HomeMy WebLinkAbout2003-R-05RESOLUTION NO. 2003-R-----~*,1~ .............
A Resolution To Distribute Revenues From The Clark county Economic Development Income Tax (EDIT)
By The City Of Jeffersonville.
WHEREAS, The Common Council of the County of Clarlq State of Indiana has passed legislation in
accordance with Indiana Code 6-3.5-7 whereby certain gross income taxes and certain Economic
Development Income Taxes (EDIT) will generate income for the City of Jeffersonvillei and
WHEREAS, the rate imposed by the County Council for EDIT will be 0.5% on the adjusted gross income
for county taxpayers of which fifty percent (50%) or a rate of 0.25% will be distributed to the cities and
towns in Clark County based on the proportionate amount of property tax collections in each city and town;
and
WHEREAS, the amount of revenue to the City of Jeffersonville as its share of the EDIT distribution fi.om
the rate of 0.25% is estimated to be $1,1 t9,000 per year beginning in July, 2004; and
WHEREAS, the City of Jeffersonville (City) is required to adopt a capital improvement plan in order to
receive its share of the EDIT distribution and the capital improvement plan must identify and describe each
project to be funded fi.om EDIT, estimate the total cost of each project, identify all sources of funds to be
used for each project and indicate the planning, development and construction schedule of each project; and
WHEREAS, direct payments of EDIT revenue may be made for an economic development project; the
construction of any capital project for which general obligation bonds may be issued; the construction or
acquisition of, or remedial action with respect to, any capital project for which a cumulative capital
development fund may be established and;
WHEREAS, the fiscal body of the City may issue bonds payable fi.om the City's EDIT distribution for
economic development projects, or any capital project for which the fiscal body is authorized to issue
general obligation bonds. Bonds issued under any other statute to finance a capital project may also be paid
fi.om EDIT proceeds.
NOW, THEREFORE, IT IS HEREBY RESOLVED that the City of Jeffersonvill,~,adopt and approve, under
IC6-3.5-7 the following specific projects for which EDIT proceeds will be distribdted: fi.om the years 2004
through the year 2014.
PROJECT DESCRIPTION COST YEAR
1 Contribution for Expansion of Clark County Jail Facility $1,500,000 2005
2 Construction of City Fire Station ~4 $1,500,000 2004
3 Construction of Jeffersonville City Hall $2,000,000 2004
4 Renovation Carnegie Building $500,000 2006
5 Parks Department Capital Projects $1,000,000 2007
6 Construction of New Community Center $1,500,000 2007
7 Construction Senior Citizen Center $1,500,000 2006
8 Capital Projects for Social Services $500,000 Various
9 Cumulative Capital Development $1,500,000 Various
10 Administrative, Legal, Design $500,000 Various
IT IS HEREBY~FURTHER RESOLVED that the above specific projects and cost estimates be
considered as part of the Capital Improvement Plan that specifies the uses of the revenues from EDIT.
IT IS HEREBY FURTHER RESOLVED that the City may issue bonds payable from its EDIT
distribution to finance economic development projects and other capital projects in its capital improvement
plan.
IT IS HEREBY FURTHER RESOLVED that the City consider entering into a lease with a leasing
body of any property that could be financed with the proceeds of bonds issued under the EDIT statute and
the lease, may provide for payments from EDIT revenues, any other revenues available to the City, or a
combination of the sources.
IT IS HEREBY FURTHER RESOLVED that the City adopt a capital improvement plan, in order to
receive its EDIT distribution, on or before April 1, 2004.
this
Passed and adopted by the Common CounciI of the City of Jeffersonville, Clark County, Indiana
day of ,2003.
Thomas R. Galligan, Presiding. Officer
ATTEST:
Peggy Wilder, Clerk Treasurer
Presented by me as Clerk Treasurer to the Mayor. of said City of Jeffersonville this day of
,2003.
Approved and signed by me this
Peggy Wilder, Clerk Treasurer
day of
2003
Thomas R. Galligan, Mayor