HomeMy WebLinkAbout1999-OR-66 O INANCr NO. q¢-¢d- g'
JEFFERSONVILLE COMMON COUNCIL
AN ORDINANCE REGARDING APPROVAL OF A LEASE BETWEEN
THE JEFFERSONVILLE REDEVELOPMENT COMMISSION
AND THE JEFFERSONVILLE REDEVELOPMENT AUTHORITY
WHEREAS, the Jeffersonville Redevelopment Commission ("Commission") did establislc
Riverside Landing Redevelopment Area ("Riverside Area") and the Inner City Road Econo
Development Area ("ICRED Area") (collectively, the "Areas") in the City of Jeffersonville ("Ci
in accordance with IC 36-7-14;
WHEREAS, the Commission, after a public hearing, has or will, by resolution, adopted c
be adopted on December 6, 1999, approve the execution ora lease ("Lease") with the Jeffersom
Redevelopment Authority ("Authority") for construction of an aquatics center, skateboard p
water park, walking trail and improvements to Memorial Park ("Projects") in, serving or dire
benefitting the Areas;
WHEREAS, the Authority has been created as a body corporate and politic, in and under
authority oflC 36-7-14, lC 36-7-14.5 and IC 36-7-25 for the purpose of financing, constmctl
acquiring and leasing local public improvements and economic development and redeveloprr
projects, including the Projects, to the Commission;
WHEREAS, the estimated total cost of financing the Projects, including capitalized inte
and issuance expenses, is now estimated not to exceed $4,270,000; and
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WHEREAS, rentals due under the Lease shall be payable from a special benefits tax le'
on all the taxable property located and in the Jeffersonville Redevelopment District whicl
coterminous with the City;
NOW, THEREFORE, BE IT ORDAINED BY THE JEFFERSONVILLE COMM,
COUNCIL THAT:
SECTION 1. (a) The Jeffersonville Common Council hereby finds that the execution of
Lease is necessary and wise and is for Projects that will promote redevelopment and econo~
development of the Areas and the alleviation of blight, will provide services that will serve
public purpose of the City and is in the best interests of the City's residents, and further finds t
the lease rentals provided for in the Lease are fair and reasonable.
(b) The execution of the Lease between the Commission and the Authority is here
approved.
(c) Providing for the financing, acquisition and construction of the Projects by
Authority and the leasing of the Projects to the Commission is in the public interest of the citi2
of this City and it is a proper public purpose for which the Common Council agrees to cooper
with the Authority to assist in fulfilling the requirements of all agencies of the Federal, State a
City Government.
SECTION 2. The City reasonably expects that tax exempt obligations issued in one or m(
series by or on behalf of the City, including the Authority's Redevelopment Lease Rental Bonds
2000 ("Bonds"), as welt as bonds, tax exempt leases and temporary loan warrants of the C
(excluding private activity bonds other than qualified 501 (c)(3) bonds), will not exceed $10,000,0
in calendar year 2000. The City hereby designates up to $4,270,000 of the Bonds as qualified
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exempt obligations for purposes of Section 265(b) of the Internal Revenue Code of 1986
amended and in effect on the issue date of the Bonds.
SECTION 3. This Ordinance shall be in full force and effect immediately upon its pass
and signing by the Mayor.
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Adopted on first reading this //~.~ day of
ayes ~ nays.
,1999, by avote of ,
COMMON COUNCIL OF THE CITY
JEFFERSONVILLE, INDIANA
Presiding Offic r
ATTEST:
C~-~i~. T~'a s~ er~(~ ·
Adopted on second and final reading this
vote of ~-5"~ayes and ~. nays.
day of ~J~')~'_~t_. , 1999,1:
COMMON COUNCIL OF THE CITY OF
JEFFERSONVILLE, INDIAN ~A~
ATTEST:
Clerk-Treasurer
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Presented by me to the Mayor of the City of Jeffersonville this /jz~6 day
~ ,1999 at : o'clock.
of
Signed and approved by me, the Mayor of the City of Jeffersonville on this
,1999 at __:__ o'clock.
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