HomeMy WebLinkAbout1974-R-22RESOLUTION OF
JEFFERSONVILLE COMMON COUNCIL
JEFFERSONVILLE, INDIANA
WHEREAS, the City of Jeffersonville, Indiana (the "City") is authorized by
I.C. 1971, 18-6-4.5 (the "Act") to issue revenue bonds for the financing of
economic development facilities, the funds from said financing to be used for
the acquisition, construction and equipping of said facilities, and said facili-
ties to be leased to other persons; and
WHEREAS, Huber Supply Company (the "Company") has advised the City that it
proposes that the City acquire, construct and equip an economic development
facility and lease the same to Huber Supply Company said economic development
facility to be a warehouse and small assembly facility to be located on Fabri-
con Blvd. in the Jeffersonville Industrial Park in Jeffersonville, Indiana, to
be located on an approximate 3.0 acre tract of land and to consist of approxi-
mately 11,000 square feet (the "Project"); and
WHEREAS, the Company has further advised the City that a determination by
the City to issue its 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 Company and the Company would make
rental payments sufficient to pay the principal of, premium, if any, and in-
terest on such bonds, will constitute a substantial inducement to the Company to
proceed with the acquisition of the Project and the Company has agreed to pay or
reimburse the costs of the City whether or not such Bonds are issued; and
WHEREAS, the diversification of industry and increase in job opportunities
to be achieved by the acouisition, construction and equipping of the Project
will be of public benefit to the health, safety and general welfare of the City
and its inhabitants; and
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 welfare of the City;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Jeffersonville:
1. The Common Council finds and determines that the promotion of
diversification of industry and job opportunities in Jeffersonville,
Indiana, is desirable to preserve the health, safety and general welfare of
the inhabitants of the City of Jeffersonville; and that it is i~ the public
interest that the City take such action as it lawfully may to encourage
diversification of industry and promotion of job opportunities in said
City.
2. The Common Council further finds and determines that the issuance
and sale of revenue bonds of the City under the Act in the amount of
$250,000.00, for the acquisition, construction and equipping of the Project
and the leasing of the Project to Huber Supply Company will serve the
public purpose referred to above, in accordance with the Act.
3. In order to induce the Company to proceed with negotiations for
the acquisition, construction and equipping of the Project, the Common
Council hereby determines that (i) it will take or cause to be taken such
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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 accep-
table to the City and the Company; (ii) it will adopt such ordinance 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
authorization, issuance and sale of said economic development bonds, sub-
ject to the City obtaining all approvals as may be required under the Act,
including the advice of the Jeffersonv~lle Economic Development Commission.
4. All~.costs of the Project incurred after this resolution, including
reimbursement or repayment to the Company of moneys expended by the Company
for planning, engineering, interest paid during construction, underwriting
expenses, attorney and bond counsel fees, acquisition, 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
same to the Company.
Adopted, Nove~ber .18~ 1974.
Attest:
Clerk, .I~ ~"
City of Jeffersonvilqe
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