Loading...
HomeMy WebLinkAbout1988-R-33RESOLUTION NO. 88-R-_~_ RESOLUTION AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE INDIANA DEPARTMENT OF COMMERCE FOR STATE-FUNDED INVESTMENT INCENTIVE PROGRAM (IIP) MONIES. WHEREAS, the City of jeffersonville is desirous of promoting economic development and expansion, and the creation of permanent jobs within the City; and WHEREAS, American Commercial Lines, Inc., has committed to an expansion of their corporate headquarters located at 1701 E. Market Street in jeffersonville, Indiana; and WHEREAS, said expansion will result in a $7.5 million investment and the creation of seventy (70) permanent jobs at the corporate headquarters location; and WHEREAS, the proposed project is consistent with the City's policy of promoting development and expansion along with the City's overall development scheme. THEREFORE, LET IT BE RESOLVED, this ~.~ day of ~ovembe~, 198~, by the COmmon Council of the City of jeffersonville that 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 $150,000 in state-funded Investment Incentive Program monies exclusive of costs associated with environmental review and project administration, as applicable, for the purpose of purchasing capital equipment and/or building materials in conjunction with this project. Upon application approval, this $150,000 will be combined with an additional $150,000 provided through a loca~ ~atCh, and the $300,000 will be loaned to American Commercial Lines, Inc., for a five-year term at an interest rate of five percent (5%). As a result of the local match, the City will be able to recapture the entire $150,000 in state-funded Investment Incentive Program monies. These monies will be deposited into the City's Revolving Loan Fund to provide similar assistance to new and/or expanding businesses in the City Of jeffersonville. Resolution No. 88-R- Page 2 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 he submission of apPlication and grant agreement. Passed and adopted this _ /,~ day of No~vembe~, 1988, by the jeffersonville, Clark County,x~Indlana' Common Council of the City °f ~~MM~?~ ~C6~U NC i L~/~ ATTEST: ~.'~ICHARD SPENCE~RJ~' ~ CITY CLERK-TREASUrER Presented by me as Clerk-Treasurer to the Mayor of the City of jeffersonville, Indiana, this _ /~._ day of ~ovembec, ~ RICHARD SPENCE~j JR. CITY CLERK-TREASUrER Approved and signed by me this /~5~ .~day of November., 1__988.. MAYOR PUBLIC HEARING FOR STATE-FUNDED INVESTMENT INCENTIVE PROGRAM MONIES FOR AMERICAN COMMERCIAL LINES, INC. The minutes should reflect that the Common Council meeting this evening serves as the first PUBLIC HEARING, as required by the Indiana Department of Commerce, for the submission of an application for monies to assist American Commercial Lines, Inc., 'in their building expansion and job creation project. The application will be submitted to the Indiana Department of Commerce and will ~;equest $150,000 in state-funded INVESTMENT INCENTIVE PROGRAM funds. These funds will be used for capital equipment and/or building materials purchases. The PURPOSE of this PUBLIC HEARING is to provide the citizens of Jeffersonville with an opportunity to express their views on the proposed project as well as on any past or other current community development and/or housing activities of the City. The Indiana Department of Commerce has issued a commitment letter to the City of Jeffersonville in .the amount of $150,000 from the state-funded Investment Incentive Program and for $35,000 from the Training for Profit Program. The $150,000 in state-funded liP monies will be combined with a local match of $150,000 and these funds will be loaned to American Commercial Lines, Inc. for a five (5) year term at an interest rate of five (5%) percent. Once the $150,000 in state- funded monies is repaid, the City will be entitled to recapture these funds and to use them to promote ongoing economic development efforts within the City. The $25,000 in Training for Profit funds will be used to reimburse the costs of instructional materials and other training-related costs for new employees. American Commercial Lines, Inc., is in the process of expanding their corporate headquarters located at 1701 E. Market Street. The cost of this project is estimated at $7.5 million. The project will result in the creation of 70 new job opportunities at this location. DOES ANYONE HAVE ANY QUESTIONS OR COMMENTS THAT THEY WOULD LIKE TO MAKE? The SECOND PUBLIC HEARING will be held during the Common Council meeting on Saturday, November 19, 1988 at 9:30 a.m. with regard to the submission of the above-mentioned application. Aanerican Commercial Lines, Inc. NEWS RELEASE September 7, 1988 American Commemial Lines, Inc. today announced plans to expand their corporate headquarters located at 1701 East Market Street in Jeffersonville, IN. Construction of a new 75,000 square foot building extension will begin by mid September. Badgett Construction, Louisville, KY, will be the prime contractor. Completion of the Structure is anticipated during the fourth quarter of 1989. The new four story building will amhitecturally blend with the existing structure and extend south toward the Ohio River. An atrium will connect the new facility to the existing offices. Parking space at the building will also be extended. ACL occupied its original building in 1965. A wing was added in 1973 following substantial growth for ACL and the barging industry. AOL has continued to grow steadily since that time. The new addition will eliminate current overcrowding in existing office space and provide for expected future growth. ACL, a subsidiary of CSX Corporation, is the parent company of American Commercial Barge Lines, American Commercial Marine Services which includes Jeffboat, and Watercom. As one of the largest marine transportation, repair and telecommunication,companies in the nation, ACL employs more than 500 people in the jeffereonville/Louisville area and nearly 2,000 people nationwide.