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HomeMy WebLinkAbout1983-R-08ARESOLUTION OF THE CO~vL~ON COUNCIL OF THE cITY OF jEFFERSONVILLE, INDIANA WHEREAS, the City of jeffersonville, Indiana (the "Issuer") is authorized by IC 36-7-12 (the "Act") to issue revenue bonds for the financing of economic development facilities, the funds f~om said financing to be used for the acquisition, construc- tion and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS, Popped-Right, Inc., an Ohio corporation (the "Applicant") has advised the jeffersonville Economic Develop- ment Commission (the "Commission") and the Issuer that it proposes that the Issuer either acquire, construct and equip an economic development facility and sell or lease the same to the Applicant or loan proceeds of an economic development financing to the Applicant for the same, said economic development facility to consist of the expansion of the existing plant facility which is located on a tract of approximately 5 acres by the addition of approximately 38,000 square feet to the existing plant and the acquisition of a tract of approximately 2 acres, and the acquisition of manufacturing and packaging equipment for the manufacturing and processing of corn-based snack foods, located at the intersection of Peaceley and Green Streets, in the City of jeffersonville ("Project"); and WHEREAS, the diversification of industry and increase in job opportunities (50 to 100 new jobs) to be achieved by the construction and equipping of the Project will be of public 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 Project would be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, it is preliminarily found that the acquisition and construction of the facility will not have an adverse competi- tive effect on any similar facility already constructed or operating in jeffersonville, Indiana; NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the City of jeffersonville, 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 such action as they lawfully may to encourage economic development, diversification of industry and promotion of job opportunities in and near the Issuer. - 2 - 2. The Common Council of the City of Jeffersonville approves, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approxi- mately $1,800,000 of the Issuer under the Act for the acquisition, construction and equipping of the Project and the sale or leasing of the Project to the Appli- cant or the loan of the proceeds of the revenue bonds to the Applicant, will serve the public purposes referred to above, in accordance with the Act. 3. In order to induce the Applicant to proceed with the acquisition, construction and equipping 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 foregoing shall be mutually acceptable to the Issuer and the Applicant; and (ii) it will adopt such 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 red, est of Applicant - 3 - to authorize the issuance of additional bonds for refor~ding and refinancing the outstanding principal amount of the bonds, for completion of the Project and for additions to the Project, including the costs of issuance (providing that the financing of such addi- tion or additions to the Project is found to have a public purpose [as defined in I.C. 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. Ail costs of the Project incurred after the adoption of this inducement resolution, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel 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 resolu- tion will be permitted to be included as part of the bond issue to finance the Project. - 4 - Adopted this (SEAL) 6th day of June, 1983. CITY OF JEFFE~,~v~LLE pr e~-id~n~ Of-f icer Attest :~ - ~-~rk-Treasu~er~ ~-~ Presented by me to the Mayor of the city of jeffersonville, Indiana, on the 6th day of June, 1983, at the hour of 0'clock ~.m. ~ier~-Treasurer Approved and s~igned by me this ~ day of June, 1983 at the hollr of ~:~ o'clock ~.m' or~/~/~/ ,~~~/ May - 5 -