City's

Sale Price

Renew's

Sale

Price

Total Buyer Name

9057397 205

COSSEL

L DR

46224 Homestead Vacant

Lot

$8,250.00 $6,750.00 $15,000.0

0

Kamalpreet

Kaur, Shers of

Indiana

1060430 1810

UNION

ST

46225 Standard Residenti

al

Dwelling

$16,912.5

0

$13,837.5

0

$30,750.0

0

Kamalpreet

Kaur, Shers of

Indiana

Sheila Kinney

6/8/20

1006364 1956

HOLLO

WAY

AVE


al

Dwelling

$12,375.0

0

$10,125.0

0

$22,500.0

0

Scott White,

Jackson

Alexander

Investments,

LLC

1062294 2849 N

NEW

JERSEY

ST


al

Dwelling

$25,850.0

0

$21,150.0

0

$47,000.0

0

Mark

Buckingham,

Full Circle

Development

II LLC

1079079 411 N

KEYSTO

NE AVE


al

Dwelling

$9,652.50 $7,897.50 $17,550.0

0

Mina Starsiak

Two Chicks &

a Hammer,

Two Chicks

and a Hammer

1100351 514

SPRUCE

ST

46203 Standard Vacant

Lot

$7,975.00 $6,525.00 $14,500.0

0

Jason

Blankenship,

Latitude

Community

Investments,

LLC

1068916 1502 N

EWING

ST


al

Dwelling

$14,355.0

0

$11,745.0

0

$26,100.0

0

Dana Willis,

ASBURY

RESIDENTIA

L

DEVELOPM

ENT LLC

1062796 2509 E

16TH ST


al

Dwelling

$11,137.5

0

$9,112.50 $20,250.0

0

Dana Willis,

ASBURY

RESIDENTIA

L

DEVELOPM

ENT LLC

1048599 1264 W

33RD ST

46208 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 Rebecca

Lunsford

1041785 2310 E

24TH ST

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 Gerald Young

7017487 3733 N

WHITTIE

R PL

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 Quinnton

Bowers

1032522 2621

ADAMS

ST

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 AMBER

MYERS

1036816 2406

ADAMS

ST

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 AMBER

MYERS

1018455 2626

ADAMS

ST

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 AMBER

MYERS

1067840 2240

HOVEY

ST

46218 Future

Developmen

t Lot

Vacant

Lot

$250.00 $500.00 $750.00 AMBER

MYERS

NOTE:

Homestead - Applicants will use this property as their primary residence.

Standard - Applicants intend to rent or sell the property after completing the proposed project (rehab or

new construction).

Future Development Lot - Vacant Properties in city inventory; no requirement to build.

*This denotes a back-up offer, should the primary applicant fail to close

†This denotes a 12-month option, allowing the prospective buyer 12 months to solidify a project

proposal and/or funding. The applicant would pay $500 per parcel to the DMD for the option.

1



RESOLUTION NO. 2020-R-031

WHEREAS, the Metropolitan Development Commission of Marion County, Indiana (the

“Commission”) serves as the Redevelopment Commission of the City of Indianapolis, Indiana (the

“City”) under IC 36-7-15.1 (the “Redevelopment Act”); and

WHEREAS, in that capacity the Commission serves as the governing body of the City of

Indianapolis Redevelopment District (the “District”) and the City’s Department of Metropolitan

Development (“DMD”); and

WHEREAS, the Redevelopment Act permits the Commission to designate allocation

areas in the District for the purposes of capturing and allocating property taxes commonly known

as tax increment finance revenues (“TIF Revenues”); and

WHEREAS, the Commission has previously established the Consolidated Redevelopment

Project Area (the “Consolidated Redevelopment Area”), has designated the Consolidated

Redevelopment Area as an allocation area (the “Consolidated Redevelopment Allocation Area”)

for the purposes of capturing TIF Revenues, has created an allocation fund (“the Consolidated

Redevelopment Allocation Program Fund”) for the Consolidated Redevelopment Allocation Area

into which TIF Revenues are deposited, and has approved the Consolidated Redevelopment

Project Area Redevelopment Plan, (the “Consolidated Redevelopment Plan”); and

WHEREAS, IC 36-7-15.1-26 authorizes the Redevelopment Commission to reimburse the

Consolidated City for reasonable expenditures associated with local public improvements; and

WHEREAS, the Market District Garage is located within the allocation area at 101 North

New Jersey Street and is owned by DMD; and

WHEREAS, the Commission previously adopted and approved Resolution No. 2019-R-

048, which appropriated a total of $1,500,000.00 from the Consolidated Redevelopment

Allocation Program Fund for capital repairs to the Market District Garage; and

WHEREAS, on October 16, 2019, the Commission adopted Resolution No. 2019-R-057,

authorizing DMD to enter into an agreement with Arsee Engineers to conduct field work, lighting

analysis, prepare a construction opinion, and conduct any necessary bidding process, in an amount

not to exceed $90,400.00, payable out of funds appropriated in Resolution No. 2019-R-048; and

WHEREAS, Arsee Engineers has performed its services under the agreement and all bids

received were either non-responsive or exceeded the project budget; and

WHEREAS, DMD and Arsee Engineers wish to conduct a new bidding process; and

2

WHEREAS, the new bidding process will reasonably require an increase in the

agreement’s not-to-exceed amount of $3,000.00; and

WHEREAS, these funds will be paid out of the funding previously appropriated in

Resolution No. 2019-R-048.

NOW, THEREFORE, BE IT RESOLVED by the Metropolitan Development Commission

of Marion County, Indiana acting as the Redevelopment Commission of the City of Indianapolis,

Indiana, as follows:

1. The Commission hereby authorizes the Department of Metropolitan Development to

enter into an amendment to the professional services agreement with Arsee Engineers

to allow for a new bidding process related to the Market District Garage and an increase

in the total agreement amount of $3,000.00, bringing the new total agreement amount

to $93,400.00.

2. The $3,000.00 increase will be paid out of the funding appropriated in Resolution No.

2019-R-048.

3. The Director of the Department of Metropolitan Development is hereby authorized to

execute any documents necessary to effectuate the authorizations set forth in this

Resolution.

4. This Resolution shall become effective immediately upon adoption by the

Commission.

Approved as to legal form and adequacy: Metropolitan Development Commission:

_________________________________ _________________________________

Thomas Moore, Asst. Corp. Counsel John J. Dillon III, President

Date: ___________________________ Date: ____________________________

06/11/2020

2020-E-009, Zylo, Inc. 2020 TIF Training Grant -1-

RESOLUTION NO. 2020-E-009

RESOLUTION OF THE METROPOLITAN DEVELOPMENT COMMISSION OF MARION COUNTY, INDIANA, AUTHORIZING EXPENDITURE

OF TAX INCREMENT FINANCE FUNDS

WHEREAS, the Metropolitan Development Commission of Marion County, Indiana (the “Commission”) serves as the Redevelopment Commission of the City of Indianapolis, Indiana (the “City”) under IC 36-7-15.1 (the “Redevelopment Act”); and


Indianapolis Redevelopment District (the “District”) and the City’s Department of Metropolitan Development (“DMD”); and

WHEREAS, the Redevelopment Act permits the Commission to create allocation areas in

the District for the purposes of capturing and allocating property taxes commonly known as tax increment finance revenues (“TIF Revenues”); and


Project Area (the “Consolidated Redevelopment Area”), has designated the Consolidated Redevelopment Area as an allocation area (the “Consolidated Redevelopment Allocation Area”) for purposes of capturing TIF Revenues, has created an allocation fund (the “Consolidated Redevelopment Allocation Fund”) for the Consolidated Redevelopment Allocation Area into which the TIF Revenues are deposited, and has approved the Consolidated Redevelopment Project Area Redevelopment Plan (the “Consolidated Redevelopment Plan”); and

WHEREAS, IC 36-7-25-7 authorizes the Commission to contract with an “eligible entity” as defined therein to provide educational programs, work training programs, worker retraining programs or other programs throughout the City of Indianapolis-Marion County, Indiana, (the “Unit”) designed to prepare individuals to participate in the competitive and local economy, and to fund those programs with any revenue legally available to the Commission; and

WHEREAS, the Indianapolis Private Industry Council Inc dba EmployIndy

(“EmployIndy”) is an Indiana nonprofit organization whose principal functions include the provision of work training programs and who qualifies as an eligible entity under IC 36-7-25-7; and

WHEREAS, Zylo, Inc. (the “Company”), has filed a request with DMD to incentivize the

Company to expand their facility at 55 Monument Circle, which is estimated to retain 65 jobs at an average hourly wage of $40.00 per hour and create 100 new jobs (an estimated 50 of which will be Marion County residents) with an average wage of $39.39 per hour by December 31, 2023 (the “Project”); and

WHEREAS, on April 19, 2017 the Commission approved Company’s first request for

work training funds, which required creation of 47 new jobs with an average wage of $32.78 per hour by December 31, 2019 (33 of which were estimated to be held by Marion County residents) (the “2017 Project”); and


WHEREAS, annual reports filed by Company and materials submitted in support of this work training funds request document that Company has exceeded the hiring and wage goals of the 2017 Project and that the Company workforce is currently comprised of 65% Marion County residents (42 of 65 current employees); and

WHEREAS, the DMD has recommended that the Commission contribute $110,000.00

from funds on hand in the Consolidated Redevelopment Allocation Fund as a training grant for the Company’s Marion County employees, and the Commission desires to contract with EmployIndy for a training program designed to fulfill this request;

NOW, THEREFORE, BE IT RESOLVED by the Metropolitan Development Commission

of Marion County, Indiana, acting as the Redevelopment Commission of the City of Indianapolis, Indiana, as follows:

1. The Commission hereby authorizes its officers and the officers of DMD to contract with EmployIndy for a work training program in connection with the Project, and further authorizes the expenditure of unobligated funds on deposit in the Consolidated Redevelopment Allocation Fund to fund the training program in the amount of $110,000.00 (which amount is less than fifteen percent (15%) of the allocated tax proceeds that the Commission receives on an annual basis). The Commission hereby finds and determines that the Project will directly serve and benefit the Consolidated Redevelopment Area in accordance with the Consolidated Redevelopment Plan. The Commission further finds that the training program will promote the redevelopment and economic development of the Unit, is of public utility and benefit, and is in the best interests of the City’s residents.

2. The City Controller is hereby authorized to disburse moneys from the Consolidated Redevelopment Allocation Fund for the training program described above, together with transactional costs related to the program and the Project. The Mayor and Controller of the City, the officers of the Commission and the Director of DMD, are hereby authorized and directed to take such further actions and execute such documents as they deem necessary or advisable to effectuate the authorizations set forth in this Resolution, including, without limitation, a grant agreement with EmployIndy and the Company setting forth the terms and conditions of the Commission’s contributions to the training program.

3. This Resolution shall take effect immediately upon adoption by the Commission. ADOPTED AND APPROVED at a meeting of the Metropolitan Development

Commission of Marion County, Indiana, held on June 17, 2020, at the City-County Building, 2nd floor, Public Assembly Room (Room 230), Indianapolis, Indiana.


METROPOLITAN DEVELOPMENT COMMISSION OF MARION COUNTY, INDIANA, acting as the Redevelopment Commission of the City of Indianapolis, Indiana

____________________________________________ John J. Dillon III, President ____________________________________________ Lena Hackett, Secretary

____________________________________________ Date Approved as to Legal Form and Adequacy this 10th day of June, 2020. ___________________________ Thomas Moore, Assistant Corporation Counsel Approved as the Availability of Funding Ken Clark, Controller

2020-E-010, Kainos Worksmart, Inc. TIF Training Grant

RESOLUTION NO. 2020-E-010

RESOLUTION OF THE METROPOLITAN DEVELOPMENT COMMISSION OF MARION COUNTY, INDIANA, AUTHORIZING EXPENDITURE

OF TAX INCREMENT FINANCE FUNDS

WHEREAS, the Metropolitan Development Commission of Marion County, Indiana (the “Commission”) serves as the Redevelopment Commission of the City of Indianapolis, Indiana (the “City”) under IC 36-7-15.1 (the “Redevelopment Act”); and


Indianapolis Redevelopment District (the “District”) and the City’s Department of Metropolitan Development (“DMD”); and

WHEREAS, the Redevelopment Act permits the Commission to create allocation areas in

the District for the purposes of capturing and allocating property taxes commonly known as tax increment finance revenues (“TIF Revenues”); and


Project Area (the “Consolidated Redevelopment Area”), has designated the Consolidated Redevelopment Area as an allocation area (the “Consolidated Redevelopment Allocation Area”) for purposes of capturing TIF Revenues, has created an allocation fund (the “Consolidated Redevelopment Allocation Fund”) for the Consolidated Redevelopment Allocation Area into which the TIF Revenues are deposited, and has approved the Consolidated Redevelopment Project Area Redevelopment Plan (the “Consolidated Redevelopment Plan”); and

WHEREAS, IC 36-7-25-7 authorizes the Commission to contract with an “eligible entity” as defined therein to provide educational programs, work training programs, worker retraining programs or other programs throughout the City of Indianapolis-Marion County, Indiana, (the “Unit”) designed to prepare individuals to participate in the competitive and local economy, and to fund those programs with any revenue legally available to the Commission; and

WHEREAS, the Indianapolis Private Industry Council Inc dba EmployIndy

(“EmployIndy”) is an Indiana nonprofit organization whose principal functions include the provision of work training programs and who qualifies as an eligible entity under IC 36-7-25-7; and

WHEREAS, Kainos Worksmart, Inc. (the “Company”), has filed a request with DMD to

incentivize the Company to expand their facility at 55 Monument Circle, which is estimated to retain 6 jobs at an average hourly wage of $53.33 per hour and create 133 new jobs (an estimated 67 of which will be Marion County residents) with an average wage of $57.98 per hour by December 31, 2024 (the “Project”); and

WHEREAS, the DMD has recommended that the Commission contribute $110,0000.00

from funds on hand in the Consolidated Redevelopment Allocation Fund as a training grant for the Company’s Marion County employees, and the Commission desires to contract with EmployIndy for a training program designed to fulfill this request;

2020-E-010, Kainos Worksmart, Inc. TIF Training Grant-2-

NOW, THEREFORE, BE IT RESOLVED by the Metropolitan Development Commission of Marion County, Indiana, acting as the Redevelopment Commission of the City of Indianapolis, Indiana, as follows:

1. The Commission hereby authorizes its officers and the officers of DMD to contract with EmployIndy for a work training program in connection with the Project, and further authorizes the expenditure of unobligated funds on deposit in the Consolidated Redevelopment Allocation Fund to fund the training program in the amount of $110,000.00 (which amount is less than fifteen percent (15%) of the allocated tax proceeds that the Commission receives on an annual basis). The Commission hereby finds and determines that the Project will directly serve and benefit the Consolidated Redevelopment Area in accordance with the Consolidated Redevelopment Plan. The Commission further finds that the training program will promote the redevelopment and economic development of the Unit, is of public utility and benefit, and is in the best interests of the City’s residents.

2. The City Controller is hereby authorized to disburse moneys from the Consolidated Redevelopment Allocation Fund for the training program described above, together with transactional costs related to the program and the Project. The Mayor and Controller of the City, the officers of the Commission and the Director of DMD, are hereby authorized and directed to take such further actions and execute such documents as they deem necessary or advisable to effectuate the authorizations set forth in this Resolution, including, without limitation, a grant agreement with EmployIndy and the Company setting forth the terms and conditions of the Commission’s contributions to the training program.

3. This Resolution shall take effect immediately upon adoption by the Commission. ADOPTED AND APPROVED at a meeting of the Metropolitan Development

Commission of Marion County, Indiana, held on June 17, 2020, at the City-County Building, 2nd floor, Public Assembly Room (Room 230), Indianapolis, Indiana.

2020-E-010, Kainos Worksmart, Inc. TIF Training Grant-3-

METROPOLITAN DEVELOPMENT COMMISSION OF MARION COUNTY, INDIANA, acting as the Redevelopment Commission of the City of Indianapolis, Indiana

____________________________________________ John J. Dillon III, President ____________________________________________ Lena Hackett, Secretary

____________________________________________ Date Approved as to Legal Form and Adequacy this 10th day of June, 2020. ___________________________ Thomas Moore, Assistant Corporation Counsel Approved as the Availability of Funding Ken Clark, Controller

METROPOLITAN DEVELOPMENT COMMISSION OF


FINAL ECONOMIC REVITALIZATION AREA RESOLUTION

RESOLUTION NO. 2020-A-017

REAL PROPERTY TAX ABATEMENT

POINT Biopharma, Inc.

4850 West 78th Street

WHEREAS, I.C. 6-1.1-12.1 allows a partial abatement of property taxes attributable to "redevelopment

or rehabilitation" activities (hereinafter "Project") in "Economic Revitalization Areas"; and

WHEREAS, I.C. 6-1.1-12.1 empowers the Metropolitan Development Commission (hereinafter

"Commission") to designate Economic Revitalization Areas and determine the length of the abatement

period and annual abatement schedule during the term of the abatement for such property by following

a procedure involving adoption of a preliminary resolution, provision of public notice, conducting of a

public hearing, and adoption of a resolution confirming the preliminary resolution or a modified version

of the preliminary resolution; and

WHEREAS, the Commission has established in Resolution No. 01-A-041, 2001, certain standards and

procedures for the designation of Economic Revitalization Areas for the partial abatement of property

taxes attributable to redevelopment or rehabilitation activities; and

WHEREAS, I.C. 6-1.1-12.1 empowers the Commission, at the time an Economic Revitalization Area is

designated, to limit the dollar amount of the deduction that will be allowed with respect to a project; and

WHEREAS, I.C. 6-1.1-12.1 requires an applicant for Economic Revitalization Area designation to

provide a statement of benefits and requires the Commission, before it makes a decision to designate

such an area as an Economic Revitalization Area, to determine that the Project can be reasonably

expected to yield the benefits identified in the statement of benefits and determine that the totality of

benefits arising from the Project is sufficient to justify Economic Revitalization Area designation; and

WHEREAS, a business (hereinafter "Applicant") named in the attachment to this Resolution, which is

incorporated herein by reference, has an ownership interest in the geographical area (hereinafter "Subject

Real Estate") described in such attachment; and

WHEREAS, the Applicant has requested the Subject Real Estate be designated as an Economic

Revitalization Area for the purpose of achieving property tax savings in connection with the Project set

forth in the attachment to this Resolution and occurring on the Subject Real Estate; and

WHEREAS, during a preliminary hearing at 1:00 p.m. on Wednesday, June 3, 2020, the Commission

received evidence about whether the Subject Real Estate should be designated as an Economic

Revitalization Area and recommended the appropriate length of the abatement period for such Area, and

the Commission adopted Preliminary Resolution No. 2020-A-015 preliminarily designating the

Subject Real Estate as an Economic Revitalization Area for an abatement period of eight (8) years

(“Preliminary Resolution”), and it fixed 1:00 p.m. on Wednesday, June 17, 2020, for the public hearing

of remonstrances and objections from persons interested in whether the Subject Real Estate should be

designated as an Economic Revitalization Area; and

WHEREAS, a copy of such Preliminary Resolution was properly filed with the Marion County Assessor

and proper legal notices were published indicating the adoption and substance of such Preliminary

Resolution and stating when and where such final hearing would be held; and

WHEREAS, pursuant to Commission Resolution No. 01-A-041, 2001, the Applicant and City have

entered into a Memorandum of Agreement which shall be utilized to measure compliance with the

proposed Project described in the attachment to this resolution; and

WHEREAS, at such final Hearing, evidence and testimony, and Factual Assertions 1 through 6 stated on

the attachment to the Preliminary Resolution were considered by the Commission.

NOW, THEREFORE, IT IS RESOLVED:

1. The Commission now confirms, adopts and approves such Preliminary Resolution and thereby finds

and establishes the area as an Economic Revitalization Area subject to the conditions that

designation as an Economic Revitalization Area allows the abatement of property taxes only relative

to the Project and the effectiveness of the designation can be terminated by action of the Commission

if:

A. The Applicant is unable to secure approval of the necessary variance or rezoning petition to

provide for the proposed development.

B. Construction on the Subject Real Estate is not in substantial conformance with the Project

description contained in the final resolutions as supplemented by information in the application,

site plan and elevations; or

C. Construction of the Project is not initiated within one (1) year of the date a final resolution

designating the Subject Real Estate as an Economic Revitalization Area is adopted.

2. The Economic Revitalization Area designation terminates four (4) years after the date a final

resolution is adopted; however, relative to redevelopment or rehabilitation completed before the end

of the four (4) year period, this termination does not limit the period of time the Applicant or

successor owner is entitled to receive a partial abatement of property taxes to a period of less than

eight (8) years.

3. This Economic Revitalization Area designation is limited to allowing the partial abatement of

property taxes attributable to redevelopment or rehabilitation activities: This designation does not

allow abatement of property taxes for installation of new manufacturing equipment under I.C.

6-1.1-12.1-4.5.

4. The Commission has determined that the Project can be reasonably expected to yield the benefits

identified in the attached "statement of benefits" and the "statement of benefits" is sufficient to

justify the partial abatement of property taxes requested, based on the following findings:

A. The estimate of the value of the proposed Project is reasonable for projects of that nature.

B. The estimate of the number of individuals who will be employed or whose employment will be

retained can reasonably be expected to result from the proposed Project.

C. The estimate of the annual salaries of those individuals who will be employed or whose

employment will be retained can reasonably be expected to result from the proposed Project.

D. Other benefits about which information was requested are benefits which can reasonably be

expected to result from the proposed Project.

E. The "Totality of Benefits" is sufficient to justify the deduction.

5. Under the authority of I.C. 6-1.1-12.1, the Commission directs the Department of Metropolitan

Development to survey projects receiving Economic Revitalization Area designation for compliance

with job creation/retention figures, salaries associated with these figures and investment figures

contained in the applicant's approved Final Economic Revitalization Area Resolution, the

Memorandum of Agreement executed by and between the applicant and the City, and/or the

statement of benefits form. The Commission may reduce the dollar amount, or rescind the deduction

in its entirety, and/or require repayment of all or a portion of the deductions received by the applicant

for failure to achieve the benefits identified in the Memorandum of Agreement and/or "statement of

benefits", or for failure to respond to the mandatory survey.

6. The Commission directs the Department of Metropolitan Development to survey the Project

described in the attachment to this Resolution annually for fourteen (14) years. The dates of the

fourteen (14) surveys shall be on or about the following dates: 2019, 2020, 2021, 2022, 2023, 2024,

2025, 2026, 2027, 2028, 2029, 2030, 2031, and 2032.

7. The Subject Real Estate and Project area are approved for an abatement period of eight (8) years.

8. The eight (8) year real property tax abatement shall utilize the following abatement schedule:

YEAR OF DEDUCTION PERCENTAGE

1st 100%

2nd 85%

3rd 77%

4th 63%

5th 50%

6th 38%

7th 25%

8th 13%

9. A copy of this Resolution shall be filed with the Marion County Auditor.


____________________________________________

John J. Dillon III, President

____________________________________________

Lena Hackett, Secretary

____________________________________________

Date

Approved as to Legal Form

and Adequacy June 9, 2020.

___________________________

Thomas Moore,

Assistant Corporation Counsel

STAFF ANALYSIS

REAL PROPERTY TAX ABATEMENT

Area Surrounding Subject Real Estate: The site is located within Park 100 between Georgetown

Road and 78th Street

Current Zoning: ................ I2

New Jobs Created: ........... 113

Jobs Retained: .................. None.

Estimated Cost of proposed project: $14,500,000.00

STAFF ANALYSIS

POINT Biopharma was founded in 2019, is headquartered in Toronto, and is a clinical-stage global

pharmaceutical company focused on the development and commercialization of radioligand therapies

for the treatment of cancer. The company is proposing to purchase a 77,000 square foot building that

will be fitted with custom clean rooms designed to filter particulate matter and recirculate fresh air.

Due to the nuclear medicines the company will produce, it will also install hot cells that protect workers

from radioactive materials handled by employees. Other improvements include electrical, mechanical,

and structure improvements necessary to erect the hot cells, mechanical control systems, monitoring

systems for the labs and hot cells, security and access control systems, HVAC, plumbing and electrical

systems for the labs, gas, and water system improvements.

As part of the Workforce Support Fund requirements to receive a tax abatement from the City, the

developer will expend $19,066.83 in bus passes, childcare cost, and training for workers making under

$18.00 per hour.

POINT Biopharma anticipates the creation of 113 new full time permanent jobs at an average wage of

$34.51 by December 31, 2024.

Staff believes this project does comply with the requirements of Metropolitan Development

Commission Resolution No. 01-A-041, 2001 concerning the granting of property tax abatement.

RECOMMENDATION: Staff recommends approval of eight (8) years real property tax

abatement.

TOTALITY OF BENEFITS

PETITIONER: POINT Biopharma, Inc.

INVESTMENT: Staff estimates that the proposed investment of $14,500,000.00 should result

in an increase to the tax base of approximately $1,519,800.00 of assessed

value. Staff estimates that over the eight (8) year real property tax abatement

period the petitioner will realize savings of approximately $182,190.17 (a

56.5% savings). During the abatement period, the petitioner is expected to

pay an estimated $790,559.53 in real property taxes on the project. After the

tax abatement expires, the petitioner can be expected to pay an estimated

$116,353.73 in real property taxes annually on the new improvements.

EMPLOYMENT: The petitioner estimates that this project will create at least one hundred

thirteen (113) positions at an average wage of $34.51/hr. Staff finds these

figures to be reasonable for a project of this nature.

OTHER BENEFITS: Staff believes this project is significant for Pike Township in terms of new

taxes and potential job creation and retention. Furthermore, staff believes the

petitioner’s project will lead to continued future investment and development

in Marion County.

STAFF COMMENT: Staff believes the "Totality of Benefits" arising from the project are

sufficient to justify the granting of the tax abatement.

.

PROJECT SUMMARY

Applicant: POINT Biopharma, Inc.

Subject Real Estate: 4850 West 78th Street

Pike Township Parcel Number: 6018598

Project Description


pharmaceutical company focused on the development and commercialization of radioligand therapies for

the treatment of cancer. The company is proposing to purchase a 77,000 square foot building that will be

fitted with custom clean rooms designed to filter particulate matter and recirculate fresh air. Due to the

nuclear medicines the company will produce, it will also install hot cells that protect workers from

radioactive materials handled by employees. Other improvements include electrical, mechanical, and

structure improvements necessary to erect the hot cells, mechanical control systems, monitoring systems

for the labs and hot cells, security and access control systems, HVAC, plumbing and electrical systems for

the labs, gas, and water system improvements.

As part of the Workforce Support Fund requirements to receive a tax abatement from the City, the

developer will expend $19,066.83 in bus passes, childcare cost, and training for workers making under

$18.00 per hour.


$34.51 by December 31, 2024.

New Jobs Created: 113 at $34.51/hr.

Jobs Retained: None.

Estimated Cost of Project: $14,500,000.00

RECOMMENDATION: Staff recommends approval of eight (8) years real property tax abatement.

2020-A-018 POINT Biopharma, Inc. – 8 year personal tax abatement

METROPOLITAN DEVELOPMENT COMMISSION OF


FINAL ECONOMIC REVITALIZATION AREA RESOLUTION

Resolution No. 2020-A-018

PERSONAL PROPERTY TAX ABATEMENT

POINT Biopharma, Inc.

4850 West 78th Street

WHEREAS, I.C. 6-1.1-12.1 allows a partial abatement of property taxes attributable to the installation of

new equipment (hereinafter the "Project") in Economic Revitalization Areas; and

WHEREAS, I.C. 6-1.1-12.1 empowers the Metropolitan Development Commission (hereinafter

"Commission") to designate Economic Revitalization Areas and determine the length of the abatement

period and annual deduction schedule during the term of the abatement for such property by following a

procedure involving adoption of a preliminary resolution, provision of public notice, conducting of a public

hearing, and adoption of a resolution confirming the preliminary resolution or a modified version of the

preliminary resolution; and

WHEREAS, the Commission has established in Resolution No. 01-A-041, 2001, certain standards and

procedures for the designation of Economic Revitalization Areas for the partial abatement of property taxes

attributable to the installation of new equipment; and

WHEREAS, I.C. 6-1.1-12.1 requires an applicant for Economic Revitalization Area designation to provide

a Statement of Benefits and requires the Commission, before it makes a decision to designate such an areas

as an Economic Revitalization Area, to determine that the Project can be reasonably expected to yield the

benefits identified in the Statement of Benefits and determine that the totality of benefits arising from the

project is sufficient to justify Economic Revitalization Area designation; and

WHEREAS, a business (hereinafter "Applicant") named in the attachment to this Resolution, which

attachment is hereby incorporated by reference, has a leasehold interest in the geographical area (hereinafter

"Subject Real Estate") described in such attachment; and

WHEREAS, the Applicant has requested that the Subject Real Estate be designated as an Economic

Revitalization Area for the purpose of achieving property tax savings in connection with the installation on

the Subject Real Estate of certain new manufacturing, logistical distribution, information technology, and/or

research and development equipment (hereinafter "Specified New Equipment"); and

WHEREAS, during a preliminary hearing at 1:00 p.m. on Wednesday, June 3, 2020 the Commission

received evidence about whether the Subject Real Estate should be designated as an Economic

Revitalization Area and the Commission adopted Preliminary Resolution No. 2020-A-016 (“Preliminary

Resolution”), preliminarily designating the Subject Real Estate as an Economic Revitalization Area, and


subject to the adoption of a confirming resolution by the Commission and subject to limiting conditions,

and it fixed 1:00 p.m. on Wednesday, June 17, 2020, for the public hearing of remonstrances and objections

from persons interested in whether the Subject Real Estate should be designated as an Economic

Revitalization Area to allow for the installation of the Specified New Equipment; and

WHEREAS, a copy of such Preliminary Resolution was properly filed with the Marion County Assessor

and proper legal notices were published indicating the adoption and substance of such Preliminary

Resolution and stating when and where such final hearing would be held; and

WHEREAS, pursuant to Commission Resolution No. 01-A-041, 2001, the Applicant and City have entered

into a Memorandum of Agreement which shall be utilized to measure compliance with the proposed Project

described in the attachment to this resolution; and

WHEREAS, at such final Hearing, evidence and testimony, and Factual Assertions 1 through 6 stated on the

attachment to the Preliminary Resolution were considered by the Commission. NOW, THEREFORE, IT IS RESOLVED: 1. The Commission now amends, confirms, adopts and approves such Preliminary Resolution and Waiver

and thereby designates, finds and establishes the Subject Real Estate to be an Economic Revitalization

Area. This designation is subject to the conditions that designation allows abatement of property taxes

only relative to the installation of the Specified New Equipment on the Subject Real Estate. However,

on the written request of the Applicant, the Director of the Department of Metropolitan Development is

allowed to authorize in writing, substitutions, modifications and additions which are not substantial in

nature to the Specified New Equipment, prior to March 1 of the year in which the initial certified

deduction application for the Specified New Equipment is filed with the County Assessor.

2. The Economic Revitalization Area designation terminates December 31, 2023. Accordingly,

partial abatement of property taxes is allowed relative to Specified New Equipment installed and

in operation on the Subject Real Estate during the period June 17, 2020, to December 31, 2023.

However, termination of this designation does not limit the time the Applicant or successor owner is

entitled to receive a partial abatement of property taxes, relative to Specified New Equipment installed

on the Subject Real Estate before termination of such designation, to a period of less than eight (8)

years.

3. The partial abatement of property taxes attributable to the installation of the Specified New Equipment

is subject to limitations contained in I.C. 6-1.1-12.1-4.5 (c) and (d). 4. This Economic Revitalization Area designation is limited to allowing partial abatement of property taxes

attributable to the installation of the Specified New Equipment on the Subject Real Estate and does not

allow the abatement of real property taxes attributable to redevelopment or rehabilitation activities under

I.C. 6-1.1-12.1-3.

5. The Commission has determined that the Project can reasonably be expected to yield the benefits

identified in the attached personal property statement of benefits (the “Statement of Benefits”) and that


the Statement of Benefits is sufficient to justify the partial abatement of property taxes requested, based

on the following findings: A. The estimate of the cost of the Specified New Equipment is reasonable for equipment of that type.

B. The estimate of the number of individuals who will be employed or whose employment will be

retained can reasonably be expected to result from the proposed installation of the Specified New

Equipment. C. The estimate of the annual salaries of those individuals who will be employed or whose employment

will be retained can reasonably be expected to result from the proposed installation of the Specified

New Equipment. D. Other benefits about which information was requested are benefits which can reasonably be

expected to result from the proposed installation of the Specified New Equipment. E. The "Totality of Benefits" is sufficient to justify the deduction. 6. Under the authority of I.C. 6-1.1-12.1, the Commission directs the Department of Metropolitan

Development to survey projects receiving Economic Revitalization Area designation for compliance

with job creation/retention figures, salaries associated with these figures and investment figures

contained in the Applicant's approved Final Economic Revitalization Area Resolution, the Memorandum

of Agreement executed by and between the Applicant and the City, and/or the Statement of Benefits

form. The Commission may reduce the dollar amount, or rescind the deduction in its entirety, and/or

require repayment of all or a portion of the deductions received by the applicant for failure to achieve the

benefits identified in the attached Memorandum of Agreement and/or "Statement of Benefits" or failure

to respond to the mandatory survey. 7. The Commission directs the Department of Metropolitan Development to survey the Project described

in the attachment to this resolution annually for thirteen (13) years. The dates of the thirteen (13) surveys

shall be on or about the following dates: 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029,

2030, 2031, and 2032.

8. The Statement of Benefits is approved and the Subject Real Estate area and Applicant’s Specified New

Equipment are approved for an abatement deduction period of eight (8) years.

9. The eight (8) year personal property tax abatement shall utilize the following deduction schedule:

YEAR OF DEDUCTION PERCENTAGE

1st 100%


2nd 85%

3rd 77%

4th 63%

5th 50%

6th 38%

7th 25%

8th 13%

10. A copy of this Resolution shall be filed with the Marion County Auditor.


John J. Dillon III, President

Lena Hackett, Secretary

Date

Approved as to Legal Form

and Adequacy June 9, 2020.

___________________________

Thomas Moore,

Assistant Corporation Counsel


STAFF COMMENT

PERSONAL PROPERTY TAX ABATEMENT

Street Addresses: ……….4850 West 78th Street

New Jobs Created: ........... 113

Jobs Retained: .................. None

Estimated Cost of Equipment: $4,400,000.00 STAFF ANALYSIS


pharmaceutical company focused on the development and commercialization of radioligand therapies for the

treatment of cancer. The company is proposing to purchase a 77,000 square foot building that will be installing

automated equipment for filling, inspecting, labeling, and shielding vials, packaging systems, radiation safety

equipment, laboratory equipment used for production and testing, servers, computers, and other IT systems

used for inventory management and quality control.

As part of the Workforce Support Fund requirements to receive a tax abatement from the City, the developer

will expend $19,066.83 in bus passes, childcare cost, and training for workers making under $18.00 per hour.


$34.51 by December 31, 2024.

The applicant is requesting tax abatement to assist in off-setting the high costs of investment associated with

this proposed project. The granting of property tax abatement will assist the petitioner in making this project

more economically feasible by phasing in the increased tax liability resulting from the investments. In staff’s

opinion, a project such as this would not be economically feasible without the tax abatement incentive. Staff

believes that the use of tax abatement is an appropriate tool to assist with this project and support continued

development within Marion County. For these reasons, staff believes tax abatement to be an appropriate tool

for development.

Staff believes this project does comply with the requirements of Metropolitan Development Commission

Resolution No. 01-A-041, 2001 concerning the granting of property tax abatement.

RECOMMENDATION: Staff recommends approval of eight (8) years personal property tax abatement.


TOTALITY OF BENEFITS

PETITIONER: POINT Biopharma, Inc.

INVESTMENT: Staff estimates that the proposed investment of $4,400,000.00 should result in an

increase to the tax base of approximately $1,760,000.00 of assessed value in the

first year of operation. Staff estimates that over the eight (8) year personal

property tax abatement period the petitioner will realize savings of approximately

$199,146.39 (a 61.6% savings). During the abatement period, the petitioner is

expected to pay an estimated $123,962.33 in personal property taxes related to

the new equipment. After the tax abatement expires, the petitioner can be

expected to pay an estimated $29,079.78 in personal property taxes annually

related to the new equipment.

EMPLOYMENT: The petitioner estimates that this project will create 113 jobs at an average wage of

$34.51.hr. Staff finds these figures to be reasonable for a project of this nature.

OTHER BENEFITS: Staff believes this project is significant for Pike Township in terms of new taxes and

potential job creation and retention. Furthermore, staff believes the petitioner’s

project will lead to continued future investment in Marion County.

STAFF COMMENT: Staff believes the "Totality of Benefits" arising from the project are sufficient to

justify the granting of the tax abatement.


PROJECT SUMMARY

Applicant: POINT Biopharma, Inc.

Subject Real Estate: 4850 West 78th Street

Pike Township Parcel Number: 6018598

Project Description:

POINT Biopharma was founded in 2019, is headquartered in Toronto, and is a clinical-stage global pharmaceutical

company focused on the development and commercialization of radioligand therapies for the treatment of cancer.

The company is proposing to purchase a 77,000 square foot building that will be installing automated equipment

for filling, inspecting, labeling, and shielding vials, packaging systems, radiation safety equipment, laboratory

equipment used for production and testing, servers, computers, and other IT systems used for inventory

management and quality control.

As part of the Workforce Support Fund requirements to receive a tax abatement from the City, the developer will

expend $19,066.83 in bus passes, childcare cost, and training for workers making under $18.00 per hour.

POINT Biopharma anticipates the creation of 113 new full time permanent jobs at an average wage of $34.51

by December 31, 2024.

Staff recommends approval of six (6) years real property tax abatement.

New Jobs Created: 113 at $34.51/hr.

Jobs Retained: None.

Estimated Cost of Project: $4,400,000.00

RECOMMENDATION: Staff recommends approval of eight (8) years personal property tax

abatement.

Metropolitan Development Commission: Meeting Details · Metropolitan Development Commission:...

Documents

Transcript of Metropolitan Development Commission: Meeting Details · Metropolitan Development Commission:...