Loading...
HomeMy WebLinkAbout1981-R-29RESOLUTION OF COMMON COUNCIL OF JEFFERSONVILLE ~IEREAS~ the City of Jeffersonville~ Indiana (the ~City")~ is authorized by I.C. 1971~ 1~-6-~.5 (the "Act'~)~ to issue economic development revenue bonds for the financing of economic development facilities, 'the funds from said financing to be used for the acquisition~ alteration~ construction and equipping of said facilities~ for lease to other persons; and WHEREAS~ Stewart Ao Coomer~ DoM.D.~ and Walter F~ Edwards~ D~MoDo (the ~Proprietors~)~ have advised the City that they propose that the City acq~ire~ construct and equip an economic development facility and lease the same to the Proprietors~ said economic development facility to consist of the development of professional office facilities~ i~ended to accommodate the growing needs of the Proprietors~ dental practices and to lease to other businesses. The proposed facilities (the "Project") shall include related parking~ site improvements~ and professional equipment; and WHEREAS~ the Proprietors have further advised the City that a determination by the City to issue its economic development revenue bonds under the Act to finance the acquisition~ construction and equipping of the Project Under contractual arrangements whereby the City would lease the Project to the Proprietors and the Proprietors would make rental payments sufficient to pay the principal of~ premium~ if any~ and interest on such bonds~ will constitute a substantial inducement to the Proprietors to proceed with negotiations for the acquisition and construction of the Project and the Proprietors have agreed to pay or reimburse the costs of the City whether or not such bonds are issued; and WHEREAS~ issuance of such bonds will not require any expenditure of the funds of the City; and WHEREAS~ the increase in ta~ base and job opportunities to be achie~ed by the acquisition~ construction and equipping of the Project will be of public benefit to the health~ safety and general welfare of the City and its citizens; and Page I RESOLUTION OF COMMON COUNCIL OF gEFFERoONJILLE Page 2 WHEREAS, subject to all required approvals under the Act and the advice of the Jeffersonville Economic Development Commission, it would appear ~that the financing of the Project would be of public benefit to the health, safety and general we±~r of the City and its cmtmzens~ and WHEREAS~ the jeffersonville Economic Development Commission has approved the terms of the letter of intent · t· submitted by the Proprietors relating to the Pro~ec , and WHEREAS, subject to all required approvals under the Act~ the City intends to use its beet efforts to cooperate with the Proprietors by issuing the City's economic development revenue bonds to finance the Project; and WHEREAS, the Project will not have an adverse competitive effect on any similar facility already constructed or operating in the City of jeffersonville~ i. The Common Council finds and determines that the promotion of an increase in tax base and job opportunities · -~able to preserve the in jeffersonville, Indiana, ms de~=-. health, safety and general welfare of 'the citizens of the City of jeffersonvilte; and that it is in the public interest that the City take such ~ctmo as may to encourage an increase in the tax base and promotion of job opportunities in ss. id City, 2. The Common Council. further finds and determines that the issuance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $900,000.00 for the acquisition~ construction and equipping of the Project and the leasing of the Project to the Proprietors will serve the public purposes referred to above, in accordance with the Act. 3- The Common Council finds and determines that under · the issuance and ~al of revenue bonds of the City the Act and the use of the proceeds derived therefrom to finance the ~.cquisition and construction of the Project, and the expenses incidental thereto~ complies with the purposes and provisions of I~C. 1971, t$-6-&~5 (the "Act"), will increase employment opportunities~ will be of benefit to the health and welfare of the City and its citizens, and that the Project will be an "Economic Development ~ 'n of that -term as defined Facility" within the meanm g '~ the Act. RESOLUTION OF COY~40N COUNCIL OF JEFFERSONVILLE Page 3 4. In order to induce the Proprietors to proceed with 'the acquisition, construction and equipping of the Project, the Common Council hereby detezmines that (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be authorized by law and is mutually acceptable to the City and the Proprietors~ and (ii.) it will adopt such ordinances and resolutions and authorize the execution and delivery' of such instruments and the 'taking of such action as may be necessary and advisable for the a~thorization, issuance 'and sale of said economic development bonds, subject to the City obtaining all approvals as may be required under the Act, including the advice of the Jeffersonville Ecohomic Development Commission° 5. The letter of intent of the Proprietors dated Ma? 27, 1951, which heretofore has been approved by the Jeffersonville Economic Development Commission, is hereby approved. 6. Ail costs of the Project incurred after this resolution, including reimbursement or repayment to the Proprietors of moneys expended by the Proprietors for planning, engineering, attorney and bond counsel fees, acquisition, project management, construction and equipping of the Project, will be permitted to be included as part of the bond issue to finance said Project, and the City will thereafter lease the Project to the Proprietors. 7. The liability and obligation of the Jeffersonville Economic Development Commission and the City of Jeffersonville, Indiana, shaI1 be limited solely to good faith efforts to cons-mmate such proceedings and issue such Bonds, and neither the Jeffersonville Economic Development Commission not the City of Jeffersonville, IndiAna, or their officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance of such Bonds is not consummated. ~. T~is resolution shall 'take effect and be in force upon its adoption. RESOLUTION OF CO~ON COUNCIL OF JEFFERSONVILLE Page ~ Adopted this ATTEST: Adopted and approved by me~ this ~/ day of ~ 1981o ATTEST: