HomeMy WebLinkAbout1980-R-26 ESO UT ON NO. R:
AN INDUCEMENT RESOLUTION RELATING
TO THE U-HAUL CO. OF LOUISVILLE PROJECT
WHEREAS, pursuant to I.C. 1~-6-4.5, the Common Council
of the City of jeffersonville, Indiana created the Jefferson-
ville Economic Developmen5 Commission, which Commission has
determined that a need exists in the community for additional
job opportunities and commercial and industrial diversifi-
cation; and
WHEREAS, U-Haul Co. of Louisville (the "Company") is an
existing corporation organized under the laws of the
Commonwealth of Kentucky and qualified to do business in the
State of Indiana engaging in the business of storage of goods
and rental of moving equipment and~supplies and desires to
expand its operations witn the result that it will retain
approximately eight to ten new employees; and
WHEREAS, the Company proposes to finance the acquisi-
tion, construction and development of an economic development
facility consisting of an approximately 33,000 square foot
building on real estate located at 365 Eastern Boulevard in
the city of Jeffersonville, Indiana, such facilities being
suitable for use as a moving and storage center for the
storage of goods and the rental and maintenance of trucks and
trailers (the "Project"); and
WHEREAS, the jeffersonville Economic Development Commis-
sion has, by a Resolution adopted on August 26, 1980, given
its preliminary approval to the Project; and
WHEREAS, it appears that the Pro3ect will increase ]ob
opportunities and commercial diversification in Jefferson-
ville, Indiana, resulting in benefit to the welfare of the
public in the City of jeffersonville, Indiana; and
WHEREAS, to induce the Company to become the principal
user of the Project, the City of jeffersonville desires to
adopt this resolution;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of jeffersonville as follows:
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SECTION 1. That approval is hereby given to the appli-
cation of the'Company relating to the Project and its financ-
ing through an issue of economic development revenue bonds of
the City of jeffersonville, Indiana, in an amount not exceed-
ing $1,000,000 repayable wit~ interest thereon over a period
of time and with a maturity date wnic~ does not extend beyond
thirty (30) years after tne issue date.
SECTION 2. In order to encourage and induce SUCh appli-
cation by the Company for an issue of economic development
revenue bonds relating to the acquisition, conssructlon and
equipping of the Project, the City of jeffersonville hereby
declares its intention to cooperate with and take such action
as may be necessary for the issuance of such economic devel-
opment [evenue bonds by the City of jefferscnville, Indiana,
to provide funds to De used toward the payment of tne costs
of acquiring, constructing and improving ~ne project, pro-
vided that tne bonds shall not ~n any respect be a general
obliqation of the City of jeffersonville nor payable ~n any
manner from funds raised by taxation.
SECTION 3. Any costs or expenses incurred in connection
with the Pro]e'ct shall be ~ncluded in ~ne Project costs and
reimbursed from the proceeds of the bonds to be ~ssued with
respect thereto, all to the extent permitted by law.
SECTION 4. That the liability and obligation of the
City of jeffe~sonville, Indiana, shall be limited solely to
good faith efforts to consummate SUCh proceedings and issue
such bonds, and neitner the City of jeffersonville, Indiana,
nor ~ts officers or agentS, s~all incur any liability wnatso-
ever if for any reason the proposed issuance of such bonds is
not consummated.
SECTION 5. This resolution shall oe in full force and
effect from a~d after its passage by the Common Council of
the City of jeffersonville and approval by the Mayor.
ADOPTED THIS/2ND DAY OF SEPTEMBER, 1980. ~
REPORT OF JEFFERSONVILLE ECONOMIC
DEVELOPb~NT COb~ISSION REGARDING
FACILITIES TO BE CONSTRUCTED BY u-HAUL CO. OF LOUISVILLE
AT 365 EASTERN BOULEVARD
Having been furnished certain data by U-Haul Co. of
Louisville, and having had discussions with representatives
of said Company, the Jeffersonville Economic Development
Co~¥~ission submits the following report pursuant to ~S18-
6-4.5-16 of the Indiana Code.
Description of Proposed Facilities
The proposed facilities consist of land and new con-
struction ~f approximately 33,000 square feet for use as a
moving and storage center for the storage of goods and the
rental and maintenance of trucks and trailers.
Estimate of Public Services Required
Required public services now exist in the vicinity of
the property. Water and sanitary sewer facilities are
located in that area. Water and sanitary sewage service
is available upon paying the usual charges.
Total Project Cost
The project costs are presently estimated not to
exceed $1,000,000..
Number of Jobs and Estimated Payroll
It is anticipated that there will be approximately
eight to ten new jobs created by the project resulting in a
payroll increase of approximately $85,000.
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Dated this 26t~ay of August, 1980.
William Scott ~ W. Fred ~al~
David C. Esarey
~r'~tt G.~Klinstlver
C. VinCent Davis