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HomeMy WebLinkAbout1980-R-04RESOLUTION OF COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENERAL RESOLUTION approving the finding of the Jeffersonville Economic Development Commission with respect to the issuance of revenue bonds in an amount not exceeding One Hundred Fifty Thousand Dollars ($150,000) for financing of certain economic development facilities to be undertaken by HALL BROTHERS SERVICE CENTER, INC. and authorizing and com- mitting 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 RESOLUTION NO. ~i~ ~. ~ ,1980. WHEREAS, the City of Jeffersonville, Indiana ("City"), is autho- rized by IC 18-6-4.5 ("Act") to issue revenue bonds for the purpose of financing the acquisition, installation, and construction of econo~i:ci~e~l~p- ment facilities; and, WHEREAS, the City has been advised that there is under considera- tion a proposal of HALL BROTHERS SERVICE CENTER, INC., an Indiana Corporation ("HALL BROTUERS") to build in Jeffersonville, Indiana, a commercial outlet for the sale, wholesale and retail, of auto parts and related facilities ("Project"); and, WI-IEREAS, HALL BROTHERS 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 HALL BROTHERS would make P.~ments sufficient to pay the principal of, premium, if any, and interest on such bonds; HALL BROTHERS has further advised the City that a determination by the City to accept such a proposal for fi~ nancing the Project will constitute a substantial inducement to HALL BROTHERS to proceed with the Project; and HALL BROTHERS has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement Consummated; and, WHEREAS, the Jeffersonville Economic Development Commission has rendered a Report concerning the proposed financing of economic development facilities for HALL BROTHERS, and the Jeffersonville City Plan Commission has been given an opportunity to comment thereon; and, WHEREAS, the Jeffersonville Economic Development Commission, after a public hearing conducted on February ~, 1980, adopted a resolution on that date giving its approval to such financing of the Project, on the basis that the Project wilt cause additional employment opportunities in Jeffersonville, Indiana, and will be of public benefit to the health, pro- sperity, economic stability and general welfare of the City and its inhabi- tants~ and, WHEREAS, subject to the required approvals under the Act, it appears that the financing of the Project will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants: NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana as follows: Section 1. The Common Council finds and determines that the development of the Project by HALL BROTHERS is desirable to better the health, prosperity, economic stability and general welfare of the City and -2- its inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage HALL BROTHERS to develope the Project. 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 development of the Project, will enable HALL BROTHERS to proceed on the Project and there- by serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce HALL BROTHERS 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 One Hundred Fifty Thousand Dollars ($150,000.), to finance the costs of the acquisition, installation and construction of the Project~ including reim- bursement or repayment to HALL BROTHERS of any moneys expended by it 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 HALL BROTHERS for specific 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 HALL BROTHERS to enable it to acquire, install or construct the Project and repay the loan in install- -3- ments 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 t~at all of the foregoing shall be authorized by law and mutually accept- able to the City and HALL BROTHERS. 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. This Resolution shall be in full force and effect immediately upon compliance with the procedures required by law. Passed this 4 day of February, 1980. ATTEST C~ERK~TREASURE Jeffersonville this Presented by me as Clerk-Treasurer to the Mayor of said City of 4 day of February, 1980. this 4 day of February, 1980./ Approved and signed by me _ ~ RESOLUTION OF THE JEFFERSONVILLE ECONOMIC DEVELOPMENT COMMISSION WHEREAS, nhe Jeffersonville Economic Development Comm- ission, (hereinafter referred to as the "Commission") was duly created by Ordinance pursuant to authority granted by then exist- ing statutes as found mn I.C. 18-674.5-1 through 18-6-4.5-28; and WHEREAS, the Commission was created to investigate, study and survey the need for additional job opportunities, industrial diversification, and pollution control facilities in the municipality of Jeffersonville, Indiana, and to recommend action to improve or promote job opportunities, industrial diversification, and availability of pollution control facilities in the municipality; and WHEREAS, the Commission has received from HALL BROTHERS SERVICE CENTER, INC., an Indiana General Corporation, with prin- cipal offices located at 154 Main Cross Street, Charlestown, Indiana, a written request to investigate and study the benefit inuring to the city of Jeffersonville arising out of its lawful issuance of Jeffersonville Economic Developmenn Bonds in a prin- cipal amount not exceeding $150,000.00 to be used by HALL BROTHERS SERVICE CENTER, INC., pursuant to a financing agreemenn to finance the acquisition, remodeling and equipment of a comm- ercial outlet for the sale of auto parts to both retail and wholesale purchasers; and WHEREAS, the Commission has fully considered said written request and has been further advised by representatives of HALL BROTHERS SERVICE CENTER, INC.~ and has preliminarily determined that nhe city of Jeffersonville would be benefited by entering into such a financing agreement and that the proposed commercial outlet would have a positive economic employment and tax base effect upon the city of Jeffersonville. NOW THEREFORE BE IT RESOLVED BY THE JEFFERSONVILLE ECONOMIC DEVELOPMENT COMMISSION that the health and general wel- fare of the city of Jeffersonville would be benefited by entering into'~a financing agreement with HALL BROTHERS SERVICE CENTER, INC., 154 Main Cross Street, Charlestown, Clark County, Indiana, whereby the city of Jeffersonville, pursuant to an Ordinance of its Common Council and Mayor, would issue its revenue bonds in a principal amounn not to exceed $150,000.00, the proceeds from the sale of which Bonds, when sold, would be used co finance the purchase of necessary real estate, and the remodeling of nhe necessary improvements thereto and the equipment thereafter of a commercial outlet for the sale of auto parns to bot~ retail and wholesale purchasers. BE IT FURTHER RESOLVED that any preliminary expenses advanced from this day forward by any person, firm, partnership, trust, association, corporation, government or governmental agency in furtherance of such investigation and study, may be reimbursed from the proceeds of the revenue Bonds. BE IT FURTHER RESOLVED that a public hearing for further findings on the proposed financing of the facilities be held by this Commission after giving not less than five (5) days notice by publication in one (1) newspaper published or of general cir- culation in the city of Jeffersonville. BE IT FURTHER RESOLVED that in order to induce HALL BROTHERS SERVICE CENTER, INC., To proceed with the land acquis- ition, building, remodeling and equipment thereof, nhis Comm- ission hereby undertakes, (1) it will hake or cause to be =aken such actions pursuant to law as may be required no implement the aforesaid financing or as it may deem appropriate.in pursuance thereof, provided that everything is ~uthor~zed by law and is mutually acceptable to the City of Jeffersonville, and HALL BROTHERS SERVICE CENTER, INC.; and (2) it will adopt such Resolutions and authorize the execunion and delivery of such insnrument and the taking of such acnions as may be necessary and advisable for the authorization, issuance and sale of said Economic Development Revenue Bonds, subject to all approvals as may be required under the law. BE IT FURTHER RESOLVED that nhe attached form of Common Council Resolution be recommended for adoption by the Common Council of the City of Jeffersonville and that this Resolunion with the attached form of Common Council Resolunion be ~rans- mitred hy the Secretary of this Commission to nhe Clerk-Treasurer of the City of Jeffersonville for presentation to the Cormnon Council of nhe City of Jeffersonville. SO RESOLVED THIS ~. DAY OF FEBRUARY 1980. JEFFERSONVILLE ECONOMIC DEVELOPMENT 'William B. Scott, President BY: Everett Klinsniver ~ Davi'd C. Es arey/ ~/ W. Fred'Hal%, Secreta y. This is to certify that the above and foregoing is an accurane, complete and true copy of the original of the RESOLUTION OF THE JEFFERSONVILLE ECONOMIC DEVELOPMENT COMMISSION wh$ch is in my custody as Secretary of said Commission. So Certified this q~ day of ~~~ 1980. Fred Hale, S~retary