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HomeMy WebLinkAbout1981-R-18RESOLUTION OF COMMON COUNCIL OF JEFFERSONVILLE WHEREAS, the City of Jeffersonville, Indiana (the "City"), is authorized by I.C. 1971, 18-6-4.5 (the "Act"), to issue economic development revenue~bonds for the financing of economic development facilitiesl the funds from said financing to be used for the acquisition,.alteration, construction and equipping of said facilities, for lease to other personS; and WHEREAS, Kenneth D. Snawder, D.M.D., (the "Proprietor"), has advised the City that he proposes that the City acquire, construct and equip an economic development facility and lease the same to the Proprietor, said economic development facility to consist of the construction and acquisition of a one story with basement dental office building, containing approximately 2,600. square feet of space per floor, intended to accommodate the growing needs of the Proprietor's pedodontic dental practice, together with the purchase and acquisition of appropriate dental, office and computer equipment, and the provision of necessary parking and site improvements attendent to such building (the "Project"); and. WHEREAS, the Proprietor has further advised the City that a determination by the City to issue its economic development revenue bondsunder the Act to finance the acquisition, con- struction and equipping of the Project under contractual arrange- ments whereby the City would lease the Project to the Proprietor and the Proprietor would make rental payments sufficient to pay the principal of, premium, if any, and interest on such bonds, will constitute a substantial inducement to the Proprietor to proceed with negotiations for the acquisition and construction of the Project and the Proprietor has agreed to pay or reimburse the costs of the City whether or not shch bonds are issued; and WHEREAS, issuance of such bonds will not require any ex- penditure Of the funds of the City; and WHEREAS, the increase in tax base and job opportunities to be achieved by the acquisition, construction and equipping of the Project will be of public banafit to the health, safety and RESOLUTION OF COMMON COUNCIL OF JEFFERSONVILLE Page 2 general welfare of the City and its citizenS; and WHEREAS, subject to all required approvals under the Act and 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 City and its citizens; and WHEREAS, The Jeffersonville Economic Development Commission has approved the terms of the letter of intent submitted by the Proprietor 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 Proprietor by issuing the City's economic 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 Jeffersonville, Indiana; 1. The Common Council finds and determines that the promotion of an increase in tax base and job opportunities in Jeffersonville, Indiana, is desirable to preserve the health, safety and general welfare of the citizens of the City of Jeffersonville; 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 opportunities in said City. 2. The Common Council further finds and determines that the issuance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $500,000. for the acquisition, construction and equipping of the Project and the leasing of the project to the Proprietor will serve the public purposes referred to above, in accordance with the Act. 3. The Common 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 therefrom to finance the acquisition and construction of the Project, and the expenses incidental thereto, complies with the purposes and provisions of I.C. 1971, 18-6-4.5 (the "Act"), will increase employment opportunities, will be of RESOLUTION OF COMMON COUNCIL OF JEFFERSONVILLE Page 3 benefit to hhe health and welfare of the City and its citizens, and that the Project will be an "Economic Dewelopment Facility" within the meaning of that term as defined in the Act. 4. In order to induce the Proprietor to proceed with the acquisition, construction and equipping of the Project, the Common Council hereby determines 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 appro- priate in pursuance thereof; provided that all of the foregoing shall be authorized by law and is mutually acceptable to the City and the Proprietor; 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 bonds, subject to the City obtaining all approvals as may be required under the Act,' including the advice of the Jefferson~ille Economic Development Commission. 5. The letter of intent of the Proprietor dated March 6, 1981, which heretofore has been approved by the Jeffersonville Economic Development Commission, is hereby approved. 6. All costs of the Project incurred after this resolution, including reimburement or repayment to the Proprietor of moneys expended by the Proprietor for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, project management, construction.. 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 Proprietor. 7. The liability and obligation of the Jeffersonville Economic Development Commission and the City of Jeffersonville, Indiana, shall be limited solely to good faith efforts to con- sumate such proceedings and issue such Bonds, and neither the Jeffersonville Economic Development Commission nor the City of Jeffersonville, Indiana, or their officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance RESOLUTION OF COMMON COUNCIL OF JEFFERSONVILLE Page 4 of such Bonds is not consummated. 8. This resolution shall take effect and be its adoption. in force upon Adopted this ~ day of , 1981. ATTEST: President, Common Council of the City of Jeffersonville, Indiana City Clerk Adopted and approved by me, , 1981. this ~ayor, Cit~ of Jeffersonvil~J City Clerk ATTEST: This instrument prepared by Gary Hansen, Attorney at Law