Loading...
HomeMy WebLinkAbout1983-R-13RESOLUTION 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 One Million Eight Hundred Thousand Dollars ($1,800,000) for financing of certain economic development facilities to be undertaken by Jeffersonville Public Warehouse, Inc., and authorizing and committing the City to proceed with such project, subject to final action by this Council wit~ respect to the terms and conditions of such financing. GENERAL RESOLUTION NO. 83-R'~__, AUGUST 1, 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 Jeffersonville Public Warehouse, Inc., to purchase and construct in Jeffersonville, Indiana, a warehouse for storing and handling industrial products and related facilities ("Project") described in Exhibit A hereto; WHEREAS, Jeffersonvtlle 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 financing 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 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 jeffersonville Public Warehouse, Inc., to proceed with the Project; and jeffersonville Public Warehouse, Inc., has agreed to pay the costs of the City whethe~ or not such revenue bonds are issued and the financing agreement cons,~ated; 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 WIiEILEAS, 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 construction of a public warehouse for storing and handling of products for industry and related facilities of jeffersonville Public Warehouse, 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 Jeffersonville Public Warehouse, Inc., to construct a public warehouse for storing and handling of industrial products 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 jeffersonville Public 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 One Million Eight Hundred Thousand Dollars ($1,800,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Jeffersonvtlle Public Warehouse, Inc., of any moneys expended by jeffersonville Public Warehouse, Inc., for planning, engineering, purchase, interest during construction, underwriting and attorney and bond counsel foes, and will enter into a financing agreement ~o 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 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 Jeffersonville Public Warehouse, Inc. 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. be made in the Project required in light of To the extent permitted by the Act, such changes may as are deemed necessary or desirable, or as may be 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 and effect immediately upon compliance with the procedures required by law. ATTEST: C. R. Spen~e~, jr~/~le~k'-Tieasurer this Presented by me to the Mayor of the City of jeffersonville, Indiana, day of August, 1983. Approved and signed by me on this day of August, 1983. Exhibit DESCRIPTION OF THE PROJECT The Purchase of real estate, warehouse building, and remodeling for the storing and handling of products for private industry. The warehouse will contain 148,000 square feet and is located in the Jeffersonville Government Center, known as Building 72.