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HomeMy WebLinkAbout1981-R-32RESOLUTION 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 Four Hundred Thousand Dollars ($400,000) for financing of certain economic development facilities to be undertaken by R. and M.R. Rangaswami, 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. 81-R-~, __~~--, 1981 ~EREAS, IC 18-6-4.5 acquisition, facilities; I~tEREAS, proposal of R. medical office Exhibit A hereto; ~HEREAS, R. and revenue bonds under the City of Jeffersonville, Indiana ("City"), is authorized by ("Act") to issue revenue bonds for the purpose of financing the installation, and construction of economic development the City has been advised that there is under consideration a and M.R. Rangaswami to build in Jeffersonville, Indiana, a complex and related facilities ("Project") described in M.d. Rangaswami have proposed that the City issue its 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 R. and M.R. Rangaswami would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; R. and M.d. Rangaswamm have further advised the City nhat a determination by the City to accept such s proposal for financing the Project will constitute a substantial inducement to R. and M.R. Rangaswami to proceed with the Project; and R. and M.R. Rangaswami have agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; WHEREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersongille Economic Development Commission concerning the proposed financing of economic development facilities for R. and M.R. Rangaswami and the Jeffersonvilte 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 be of public benefit to the health, general welfare of the City and its to the required approvals under the Act, it appears the Project will be of public benefit to the health, stability and general welfare of the City and its IT RESOLVED by the Common Jeffersonville, Indiana, and will prosperity, economic stability and inhabitants; and WHEREAS, subject nhat the financing of prosperity, economic inhabitants: NOW, THEREFORE, BE Jeffersonville, Indiana: Council of the City of Section 1. The Common Council finds and determines that the construction of a medical office complex and related facilities of R. and in Jeffersonville, Indiana, by the acquisition, installation, equipping of the Project is desirable to better the health, M.R. Rangaswaml construction and -2- 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 R. and M.R. Rangaswami to construct a medical office complex 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 R. and M.R. Rangaswami to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce R. and M.R. Rangaswami 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 Four Hundred Thousand Dollars ($400,000), to finance the costs of the acquisition, installation, consnruction and equipping of the Project, including reimbursement or repayment to R. and M.R. Rangaswami of any moneys expended by R. and M.R. Rangaswami for planning, engineering, interest during construction, underwriting and attorney and bond counsel fees, 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 R. and M.R. Rangaswami for specific rent or purchase price payments sufficient to pay the principal of, premium, if any, -3- and interest on such bonds, or to lend such net proceeds to R. and M.R. Rangaswami to enable them 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 mnd delivery of such instruments and the taking of such authorization, (iii) actions as may be required actions as may be necessary or advisable for the issuance and sale of such bonds; and It will take or cause to be taken such other 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 R. and M.R. Rangaswami. Section 4. It is hereby recognized that the issuance and sale by the City under the Act for the purposes set forth herein co the City's obtaining such approvals as may be required of revenue bonds shall be subject 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. -4- Section 6. This Resolution shall be in full force and effect immediately upon compliance with the procedures required by law. ATzEST. C. R. Spen~er, Jr.~ Clerk-Treasurer -5- this Presented by me to the Mayor of the City of Jeffersonville, Indiana, on , 1981. 1981. Approved and signed by me on this _~2___day of -6- ExhiBit A DESCRIPTION OF THE PROJECT A medical office complex consisting of real estate and building containing approximately 4,000 square feet to be located at the corner of Sparks Avenue and Spring Street in the City of Jeffersonville, Indiana. -7-