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HomeMy WebLinkAbout1984-R-39APPLICATION TO THE INDIANA DEPARTMENT OF COMMERCE FOR NDUSTRIAL DEVELOPMENT LOAN FUNDS. WHEREAS, the City of jeffersonville is desirous of encouraging and promoting riverfront development and downtown commercial district revitalization activities and tine preservation of noteworthy structures, sites, and places of Idstorical andlor architectural significance; WtlEREAS, the Golden Turtle Inn, situated on tl~e northeast corner of Spring Street and Riverside Drive, is proposing a maior capital improvements project to r-t:store the structure as a hotel and tavern facility; WHEREAS, the estimated total cost for restomng the Golden Turtle nn is $I,067,789.00; WHEREAS, several funding ~aurces have been identified and funding approvals have been conditionall" approved or are still pending; WHEREAS, even if these i:unding source applications are approved a fina~cial funding gap of $150 )0;.00 still roma ns ~o adequately capitalize the restoration of the Golden Turtle Inn; WHEREAS, the Indiana Deoartment of Commerce has loan funds available wa the Industrial Development Fund Program to aide municipalities in instituting, accomplishing, and administering certmn economic development and pubhc facilities projects; WHEREAS. the Indiana Department of Commerce has suggested that the City make application fo:- Industrial Development Loan Funds to bridge tl~e ~inancing gap re9ardin9 the Ge[den Turtle Inn restoration prelect; ~,~,I-tEREAS, Citizens Bank and Trust Co. will commit $500.000.00 in private lender financing to the Golden Turtle Inn restoration prelect, subject m $150,000 participate and subject to the approval of a 503 loan ~ackage totaling $427,116.00 by tile Small Business Adn~inistration tot restoration activities and the approval by the Indiana Department of Commerce of a In~]ustrial Development Loan Fund application, totalling $150.000.00, to be submitted by the City of Jeffersonville on behalf of the Golden l'urtle Inn; WHEREAS, Citizens Bank and Trust Co. has agrceded to assign $150,000.00 of their' loan sum to the City of Jeffersonville subject to the approval of the City's app ication for Industrial Development FunQs by the ~ndiana Department of Corer .rce and to 503 Roan package approval by tile Small Business Administration; WIIEREAS, tl~e City of Jehersonville and Citizens Bank and Trust Co will share first lien posit,an on all lands and buildings associated with the Golden Turtle nn re~h~ration prolect; WHEREAS, subject to application approvals by the ndiana Department of Commerce ano the Small Business Administration the City of Jefferseqville will be able m loan $150,000.00 to the Golden 'l'urtle Inn to fill the "financial" gap associated with the project; WHEREAS, the City of JefRr'sonville beheves that restoration of the Golden Turtle Inn is essential to the riverfront development and downtown co'nmercial revitalization efforts aqd is consistent with its ntent to preserve noteworthy str~ctures, sites, and place of historical and/or arch tec~ura significance; THEREI:'ORE LET IT BE RES©LYED this day of , 1984 by the Common Council of the City of j~'f~-rscnville ~yor is authorized to submit an application on the City's behalf to the Indiana Department of Commerce for $150,000 in Industrial Development Loan Funds to be used as requisite gap financing needed to adequately capitalize the proposed restoration of the Golden Turtle Inn as a hotel and tavern facility. The Mayor is further authorized to execute any and all documents necessary for application submittal, loan agreement, and related documents and program administration. I he Common Council's approval to the aforesaid is subject to the City of jeffersonville sharing a first lien position with Citizens Bank and Trust Co. on all project lands and buildings and that tile City will establish loan terms pending application approvals by the indiana Department of Commerce and the Small Business Administration. MAYOR