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HomeMy WebLinkAbout2013-R-3 CITY OF JEFFERSONVILLE, INDIANA COMMON COUNCIL RESOLUTION NO. A RESOLUTION OF THE JEFFERSONVILLE COMMON COUNCIL APPROVING THE ISSUANCE OF BONDS BY THE JEFFERSONVILLE REDEVELOPMENT COMMISSION WHEREAS, the Jeffersonville Redevelopment Commission ( "Commission ") has determined to issue its Redevelopment District Tax Increment Revenue Bonds of 20 , Series (to be completed with the year in which issued and Series designation) ( "Bonds ") to finance the construction of certain local public improvements as described on Exhibit A attached hereto (collectively, "Project") in, serving or benefitting the Inner City Road Economic Development Area ("Inner City Road Area") and the Falls Landing Riverside Redevelopment Area (Falls Landing Area" and collectively with Inner City Road Area, "Areas ") and to pay issuance expenses, including funding a debt service reserve for the Bonds, pursuant to the Commission's resolutions adopted on February 20, 2013 ( "Bond Resolutions "); and WHEREAS, the Common Council of the City of Jeffersonville, Indiana is required by IC 36- 7- 14- 25.1(p) to approve an issuance of bonds of the Commission; and WHEREAS, the debt service on the Bonds shall be payable from incremental real property taxes levied and collected in the Areas on a parity with certain outstanding bonds of the Commission, and allocated and deposited as provided in the Bond Resolutions; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA, THAT: Section 1. The Common Council hereby approves the issuance of the Bonds in an amount not to exceed $11,000,000 to apply on the costs of the Project in, serving or benefitting the Areas and the incidental costs associated therewith, including costs of issuance, funding a debt service reserve for the Bonds and incidental expenses incurred in connection with the Project. Section 2. This resolution shall be in full force and effect from and after its passage. I /3151130.2 PASSED AND ADOPTED by the Common Council of the City of Jeffersonville, Indiana, this 18 day of March, 2013. COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA . ' zietio.,- Presiding Officer ATTEST: itc-c...L- id-zA.3 Clerk Presented by me to the Mayor of the City of Jeffersonville, Indiana, this 1 9 day of March, 2013. 1:4-kc Z9'-di—fr Clerk 11 Signed and approved by me, the Mayor of the City o,' effersonville, Indiana, on this day of March, 2013. 1 Mayor - 2 - I/3151130.2 Y V EXHIBIT A Description of Project The design, construction, equipping and furnishing of the police headquarters located at 2212 East 10th Street. Additionally, for the costs related to the land acquisition, infrastructure and site improvements. Also, for the renovation of the existing police offices at the City Hall located at 500 Quartermaster Court into a courtroom, court offices and other municipal offices. I/3151130.2 ICE MILLER LLP DRAFT FOR DISCUSSION PURPOSES ONLY March 18, 2013 JEFFERSONVILLE REDEVELOPMENT COMMISSION TIF FINANCING PROPOSED TIMETABLE POLICE STATION Date Activity February 20, 2013 Redevelopment Commission adopts bond resolutions; adopts Amending Declaratory Resolutions to amend economic development plans to add City Hall improvements February 26, 2013 Jeffersonville Plan Commission adopts orders approving Amending Declaratory Resolutions March 4, 2013 Deliver notice of public hearing on appropriation of bond proceeds to newspaper; deliver notice of public hearing on Amending Declaratory Resolution March 4, 2013 Common Council considers resolution approving issuance of bonds (Introduction); adopts resolutions approving Plan Commission orders March 11, 2013 Notice of public hearing on appropriation of bond proceeds and notice of public hearing on Amending Declaratory Resolutions published in The Evening News March 18, 2013 Common Council adopts resolution approving issuance of bonds (2nd and final reading) Week of March 18, 2013 Preliminary official statement distributed Week of March 25, 2013 Receive rating on bonds, print POS and distribute to potential buyers March 27, 2013 Redevelopment Commission holds public hearing on additional appropriation; adopts additional appropriation resolution; holds public hearings on Amending Declaratory Resolution and adopts Confirmatory Resolution April 11, 2013 Sale of bonds negotiated; purchase agreement signed Week of April 15, 2013 Final official statement distributed April 25, 2013 Closing; give notice to proceed ©Ice Miller LLP March 18, 2013 1/3050156.3 Assumptions: • All bodies comply with Indiana Open Door Law • Common Council meets at 7:00 p.m. on 1 and 3` Monday of the month • Redevelopment Commission meets at 6:00 p.m. on the last Wednesday of each month • Assumes negotiated sale of bonds; may be sold by competitive sale • The Evening News (Jeffersonville) published daily (Mon.- Sat.); Deadline: 4 business days prior • Police Station bonds will be payable from LOIT even though LOIT will not be pledged -2 1/3050156.3