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HomeMy WebLinkAbout2024-R-3 Resolution Approving Issuance of Bonds by Redevelopment Commission JEFFERSONVILLE COMMON COUNCIL RESOLUTION NO. A RESOLUTION OF THE JEFFERSONVILLE COMMON COUNCIL APPROVING ISSUANCE OF BONDS BY REDEVELOPMENT COMMISSION WHEREAS, the City of Jeffersonville ("City") Redevelopment Commission ("Commission") has determined to issue bonds pursuant to a bond resolution adopted on February 28, 2024 ("Bond Resolution") designated as "Redevelopment District Tax Increment Revenue Bonds of " (to be completed with the year in which issued and appropriate series designation, if any) in the principal amount not to exceed $18,000,000 ("Bonds") for the purpose of procuring funds to be applied on the cost of the construction of certain improvements to Charlestown Pike Road ("Project") in, serving or benefitting the Inner City Road Economic Development Area ("Area"), funding capitalized interest, a debt service reserve and premiums for municipal bond insurance and/or a debt service reserve, if necessary, incidental expenses incurred in connection with the Project and costs associated with issuance of the Bonds; WHEREAS, the debt service on the Bonds shall be payable out of Tax Increment, on a parity with the Outstanding Obligations, collected in the Allocation Area (each as defined in the Bond Resolution) and, to the extent Tax Increment is not sufficient, from a special benefits tax levied on all taxable property within the Jeffersonville Redevelopment District; WHEREAS, pursuant to IC 36-7-14-25.1(c),the public purpose of the Bonds is to benefit the public health and welfare of the citizens of the Area and the City, and to promote economic development in the Area by improving a major thoroughfare in and serving the Area and the Bond proceeds shall be used for such purposes; and WHEREAS, the Commission is required by IC 36-7-14-25.1(p) to seek the approval of the issuance of the Bonds by this Common Council; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA, THAT: 1. The Common Council hereby approves the issuance of the Bonds in an aggregate principal amount not to exceed $18,000,000, with a term ending no later than January 15, 2032, and a maximum interest rate of five percent(5.0%)per annum. 2. The Bonds shall be issued in denominations of Five Thousand Dollars ($5,000) and integral multiples thereof or, if sold to a sophisticated investor, may be issued in minimum denominations of One Hundred Thousand Dollars ($100,000) and in integral multiples of$5,000 thereafter, and shall be payable upon presentation at the office of the Paying Agent(as defined in the Bond Resolution) or at the designated corporate trust office of any successor paying agent appointed under the Bond Resolution. TIF/SBT Inner City Road EDA 4891-2843-1017.1 3. The Bonds of this issue maturing no later than five (5) years after their date of issuance are redeemable at the option of the Commission on any date, upon thirty (30) days' written notice, in whole or in part, in order of maturity determined by the Commission and by lot within maturities, at face value, with no premium, plus in each case accrued interest to the date fixed for redemption, and may also be subject to mandatory sinking fund redemption as determined upon the sale of the Bonds. 4. This resolution shall be effective from and after passage and approval by the Mayor. Passed and adopted by the Common Council of the City of Jeffersonville, Indiana, this 4th day of March, 2024. COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA Presiding Officer ATTEST: Clerk Presented by me to the Mayor of the City of Jeffersonville, Indiana, on the r-- day of March, 2024, at g d a,jn. Clerk Signed and approved by me, the Mayor of the City of J fersonville, Indiana, this Co day of March,2024, at e9 3Dpm. dU" Mayor - 2 - 4891-2843-1017.1 2024-R- Common Council for the City of Jeffersonville,Clark County, Indiana VOTED FOR: VOTED AGAINST: PASSED AND RES VED by the Common Council of the City of Jeffersonville,Clark County, Indiana upon this 7day of ,Q2-A ,2024. Dustin White, Council President ATTEST: 1)3/ (11 isa G. 1,Clerk RESOLUTION NO. 26 -4-R-7-3 AMENDING DECLARATORY RESOLUTION OF THE JEFFERSONVILLE REDEVELOPMENT COMMISSION AMENDING THE ECONOMIC DEVELOPMENT PLAN FOR THE INNER CITY ROAD ECONOMIC DEVELOPMENT AREA TO ADD THE CONSTRUCTION OF THE CHARLESTOWN PIKE ROAD PROJECT WHEREAS, the Jeffersonville (City) Redevelopment Commission (Commission) is the governing body of the Jeffersonville Redevelopment District (Redevelopment District) established and operating in accordance with IC 36-7-14 and IC 36-7-25 (the Act). WHEREAS, on December 22, 1995, the Commission adopted a Declaratory Resolution (Original Declaratory Resolution), as supplemented and amended to date, establishing the Inner City Road Economic Development Area (Original Area) and the Original Declaratory Resolution was confirmed by a confirmatory resolution adopted on February 28, 1996 (Confirmatory Resolution); WHEREAS, the Original Declaratory Resolution and Confirmatory Resolution are hereinafter collectively referred to as the "Area Resolution;" WHEREAS, the Area Resolution established an allocation area in accordance with IC 36-7-14-39 (Original Allocation Area) for the purpose of capturing property taxes generated from the incremental assessed value of real property (Tax Increment) located in the Original Allocation Area; WHEREAS, the Area Resolution approved the Economic Development Plan (Original Plan), which Original Plan contained specific recommendations for economic development in the Original Area; WHEREAS, the Common Council approved the creation of the Original Area; WHEREAS, the Area Resolution, as amended and supplemented, has enlarged the boundaries of the Original Area (Enlarged Area) and the Original Allocation Area (Enlarged Allocation Area) and amended the Original Plan (Amended Plan); WHEREAS, the Commission now desires to amend the Amended Plan for the Enlarged Area and the Enlarged Allocation Area to add the construction of the Charlestown Pike Road (Project) to the Amended Plan as described in Exhibit A attached hereto; WHEREAS, the Commission is considering the financing of the Project as of this date; WHEREAS, IC 36-7-14-15(a)(4) provides that, when amending the Area Resolution or the Amended Plan, the Commission must find that: (1) the amendment is reasonable and appropriate when considered in relation to the Area Resolution, the Amended Plan, and the purposes of Act; and (2) the Area Resolution and the Amended Plan, as amended, with the proposed amendment, conform to the comprehensive plan for the City; WHEREAS, the Commission shall cause to be prepared: (1) maps and plats showing: (A) the boundaries of the Enlarged Area, as amended, in which property would be acquired for, or otherwise affected by, the amendment of the Area Resolution or the Amended Plan; (B) the location of the various parcels of property, streets, alleys, and other features affecting the acquisition, clearance, remediation, replatting, replanning, rezoning, or development of the area, indicating any parcels of property to be excluded from the acquisition or otherwise excluded from the effects of the amendment of the Area Resolution or Amended Plan; and (C) the parts of the Enlarged Area, as amended, acquired, if any, that are to be devoted to public ways, levees, sewerage, parks, playgrounds, and other public purposes under the amendment to the Amended Plan; (2) lists of the owners of the various parcels of property proposed to be acquired for, or otherwise affected by, the amendment of the Area Resolution or Amended Plan for the Amended Area; and (3) an estimate of the costs, if any, to be incurred for the acquisition and development of the property; 9 WHEREAS, IC 36-7-14-17.5 authorizes the Commission to amend the Area Resolution and the Original Plan, as amended, after conducting a public hearing, if it finds that: (i) The amendment is reasonable and appropriate when considered in relation to the Area Resolution, the Amended Plan, and the purposes of IC 36-7-14; and (ii) The Area Resolution, with the proposed amendment and the application of the Amended Plan, as amended, conforms to the comprehensive plan for the City; NOW, THEREFORE, BE IT RESOLVED BY THE JEFFERSONVILLE REDEVELOPMENT COMMISSION, THAT: Section 1. The Amended Plan for the Enlarged Area is hereby amended to add the construction of the Project to the Amended Plan. Section 2. The Commission finds and determines that it will be of public utility and benefit to amend the Area Resolution and the Amended Plan for the Enlarged Area and Enlarged Allocation Area. Section 3. The Commission hereby finds that amendment to the Area Resolution will result in new property taxes in the Enlarged Area that would not have been generated without the amendment of the Area Resolution and Amended Plan for the Enlarged Area and Enlarged Allocation Area. Section 4. All the rights, powers, privileges and immunities that may be exercised by the Commission in a redevelopment project area under the Act may be exercised in the Expansion Area, subject to any limitations in IC 36-7-14-43. Section 5. The presiding officer of the Commission is hereby authorized and directed to submit this resolution to the Jeffersonville Plan Commission (Plan Commission) for its approval. Section 6. The Commission also directs the presiding officer, after receipt of the written order of approval of the Plan Commission which has been approved by the Common Council, to publish notice of the adoption and substance of this resolution in accordance with IC 5-3-1 and to file notice with the Plan Commission, the Board of Zoning Appeals, the building commissioner and any other departments or 3 agencies of the City concerned with unit planning, zoning variances, land use or the issuance of building permits. The notice must also be mailed to the owner or owners of real property, if any, being added to the acquisition list. The notice must state that maps and plats have been prepared and can be inspected at the office of the City's department of redevelopment and must establish a date when the Commission will receive and hear remonstrances and objections from persons interested in or affected by the proceedings pertaining to the proposed amendment to the Area Resolution and Amended Plan for the Enlarged Area and will determine the public utility and benefit of the proposed amendment to the Area Resolution and the Enlarged Area. Copies of the notice must also be filed with the officers authorized to fix budgets, tax rates and tax levies under IC 6-1.1-17-5 for each taxing unit that is either wholly or partly located within the Enlarged Area. Notice must also be mailed by first class mail to all owners of real property within the proposed Enlarged Area. Section 7. In all other respects, the Area Resolution, the Amended Plan, and actions of the Commission consistent with this resolution are hereby ratified and confirmed. Section 8. This resolution is effective upon passage. Adopted at a meeting of the Commission held February 28, 2024, in Jeffersonville, Indiana. JEFFERSONVILLE REDEVELOPMENT COMMISSION i ac President Atte t: /2/11/Z, Secretary 4