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HomeMy WebLinkAbout1983-R-04RESOLUTION OF COMMON COUNCIL CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENERAL RESOLUTION approving the finding of the Jeffersonville Economic Development Commission with respect to the issuance of revenue bonds in an amount not exceeding Nine Hundred Fifty Thousand Dollars ($950,000) for financing of certain economic development facilities to be undertaken by the Golden Turtle, an Indiana Limited Partnership, 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. 83-R-~.~ __, FEBRUARY ~ , 1983 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 acquisition, installation, and construction of economic development .facilities; WHEREAS, the City has been advised that there is under consideration a proposal of the Golden Turtle, an Indiana Limited Partnerthip ("the Golden Turtle") to acquire real estate and a building in Jeffersonville, Indiana, and to renovate said premises into a hotel and related facilities ("Project") described in Exhibit A hereto; WqlEREAS, the Golden Turtle 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 the Golden Turtle would make payments sufficient to pay the principal o~, premium, if any, and interest on such bonds; the Golden %urtle 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 the Golden Turtle to proceed with the Project; and the Golden Turtle has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; ICHEREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for the Golden Turtle 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 BE IT RESOLVED by the Common Council of the City of inhabitants: NOW, THEREFORE, Jeffersonville, Indiana: Section 1. acquisition The Common Council finds and determines that the of real estate and the construction of a hotel and related facilities of the Golden Turtle in Jeffersonville, Indiana, by the acquisition, installation, construction and e~uipping 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 ~ay to encourage the Golden Turtle to acquire real estate and to construct a hotel and related facilities. Section 2. The Conm~on 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 the Golden Turtle to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce the Golden Turtle 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 Nine Hundred Fifty Thousand Dollars ($950,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to the Golden Turtle of any moneys expended by the Golden Turtle 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 the Golden Turtlc for specific rent or purchase price payments sufficienz to pay the principal of, premium, if any, and interest on such bond~ or to lend such net proceeds to the Golden Turtle to enable hi:~ to acquire, install and construct the Project and repay the loau in 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 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 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 the Golden Turtle. Section 4. It is hereby recognized that the issuance and sale of revenue 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 regulations. Section 6. This Resolution shall be in full force i~n~ediateiy upon compliance with the procedures required by law. ATTEST: ~°f .~_r~. ,~q ?rk Tr eas ur er C. R~. Spencer, J ~ ~ - and effect this Presented by me to the Mayor of the City of Jeffersonville, Indiana, on day of February, 1983. Approved and signed by me on this ~ day of February, 1983. ~Ri~h~rd~ L~.~Vissing,Ma¥.O ndia/nJ City ~[ Jeffersonville, .... U Exhibit DESCKIFTION OF THE PKOJEC? The acquisition of the real estate and premises known as the RiverViexc Hotel located at the corner of Spring Street and Riverside Drive in Jeffersonville, Indiana, plus the adjacent real property. The project will create an historic, registered 25 room hotel, restored to its historic setting, and to operate a gift shop, restaurant, and tavern.