HomeMy WebLinkAbout1988-R-11CITY OF JEFFERSONVILLE, INDIANA
RESOLUTION NO. ~
RESOLUTION AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE
INDIANA DEPARTMENT OF COMMERCE FOR INVESTMENT INCENTIVE PROGRAM (IIP)
FUNDING.
WHEREAS, The City of jeffersonville is desir6us of promoting
industrial development and expansion and the creation of new permanent
jobs within the city;
WHEREAS, J.C. Moag Corporation is desirOUS of locating in America's
Place in jeffersonville, Indiana;
WHEREAS, J.C. Moag Corporation has committed to locating in America's
Place, leasing a facility, and making a capital investment in equipment
of over $500,000 and will transfer equipment with an assessed value of
$500,000 to this site. The project will create approximately 154 full-
time employment opportunities for Indiana residents within two (2) years;
WHEREAS, This firm's commitment is subject to the approval of Investment
Incentive Program ~(IIP) funding by the Indiana Department of Commerce;
WHEREAS, The proposed project is consistent with the City's policy of
promoting development and expansion and with the City's overall development
scheme;
THEREFORE, LET IT BE RESOLVED, this 21st day of Maz, 1988, by the Common
Council of the City of jeffersonville tha~--~-~e Department of Redevelopment of
the City of jeffersonville is hereby authorized to prepare and package an
application to the Indiana Department of Commerce with regard to this project.
The application request shall total $50,000, exclusive of costS associated
with environmental review and project administration, for the purpose of
purchasing machinery and equipment by J.C. Moag Corporation. Upon application
approval, this $50,000 will be loaned to J.C. Moag Corporation at a below-
market interest rate. Repayments of said loan shall be deposited into the
Revolving Loan Fund to provide similar assistance to new and/or expanding
businesses in the City of jeffersonville.
LET IT BE FURTHER RESOLVED, by the Common Council that the Mayor of the
City of jeffersonville is authorized to execute all documents necessary for
the submission of the application and the grant agreement.
do ted this ~-~ day of ~..~ , 1988, by the
Passed a~d ~ .? .... ~ ~, 'lle. Clark County, Indiana.
Common Counci! o~ ~ne Ul~y u. ~: ....... vi . ~/~ /~ ~,
~oh~T D. Perkins, Jr, 7/
r~sident, Common Counc~
ATTES
~ Richard S~ence~}, Jr.
Clerk-Treasurer --
as Clerk-Treasurer to the Mayor of the City of jeffersonville,
Presented by me day of~_, 1988. ~-~
C. Richard Spencer~ r.
Clerk-Treasurer
Approved and signed by me this