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HomeMy WebLinkAbout1983-R-03RESOLUTION OF CO~X[ON COUNCIL CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENE~1L RESOLUTION approving the finding of the Jeffersonville Economic Development Commission with respect to the issuance of revenue bonds in an amount not exceeding Eight Hundred Thousand Dollars ($800,000) for financing of certain economic development facilities to be undertaken by Boerner, Grooms, Knight & Lega, an Indiana Partnership, and authorizing and committing the City to proceed with such project, subject to final action by this Council with respect to the terms and conditions of such financing. GENERAL P. ESOLUTION NO. 83-R-~ , FEBRUARY 7, 1983 WHEREAS, the City of Jeffersonville, Indiana ("City"), is authorized by lC 36-7-12 ("Act") to issue revenue bonds for the purpose of financing the installation, and construction of economic development acquisition, facilities; WHEREAS, the City has been advised that there is under consideration a proposal of Boerner, Grooms, Knight & Lega to purchase real estate and build in Jeffersonville, Indiana, medical offices, a pharmacy, and related facilities ("Project") described in Exhibit A hereto; WHEREAS, Boerner, Grooms, Knight & Lega has proposed that the City issue its revenue bonds under the Act to finance the acquisition, installation and construction of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire, install and construct the Project and Boerner, Grooms, Knight & Lega would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; Boerner, Grooms, Knight & Lega has further advised the City that a determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to Boerner, Grooms, Knight & Lega to proceed with the Project; and Boerner, Grooms, Knight & Le~a has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; ~EREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for Boerner, Grooms, Knight & Lega and the Jeffersonville City Plan Commission has been given an opportunity to comment thereon; WHEREAS, the Jeffersonville Economic Development Co~ission has adopted a'resolution giving its approval to such financing of the Project, on the basis that the Project will cause additional employment opportunities in Jeffersonville, Indiana, and will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; and WHEREAS, subject to the required approvals under the Act, it appears that the financing of the Project will be of prosperity, economic stability and general inhabitants: NOW, THEREFORE, BE IT RESOLVED by the Jeffersonville, Indiana: public benefit to the health, welfare of the City and its Common Council of the City of purchase Section 1. The Common Council finds and 'determines that the of real estate and the construction of medical office buildings, pharmacy, and related facilities of Boerncr, Grooms, ¥~night & Lega in Jeffersonville, Indiana, by the acquisition, installation, construction and equipping of the Project is desirable to better the health, prosperity, economic stability and general welfare if the City and its inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage Boerner, Grooms, Knight & Lega to purchase real estate and construct buildings totaling approximately 8,800 square feet and related facilities. Section 2. The Common Council further finds and determines that the issuance and sale of revenue bonds of the City under the Act, and the use of the net proceeds derived therefrom to finance the acquisition, instal- lation and construction of the Project, will enable Boerner, Grooms, Knight & Lega to purchase real estate and construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce Boerner, Grooms, Knigh~ & Lega to proceed with the acquisition, installation and construction of the Project, the Common Council hereby undertakes that: (i) It will authorize and issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Eight Hundred Thousand Dollars ($800,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Boerner, Grooms, Knight & Lega of any moneys expended by Boerner, Grooms, Knight & Lega for planning, engineering, interest during construction, underwriting and attorney and bond counsel fees, and will enter into a financing agreement to use the net proceeds of such bonds to acquire, install and construct the Project and lease or sell the Project to Boerner, Grooms, Knigl~t & Lega for spccific rent or purchase price payments sufficient to pay the principal of, premium, if any, and interest on such bonds, or to lend such net proceeds to Boerner, Grooms, Knight & Lega to enable them to acquire, install and construct the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of such bonds; and (iii) It will take or cause to be taken such other actions as may be required to implement the aforesaid or as it may deem appropriate in pursuance thereof, provided that all of the foregoing shall be authorized by law and mutually acceptable to the City and Boerner, Grooms, Knight & Lega. Section 4. It is hereby recognized that the issuance and sale of revenue bonds by the City under the Act for the purposes set forth herein shall be subject to the City's obtaining such approvals as may be required under the Act. Section 5. To the extent permitted by the Act, such changes may be made in the Project as are deemed necessary or desirable, or as may be required in light of then existing regulations or technology, or both, provided that after such changes the Project will continue to constitute economic development facilities within the meaning of the Act and any other applicable laws or regulations. Section 6. ~nis Resolution shall be in full force and effect immediately upon compliance with the procedures required by law. · ~ ' . . g, Pres~fOffic~ ATTEST: C. R. 8~encer, J~.,~ierk-Treasurer this Presented by me to the Mayor of the City of Jeffersonville, Indiana, on ~ day of February, 1983. Approved and signed by me on this day of February, 1983. Richard L. Vissing, Mayor_ ,. Cityko~ Jef~ersonville, India~/ Exhibit A DESCRIPTION OF THE PROJECT Purchase of real estate located at 1401-17 Spring Street in Jeffersonville, Indiana, and the construction of two medical office buildings, a pharmacy building, and a coffee shop, along with related capital equipment and fixture costs.