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HomeMy WebLinkAbout1980-R-28RESOLUTION 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 Two Hundred Fifty Thousand Dollars ($250,000) for financing of certain economic development facilities to he undertaken by Thorpe & Osborn, a 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. OENE L zsoLuTIO 80-R-2f, 1980 WHEREAS, IC 18-6-4.5 acquisition, facilities; 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 WHEREAS, the City has been advised proposal of Thorpe & Osborn, Indiana, a warehouse, offices, in Exhibit A hereto; WHEREAS, Thorpe & bonds under the Act to of the Project under a would be utilized Osborn would make any, and interest that there is under consideration a a partnership to build in Jeffersonville, and related facilities ("Project") described Osborn have proposed that the City issue its revenue finance the acquisition, installation and construction financing agreement whereby the proceeds of such bonds to acquire, install and construct the Project and ~horpe & payments sufficient to pay the principal of, premium, if on such bonds; Thorpe & Osborn have further advised the City the proceed with the Project; the City whether or not agreement consummated; WHEREAS, that a determination by the City to accept such a proposal for financing Project will constitute a substantial inducement to Thorpe & Osborn to and Thorpe & Osborn have agreed to pay the costs of such revenue bonds are issued and the financing the Jeffersonville Economic Development Commission has rendered a report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for Thorpe & Osborn 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 construction of a warehouse, offices and related facilities of Thorpe & Osborn in Jeffersonville, Indiana, by the acquisition, installation, construction and equipping of the Project is desirable to better the health, -2- prosperity, economic stability and inhabitants, and that it is in the public action as it lawfully may to encourage warehouse, offices and related facilities. Section 2. The Common Council general welfare of the City and its interest that the Cit'y take such Thorpe & Osborn to construct s 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 Thorpe & Osborn to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order the acquisition, installation and Council hereby undertakes that: (i) It will authorize and to induce Thorpe & Osborn to proceed with construction of the Project, the Common issue one or more series of to the Act, in an aggregate Two Hundred Fifty Thousand Dollars ($250,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Thorpe & Osborn of any moneys expended by Thorpe & Osborn for planning,, engineering, interest during construction, underwriting and attorney and bond counsel fees, and will enter into s financing agreement to use the net proceeds of such bonds to acquire, install and construct the Project and lease or sell the Project to Thorpe & 0sborn for specific rent or purchase price payments sufficient to pay the principal of, premium, if any, and interest on such bonds, or to revenue bonds of the City pursuant principal amount not exceeding -3- lend such net proceeds to Thorpe & Osborn to enable them to acquire, install amd 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 Thorpe & Osborn. 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 ~echnology, 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. Sectio~ 6. This Resolution shall be in full force and effect immediately upon compliamce with the procedures required by law. ATTEST: Presented by me to the Mayor this ~ _ day of ~, of the City of Jeffersonville, Indiana, on · 1980. 1980. Approved and signed by me on this day of ~'~, -5-