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HomeMy WebLinkAbout1980-R-07 INDUCEMENT RESOLUTION OF COPRMON COUNCIL 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 Five Hundred Thousand Dollars ($500,000) for financing of certain economic development facilities to be under- taken by Professional Training Schools, Inc. a Texas corporation, and authorizing and cor~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. , 1980. the City of Jeffersonville, Indiana ("City"), ("Act") to issue revenue bonds the acquisition, installation development facilities; is authorized by IC 18-6-4.5 for the purpose of financing and construction of economic WHEREAS~ the City has been advised that there under consideration a proposal of Professional Training Inc. a equip is Schools, Texas corporation ("Company"), to acquire, construct and in Jeffersonvi!le, Indiana, a building with related facilities on real estate located at 3111 Hamburg Pike in Jeffersonville (the "Project"), all as described in Exhibit A hereto; WHEREAS, issue its revenue the Company has proposed that the City bonds under the Act to finance the acqui- sition, construction and equipping of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire, construct and equip the Project and the Company would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; the Company has further advised the City that a determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to the Company to proceed with the Project; and the Company has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement cons~mated; ~HEREAS, the Jeffersonville Economic Development Commission has given its approval to such financing of the Project, on the basis that the Project will cause additional employment opportunities in Jeffersonville, Indiana, and will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; 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 Co,,,~.on Council of the City of Jeffersonville, Indiana: Section 1. The Common Council finds and determines that the acquisition, construction and equipping of a mortuary college and other facilities in Jeffersonville, Indiana, by the acquisition, construction and equipping of the Project is desirable to better the health, prosperity, economic stability and general welfare of the City and its inhabitants, that the Project complies with the purposes and provisions of the Act, and that it is in the public interest that the City take such action as it law£ully may to encourage the Company to acquire, construct and equip the mortuary college and related facilities. Section 2. The Co~on Council further finds and determines that the issuance and sale of revenue bonds of the City u{der the Act, and the use of the net proceeds derived therefrom to finance the acquisition, construction and equipping of the Project, will enable the Project to be constructed and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce the Company to proceed with the acquisition, construction and equipping 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 principaI amount not exceeding Five Hundred Thousand Dollars ($500,000) to finance the costs of the Project, including reimbursement or repayment to the Company of any moneys expended by the Company for planning, engineering, underwriting and attorney and bond counsel fees, and will enter into a financing agreement to use the net proceeds of such bonds to acquire, construct and equip the Project and lease or sell the Project to the Company 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 the Company to enable it to acquire, construct and equip the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bondsi (ii) It will adopt such ordinances and resolutions and authorize the execution and delivery of such instru- ments 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 that all of the foregoing shall be authorized by law and mutually acceptable to the City and the Company. 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 i~ediate!y upon required by law. Adopted this./~ (SEAL) AtteSt: compliance with the procedures day of ~- , 1~. --~.~ / z Mayor EXI{I~ITA DESCRIPTION OFT HE' PROUECT The Project involves the acquisition, construction and equipping of a building of approximately 10,750 square feet, together with related facilities, on real estate located at 3111 Hamburg Pike in Jeffersonvi!le. The building will be used as a mortuary college.