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HomeMy WebLinkAbout1985-R-14RESOLUTION OF COlOiON COIJNCIL CITY OF JEFFEI~SOHVILLE A PROPOSAL FOR A GENERAL RESOLUTION approving the finding of the Jeffersonville Economic Development Commzssion with respect to the issuance of revenue bonds in an amount not exceeding Three Hundred Eighty-Three Thousand Dollars ($383,000) for financing of certain economic development facilities to be undertaken by Heritage Hardwoods of Ky., Inc., and authorizing and committing the City to proceed with such project, subject to final action by this Council with respect to the terms and conditions of such financing. GENERAL RESOLUTION NO. 85-R- /5 , ~ ~, 1985 WHEREAS the City of Jeffersonville, Indiana ("City"), is authorized by IC 36-7-12 ("Act") to issue revenue bonds for the purpose of financing the acquisi- tion, installation, and construction of economic development facilities; W~EREA$, the City has been advised that there is under consideration a pro- posal of Heritage Hardwoods of Ky., Inc. to build in Jeffersonville, Indiana, a 9,000 square foot manufacturing described in Exhibit A hereto; WHEREAS, Heritage Hardwoods building and related facilities ("Project") of Ky., Inc. has proposed that the City issue its revenue bonds under the Act to finance the acquisition, installation and construction of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire, install and construct the Project and Heritage Hardwoods of Ky., Inc. would make payments sufficient to pa~ the prin- cipal of, premium, if any, and interest on such bonds; Heritage Hardwoods of Ky., Inc., has further advised the City that a determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to Heritage Hardwoods of Ky., Inc., to proceed with the Project; and Heritage Hardwoods of Ky., Inc., has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; WHEREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersouville Economic Development Commission concerning the pro- posed financing of economic development facilities for Heritage Hardwoods of Ky., Inc., and the Jeffersonville City Plan Commission has been given an oppor- tunity to comment thereon; WHEREAS, the Jeffersonville Economic Development Commission has adopted a resolution giving its approval to such financing of the Project, on the basis that the Project will cause additional employment opportunities in Jeffersonville, Indiana, and will be of public benefit to the health, stability and general welfare of the City and its inhabi- prosperity, economic rants; and WHEREAS, subject to the required approvals under the Act, it appears that the financing of the Project will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabi- tants: NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana: Section i. The Common Council finds and determines that the construc- tion of a 9,000 square foot manufacturing building, equipment, and related faci- lities of Heritage Hardwoods of Ky., Inc., in Jeffersonville, Indiana, by the acquisition, installation, construction and ~equipping of the Project is desirable to better the health, prosperity, economic stability and general welfare of the City and its inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage Heritage Hardwoods of Ky., Inc., to construct and equip a 9,000 square foot manufacturing building and related facilities. Section 2. The Common Council further finds and determines that the issuance and sale of revenue bonds of the City under the Act, and the use of the net proceeds derived therefrom to finance the acquisition, installation and construction of the Project, will enable Heritage Hardwoods of Ky., Inc., to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce Heritage Hardwoods of Ky., Inc., to proceed with the acquisition, installation and construction of the Project, the Common Council hereby undertakes that: (i) It will authorize and issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Three Hundred Eighty-Three Thousand Dollars ($383,000), to finance the costs of the acquisition, installation, construction and equipping of the Pro~ect, including reimbursement or repayment to Heritage Hardwoods of Ky., Inc., of any moneys expended by Heritage Hardwoods of Ky., Inc., for planning, engineering, interest during construction, underwriting and attorney and bond counsel fees, and will enter into a financing agreement to use the net proceeds of such bonds to acquire, install and construct the Project and lease or sell the Project to Heritage Hardwoods of Ky., Inc., for specific rent or purchase price payments sufficient to pay the principal of, premium, if any, and interest on such bonds, or to lend such net proceeds to Heritage Hardwoods of Ky., Inc., to enable it to acquire, install and construct the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinances and resolutioas and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of such bonds; and (iii) It will take or cause to be taken such other actions as may be required to' implement the aforesaid or as pursuance thereof, provided that all of authorized by law and mutually acceptable Hardwoods of Ky., Inc. it may deem appropriate in the foregoing shall be to the City and Heritage Section 4. It is hereby recognized that the issuance and sale of reve- nue bonds by the City under the Act for the purposes set forth herein shall be subject to the City's obtaining such approvals as may be required under the Act. Section 5. To the extent permitted by the Act, such changes may be made in the Project as are deemed necessary or desirable, or as may be required in light of then existing regulations or technology, or both, provided that after such changes the Project will continue to constitute economic development facilities within the meaning of the Act and any other applicable laws or regu- lations. Section 6. This Resolution shall be in full force and effect imme- diately upon compliance with the procedures required by law. ~re~i~ing 6fficer ATTEST: Presented by me to the Mayor of the City of Jeffersonville, ~ day of Indiana, on this , 1985. ¢o Ro Spencer~ ,Ir. ! / Approved and signed by me on this City of Jeffersonville, Indiana Exhibit A DESCRIPTION OF THE PROJECT The construction of a 9,000 square foot building for industrial wood pro- cessing, and equipment consisting of a Ruckle F25-1 110" Splicer and Ruckle i10" Gullotine.