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HomeMy WebLinkAbout1984-R-44RESOLUTION OF COb~ON COUNCIL CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENERAL Jeffersonville Economic Development of revenue bonds in an amount ($6,000,000.00) for financing of certain economic be undertaken by Jeffersonville Public Warehouse, committing the City to proceed with such project, RESOLUTION approving the finding of the Commission with respect to the issuance not exceeding Six Million Dollars development facilities to Inc-, and authorizing and subject to final action by this Council with respect to the terms and conditions of such financing- GENERAL RESOLUTION NO. 84-R-__~, NOVEMBER ~ 1984 WHEREAS, the City of Jeffersonville, Indiana ("City"), is authorized by lC 36-7-12 ("Act") to issue revenue bonds for the purpose of financing the acquisition, installation, and construction of economic development facilities; WHEREAS, the City has been advised that there is under consideration a proposal of Jeffersonville Public Warehouse, Inc., to acquire and rehabilitate in'Jeffersonville, Indiana, 1,000,000 square feet of warehouses and manufacturing facilities and related facilities ("Project") described in Exhibit A hereto; WtLEREAS, Jeffersonville Public Warehouse, 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 fina~c~ng agreement whereby the proceeds of such bonds would be utilized to acquire, install and construct the Project and jeffersonville Public Warehouse, Inc., would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; Jeffersonville Public Warehouse, Inc., has fnrther advised the City that a determination by the City to accept such a proposal for financing the Project will ccnstitute a substantial ~nducement to Jeffersonville Public Warehouse, Inc., to proceed with the Project; and Jeffersonville Public Warehouse, Inc., has agreed to pay the costs of the City whether or not s~ch revenue bonds are issued and the financing agreement consummated; WHEREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for Jeffersonville Public Warehouse, Inc., and the Jeffersonville City Plan Commission has been given an opportunity 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, prosperity, economic stability and general welfare of the City and its inhabitants; 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 inhabitants: NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana: Section 1. The Common Council finds and determines that the purchase and construction of industrial warehouses, manufacturing facilities, and related facilities of Jeffersonville Public Warehouse, Inc., in Jeffersonville, Indiana, by the acquisition, installation, constr~ctJon and equipping of the Project is desirable to better the health, prosperity, economic stability and general welfare of the City and ~ts inhabitants, and that it is in the public interest that the C~ty take such action as it lawfully may to encourage Oeffersonville Public W~rcho~se, Inc., and construct public warehouses, manufacturing facil~tes 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, instal- lation and construction of the Project, will enable Jeffersonv~lle Putllc Warehouse, 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 Jeffersonville Public Warehouse, 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 Six Million Dollars ($6,000,000.00), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Jeffersonville Public Warehouse, Inc-, of any moneys expended by Jeffersonville Public Warehouse, Inc., for planning, engineering, ~nteres~ 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 Jeffersonville Public Warehouse, 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 Jeffersonville Public Warehouse, Inc., to enable it to acquire, install and construct the Project and repay the loan Jn installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisahle 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 it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be authorized by law and mutually acceptable to the City and Jeffersonville Public Warehouse, Inc. Section 4. It is hereby recognized that the issuance and sale the City under the Act for the purposes set forth herein the City's obtaining such approvals as may be required of revenue bonds by shall be subject to under the Act. Section 5. To the extent permitted by the Act, such qhanges may be made in the Project aa 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 regulations. Section 6. This Resolution shall be in full force immediately upon compliance with the procedures required by law. and effect ATTEST: C. R.v Spencer, dr., ~le~ ~,~o~-~- Presented by me to the Mayor of the City of Jeffersonville, Indiana, on this __~ day of November, 1984. Approved and signed by me on this ~ day of November, 1984. City of Jeffersonville, Indiana Exhibit A Description of the Pro~ect Purchase and rehabilitation of 1,000,000 square feet of warehouses located at the Jeffersonville Quartermaster Depot and conversion into industrial warehousing and manufacturing facilities for leasing to manufacturers.