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HomeMy WebLinkAbout1982-R-02RESOLUTION OF CO~VDN COUNCIL OF jh~.~.~RSONVILLE WHEREAS, the City of jeffersonville, Indiana (the "City"), is authorized by I.C. 1971, 36-7-12 (the "Act"), to issue economic develo~uent revenue bonds for the financing of economic development facilities, the funds frcm said financing to be used for the acquisition, alteration, construction and equipping of said facilities, for lease to other persons; and WHEREAS, Marine Builders, Inc., (the "Cc~pany"), has advised the City that it proposes that the City acquire, construct and equip an econc~ic development facility and lease the same to the Cc~r~0any, said. econc~uic develop- ment facility to consist of the acquisition and construction of a 300' x 60' shop building on the tract presently owned by the Cc~oany in the Town of utica, Indiana, and the further development of such building and such tract by the construction and installation of a floating drydock, together with such other equipment as is enumerated in the letter of intent submitted by the Com- pany to the jeffersonville Economic Development Commission, dated January ~+, 1982, (the "Project"); and WHEREAS, the Cc~pany has further advised the City that a determina- tion by the City to issue its econc~ic development revenue bonds under the Act to finance the acquisition, construction and equipping of the Project under contractual arrang~uents whereby the City would lease the Project to the Ccm- pany and the Cc~pany ~ould make rental payments sufficient to pay the princi- pal of, premi~u, if any, and interst on such bonds, will constitute a substan- tial induc~uent to the C~any to proceed with negotiations for the acquisi- tion, and construction of the Project and the Cc~pany has agreed to pay or re- imburse the costs of the City whether or not such bonds are issued; and WHEREAS, issuance of such bonds will not require any expenditure of the funds of the City; and · ~qEREAS, the increase in tax base and job opportunities 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 City and its citizens and the Town of utica, where the Project is to be located, and its citizens; and WHEREAS, subject to all required approvals under the Act and the ad- vice of the jeffersonville Econcraic Development Cc~mission, it would appear that the financing of the Project would be of public benefit to the health, safety and general welfare of the City and its citizens and the Town of utica, where the Project is to be located, and its citizens and will cc~ply with the Act; and WHEREAS, the Jeffersonville Econc~ic Develol~nent Cc~mission has ap- proved the terms of the letter of intent submitted by the Cc~pany relating to the Project; and WHEREAS, subject to all required approvals under the Act, the City intends to use its best efforts to cooperate with the Cc~pany by issuing the City's econc~ic development revenue bonds to finance the Project; and WHEREAS, the Project will not have an adverse competitive effect on any similar facility already constructed or operating in the City of Jeffer- sonville, the Town of utica or elsewhere in Clark County, Indiana; NC~, THEREFORE, BE IT RESOLVED by the Cc~non Council of the City of Jeffersonville, Indiana: 1. The Cc~n~n Council finds and determines that the promotion of increasing the tax base and job opportunities in jeffersonville and utica, Indiana, is desirable to preserve the health,' safety and general welfare of the citizens of the City of jeffersonville and Town of Utica; and that it is in the public interest that the City take such action as it lawfully may to encourage an increase in the tax base and promotion of job ot~portunities in said City and Town. 2. The Con~on Council further finds and determines that the is- suance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $1,000,000.00 for the acquisition, construction and equipping of the Project and the leasing of the project to the Cc~oany will serve the public purposes referred to above, in accordance with the ACt. 3. The Co, non Council finds and determines that the issuance and sale of revenue bonds of the City under the Act and the use of the proceeds derived therefrc~a to finance the acquisition and construction of the Project, and the expenses incidental thereto, ec~lies with the purposes and provisions of I.C. 1971, 36-7-12 (the "Act"), will increase employment opportunities, will increase the tax base, will be of benefit to the health and welfare of the City and its citizens, and the Town of Utica and its citizens, and that 2 the Project will be an "Economic Developmmnt Facility" within the meaning of that term as defined in the Act. 4. In order to induce the Company to proceed with the acquisition, construction and equipping of the Project, the Comma Council hereby deter- mines that (i) it will take or cause to be taken .such actions pursuant to the Act as may be required to implen~t the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be authorized by law and is matually acceptable to the City and the Company; and ($i) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instr~nents and the taking of such action .as may be necessary and advisable for the authorization, issuance and sale of said eco- nomic development bonds, subject to the City obtaining all approvals as may be required under the Act, including the advice of the Jeffersonville Economic Development Comnission, and the consent of the fiscal body of the Town of Utica. 5. The letter of intent of the Company dated Jan,~ry 4, 1982, which heretofore has been approved by the Jeffersonville Econc~ic Development Cc~mis- sion, is hereby approved. 6. Ail costs of the Project incurred after this resolution, includ- ing reimbursement or repayment to the Company of moneys expended by the Cem- pany for planning, engineering, interest paid during construction, underwrit- ing expenses, attorney and bond counsel fees, acquisition, alteration, con- struction and equipping of the Project will be permitted to be included as part of the bond issue to finance said Project, and the City will thereafter lease the. Project to the Company. 7. This resolution shall take effect and be in force upon its adoption. Adopted this 4th day of January, 1982. JEFFERSONVILLE CCP~DN COUNCIL J~. Carter G. Patrick Hoehn William L. W~eidner William ShreWSberry' ATI~ST: C. tLichard Spencer, Jr. Clerk-Treasurer Marvin L. Allen Charles E. Haire Robert L. Potter on this Presented by me to the Mayor of the City of jeffersonville, Indiana, C. P~chard Spenoe~ Jr.y Clerk-Treasurer Approved and signed by me on this ~ . day of January, 1982. 4