HomeMy WebLinkAbout1990-OR-55 ORDINANCE NO. 90-OR-~
ORDINANCE CREATING REDEVELOPMENT AUTHORITY
WHEREAS,
Council of
Jeffersonville
Indiana Code
the City of
Redevelopment
36-7-14.5-7 allows the Common
Jeffersonville to create a
Authority as a separate body
corporate and politic and as an instrumentality of the unit to
finance local public improvements for lease to the
Redevelopment Commission; and,
WHEREAS, the Common Council of the City of Jeffersonville
is aware of the monumental undertaking of the Jeffersonville
Redevelopment Commission (hereinafter the "Commission") in the
Falls Landing Riverfront Development Project, and of the
necessity for maximum flexibility for creative financing of
public infrastructure within that project.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of Jeffersonville that it hereby creates the
Jeffersonville Redevelopment Authority for the following
purposes pursuant to Indiana Code 36-7-14.5-11:
1. Financing, constructing, and leasing local public
improvements to the Redevelopment Commission.
2. Financing and construction of additional improvements
to the local public improvements owned by the
Authority and leasing them to the Commission.
3. Acquiring all or a portion of one or more local
public improvements from the Commission by purchase
or lease and leasing these local public improvements
back to the Commission, with any additional
improvements that may be made to them.
4. Acquiring all or a portion of one or more local
public improvements from the Commission by purchase
or lease to fund or refund indebtedness incurred on
account of those local public improvements to enable
the Commission to make a savings in debt services
obligations or lease rental obligations or to obtain
relief from covenants that the Commission considers
to be unduly burdensome.
To discharge all additional powers and duties allowed
under Indiana law.
BE IT FURTHER ORDAINED that the Board shall consist of
three (3) members who must be residents of the City of
Jeffersonville and shall be appointed by the Mayor. Each
member is entitled to serve a three (3) year term and may be
reappointed to subsequent terms. Such members shall be subject
to the further provisions and restrictions of Indiana Code
36-7-14.5 et seq.
This Ordinance shall be in full force and effect upon its
timely passage, promulgation and approval by the Mayor.
Passed and adopted by the Common Council of the City of
Jeffersonville, Clark County, Indiana, on the ~ day of
. /PRESIDENT, COMMON COUNCIL
ATTEST: / ~
Presented by me as Clerk-Treasurer to the Mayor of said
/
City of Jeffersonville this ~ day of /~6/'. ,
1990.
This O~r~nance approved
day of /V~ , 1990.
and signed by me this