HomeMy WebLinkAbout1988-R-13CITY OF JEFFERSONVILLE, INDIANA
R SO _UTION
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 desirous of promoting industrial
development and expansion and the creation of new permanent jobs within the
city;
WHEREAS, Creative Products, Inc. and Tambour Company are considering the
consolidation of their companies and are desirous of locating in the Industrial
Park in Jeffersonville, Indiana;
WHEREAS, Creative Products, Inc. and the Tambour Company have committed to
lOcating in the Industrial Park, making a capital investment in land, building,
and equipment of $2 million and creating approximately 50 new permanent full-
time employment opportunities for Indiana residents within two (2) years along
with the retention of 90 existing Indiana jobs;
WHEREAS, This 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 May, 1988, by the Common
Council of the City of jeffersonville tha~ the 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 $175,000, exclusive of costs associated
with environmental review and project administration for the purpose of purchasing
capital equipment by Creative Products, Inc. and the Tambour Company for this
project. Upon application approval, this $175,000 will be loaned to Creative
Products, Inc. and the Tambour Company at a below-market interest rate. In
addition, the City will sell the promissory note resulting from this Investment
Incentive Program funded loan and loan the proceeds of that sale to the company
as well. Repayments of the Investment Incentive Program loan will 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 grant agreement.
Passed and adopted this ~-~ day of /~? , 1988, by the Common
Council of the City of JefferSonville, Clark County, Indiana.
ATTES!: /~
C. Richard Spencer, J~.
clerk-Treasurer
Presented b~_~e as Clerk-Treasurer to the Mayor of the City of jeffersonville,
/~/~4~, 1988.~-~ r.~~/~
C. Richard Spencer,
Clerk-Treasurer
Approved and signed by me this __
day of ~ , 1988.
Mayor~e L. Orem