HomeMy WebLinkAbout2011-R-27 RESOLUTION NO. AU 11 -120-9, '7
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF JEFFERSONVILLE, INDIANA CONSENTING TO
THE ISSUANCE BY THE TOWN OF SELLERSBURG,
INDIANA OF AN ECONOMIC DEVELOPMENT REVENUE
NOTE FOR COMMUNITY ENTERPRISES PROPERTIES,
LLC
WHEREAS, Community Enterprises Properties, LLC, the sole member and controlling
member of which is Ivy Tech Foundation ( "Ivy Tech "), an Indiana 501(cX3) not- for -profit
corporation, engaged in the business of supporting Ivy Tech Community College, in order to
enhance its facilities in the in the City of Jeffersonville, Indiana, proposes to acquire a facility to
be used for educational classes by Ivy Tech's Sellersburg campus students, located at 1638
Production Drive, within the boundaries of the City of Jeffersonville, Indiana (the
"Improvements ") in an amount not to exceed $1,500,000; and
WHEREAS, Ivy Tech has requested that the Town of Sellersburg (the "Town ") issue its
economic development revenue note pursuant to Indiana Code Section 37 -7 -11.9 and 12 et seq.
(collectively, the "Act ") in an amount not to exceed ONE MILLION FIVE HUNDRED
THOUSAND Dollars ($1,500,000); and
WHEREAS, it is deemed in the best interest of the City of Jeffersonville to assist Ivy
Tech in carrying out the proposed financing to create or retain opportunities for gainful
employment and to enhance the educational environment in and around the City of
Jeffersonville; and
WHEREAS, it is provided in Indiana Code Section 36- 7 -12 -22 that economic
development facilities that are to be located outside the corporate boundaries of the Town may
not be financed without the consent of the fiscal body of the unit in which the facilities are to be
located which is the City of Jeffersonville;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF JEFFERSONVILLE AS FOLLOWS:
Section 1. The recitations set out in the foregoing preamble are adopted and
incorporated as a part of this Resolution. Terms defined in the foregoing preamble have the
same meaning when used herein.
Section 2. Pursuant to the provisions of Indiana Code Section 36- 7- 12 -22, the
Common Council of the City of Jeffersonville hereby consents to the Town to proceed with the
issuance of a Town of Sellersburg economic development revenue note for the benefit of Ivy
Tech in order to finance the costs of the Improvements.
Section 3. The adoption of this Resolution and any other action taken by the City of
Jeffersonville in connection with the described fmancing of the project shall not be deemed to,
and shall not, impose any financial liability or responsibility whatsoever upon the City of
Jeffersonville.
Section 4. This Resolution shall be in full force and effect from and after its adoption
as provided by law. /�—�
Passed and adopted this 1 I t �/ h day of Wc..t .PA-.) , 2011.
ATTEST:
omas R. Galligan Peglder
Presiding Officer Clerk Treasurer
,, Presented by�pte as Clerk and Treasurer to the Mayor of said City of Jeffersonville this
f J - day of , 2011.
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Peggy r' 1• er
Clerk- Treasurer
Approved and signed by me this hr day of C C/ T
, 2011.
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I omas R. Galligan, - or
72779:I:JEFFIZRSON V ILLE
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