HomeMy WebLinkAbout1985-R-60 GENERAL RESOLUTION NO. 85-R-60
RESOLUTION OF THE COMMON COUNCIL OF
THE CiTY OF JEFFERSON¥ILLE, INDIANA
WHEREAS, the City of Jeffersonville, Indiana (the "Issuer") is authorized by l.C.
36-7-11.9 and 12 (th~ "Alt") to issue revenue bonds for the financing.of economic
development facilities, the funds from said finaneing to be used for the acquisition,
construction and equipping of said faeilities, and said facilities to be either sold or leased
to a eompany or directly owned by a company; and
WHEREAS, The Woods of Jeffersonville, Ltd. (the "Applicant'9 has advised the
Jeffersonville Economic Development Commission (the "Commission") and the Issuer that
it proposes that the Issuer either acquire, construct and equip an economle development
facility, and sell or lease the same to the Applicant or loan proceeds of an economic
devalopment finan.eing to the Applicant for the same, said economic development facility
to consist of the renovation and refurbishing of the existing facilities which include
capital improvements to the 184 rental units, clubhouse and swimming pool, to be located
near Allison Lane and U.S. Highway 62, in Jeffersonville, Indiana ("Projeet'9, and the
Applicant will enter into a management agreement with Barrett & Stokely, Inc., an
qn~a~a'corPoration which is Owned by the general partners of the Applicant; and
WHEREAS, the diversification of industry and increase in job opportunities (11-12
jobs) to be achieved by the acquisition and construction of the Projee.t will be of publie
benefit to the health, safety and general welfare of the Issuer and its citizens; and
WHEREAS, having received the advice of the Jeffersonville Economic Development
commission, it would appear that the financing of the Projeot would be of publie benefit
to the health, safety and general welfare of the Issuer and its citizens; and
WHEREAS, it is found that the acquisition and construction of the facility will not
have an adverse competitive effec]; on any similar facility already constructed or
operating in Jeffersonvilte, Indiana for the reasons stated in Exhibit A to the "Resolution
of the Jeffersonville Ee0nomle Developmen~ Commission Re: Economic Development
Target Area" dated the date hereof)
NOW~ THEREFORE, BE IT RESOLVED BY THE Common Council of the City of
jeffersonvil]e, as follows:
1. The Common Council of the City of Jeffersonville finds, determines,
ratifies and confirms that the promotion of diversification of economic
development and job opportunities in and near Jeffersonville, Indiana, is
desirable to preserve the health, safety and general welfare of the citizens of
the Issuer; and that it is in the public interest that the Commission and the
Issuer take ~ueh action as they lawfully may to encourage economic
development, diversification of industry and promotion of job opportunities in
and near the .issuer.
2. The' Common Council of the City of Jeffersonville approves,
determines, ratifies and confirms that the issuance and sale of economic
development ?evenue bonds in an amount of approximately $3,500,000 of the
Issuer under the Act for the acquisition and construction of the Project and
*' '~'='-the sale or'leasing of the Project to the Applicant or t~e loan of the proceeds
of the revenue bonds to the Applicant, will serve the public purposes refer~ed
to above, in accordance with the Act.
3. In order to induce the Applicant to proceed with the acquisition and
construction of the Project, the Common Council of the City of Jeffersonville
hereby approves, determines, ratifies and confirms that (i)it will take or
cause to be taken such .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 fordgoi~g shall be ~utually
acceptable to the Issuer and the Applicant; and (ii) it will adopt such
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ordinances 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 revenue
bonds; and (iii) it will use its best efforts at the request of Applicant to
authorize the issuance of additional bonds for refunding and refinancing the
outstanding principal amount of the bonds, for completion of the Project and
for additions to the ~rojeet, including the costs of issuance (providing that the
financing of such addition or additions to the Project is found to have a public
purpose [as defined in I.~. 36-7-12-1] at the time of authorization of such
additional bonds), and that the aforementioned purposes comply with the
provisions of I.C. 36-7'12.
4. All..costs of the Project incurred after the adoption of this
inducement resolution,' inctudi.ng reimbursement or repayment to the
Applicant of moneys expended by the Applicant for planning, engineering,
interest paid during construction, underwriting expenses, attorney and bond
eouasel fees, acquisition, construction and equipping of the Project will be
· permitted to be included as part of the bond issue to finance the Project, and
the Issuer will sell or lease the same to the Applicant or loan the proceeds
from the sale of the bonds to the Applicant for the same purposes. Also,
certain indirect expenses, including but not limited to, planning, architectural
Work and engineering incurred prior to this inducement resolution will be
permitted to be included as part of the bond issue to finance the Project,
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Adopted this~14th, day of
(sEAL)
December , 1985.
l~remding Officer //~
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