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HomeMy WebLinkAbout2000-R-22A Resolution 2000-R- ~2.f2-, A RESOLUTION OF INDUCEMENT WHEREAS, Jeffersonville, Indiana (the "Issuer"), is authorized by IC 36-7-11.9 and 12 (collectively, the "Act") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction 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, Fore Property Company and its affiliates, on behalf of a to-be-formed Indiana limited partnership (collectively, the "Applicant"), has advised the Jeffersonville Economic Development Commission (the "Commission") and the Issuer that it proposes that the Issuer lend proceeds of an economic development financing to the Applicant for the acquisition, construction and equipping of a multifamily housing facility consisting of an apartment complex containing approximately One Hundred Sixty-eight (168) apartment units, together with functionally related and subordinate facilities such as a community building, recreational facilities and parking areas, located near the intersection of New Albany-Charlestown Pike, the Charlestown-Jeffersonville Pike and Holmans Lane, in or near Jeffersonville, Indiana (the "Project"); and WHEREAS, the diversification of industry, increase in job opportunities (at least three (3) full-time equivalent jobs) and the creation of affordable multifamily rental housing to be achieved by the acquisition, 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, 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 tentatively found that the acquisition, construction and equipping of the Project will not have an adverse competitive effect on any similar facility already constructed or operating in or near Jeffersonville, Indiana; RESOLUTION NO: 2000-R- il TOWN OF UTICA'S REQUEST FOR AUTHORIZATION FOR VOLUNTARY ANNEXATION OF THE PROPERTY OF JAMES VANGILDER AND ROXANNA VANGILDER, HUSBAND AND WIFE LOCATED IN UTICA TOWNSHIP, INDIANA WHEREAS, James VanGilder and Roxanna VanGilder, have petitioned the Town of Utica, Indiana for the voluntary Annexation of the real estate described in the attached Exhibit A & B; and WHEREAS, the Town of Utica wishes to consider the petition; and WHEREAS, the Town of Utica requests the City of Jeffersonville to consent to the proposed annexation of the real estate described in Exhibit A & B; and WHEREAS, the City of Jeffersonville must consider this request for voluntary annexation pursuant to state law; and WHEREAS, Utica Town Attorney, Larry Wilder, has appeared before the Jeffersonville City Council on February 7, 2000 at a lawfully advertised meeting and has tendered the Town of Utica's request upon the record and before the common council of the City of Jeffersonville, Indiana; and WHEREAS, the Common Council, having considered the Town of Utica's request, believes that it is in the best interest of the City of Jeffersonville that the Town of Utica annex the real estate described in Exhibit A & B; NOW THEREFORE, BE IT HEREBY RESOLVED that Common Council of the City of Jeffersonville, Indiana does hereby consent to the Town of Utica's request to annex the real estate as described in Exhibit A & B. This Resolution shall be in full force and effect from and after its passage and approval. Passed and adopted this day of ,200 by the Common Council of the City of Jeffersonville, Clark County, Indiana. ~,. 'Phom~s R. Ga!ligan Mayor, City of Jeffersonville NOW, THEREFORE, BE IT RESOLVED by the Common Council of Jeffersonville, as follows: 1. The Common Council of Jeffersonville, Indiana, finds, determines, ratifies and confirms that the promotion of diversification of economic development and job opportunities in or near Jeffersonville, Indiana, as well as the creation of affordable multifamily rental housing, 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. The Common Council of Jeffersonville, Indiana, approves, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approximately Eight Million Six Hundred Thousand Dollars ($8,600,000.00) of the Issuer under the Act for the lending of the proceeds of the revenue bonds to the Applicant, for the acquisition, construction and equipping of the Project 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 Jeffersonville, Indiana, 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; 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 that the aforementioned purposes comply with the provisions of the Act; 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 Project, including the costs of issuance (providing that the financing of such addition or additions to the Project is found to have a public purpose at the time of authorization of such additional bonds), and that the aforementioned purposes comply with the provisions of the Act; provided that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant. 4. All costs of the Project incurred after the date permitted by applicable federal tax and state laws, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, a portion of the interest paid during construction and equipping, 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 lend 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. 5. This resolution shall constitute "official action" for purposes of compliance with federal and state laws requiring governmental action as authorization for future reimbursement from the proceeds of bonds. 6. Based solely upon representations of the Applicant and materials filed by the Applicant, the Issuer hereby preliminarily finds and determines that the amount of tax credits to be allocated to the Project under Section 42 of the Code does not exceed the amount necessary for the financial feasibility of the Project and its viability as a qualified housing project throughout the credit period for the Project and that the Project satisfies the requirements for the allocation of a housing credit dollar amount under the qualified allocation plan applicable to the area in which the Project is located. The foregoing determinations shall not be construed to be a representation or wan'anty by the Issuer as to the feasibility or viability of the Project. The Issuer hereby authorizes and directs the Common Council to review and make the foregoing determinations again for Jeffersonville, Indiana, at the request of the Borrower, following review of the Project and supporting materials by the Indiana Housing Finance Authority ("IHFA"), the credit agency for the State of Indiana, and the recommendation by IHFA of approval of such determinations. Such determinations shall occur (i) upon the sale of the Bonds to the initial purchasers thereof, and (ii) on or about the date that each building in the Project is placed in service. This Resolution shall be in full force and effect from and after its passage and approval. Passed this /~'~day of ATTEST: , 000. Th'omas R. Galhgan Presiding Officer P~g~y0~i~er Clerk-Treasurer Presented by me as Clerk-Treasurer to the Mayor of said City of Jeffersonville this day of ~k,~ ,2000. Peggy Wild'er - - Clerk-Treasurer This Ordinance approved and signed by me thiso~. ~day of ~ ,2000.