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HomeMy WebLinkAbout1979-R-08RESOLUTION 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 Seven Hundred Fifty Thousand Dollars ($750,000) for financing of certain economic development facilities to be undertaken by Fifer, Vogt & Lanum Investments, 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.~f May 7, 1979 WHEREAS, the City of Jeffersonville, Indiana ("City"), is authorized by lC 18-6-4.5 ("Act") to issue revenue bonds for the purpose of financing the acquisition, installation, and construction of economic development facilities; WHEREAS, the City has been advised that there is under consideration a proposal of Fifer, Vogt & Lanum Investments, an Indiana general partnership ("Partnership"), to build in Jeffersonville, Indiana, an office building and related facilities ("Project") described in Exhibit A hereto; WHEREAS, the Partnership 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 the Partnership would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; the Partnership 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 Partnership to proceed with the Project; and the Partnership has agreed to pay the costs of the City whether or not such revenue bonds are issued and the financing agreement consummated; %~HEREAS, the Jeffersonville Economic Development Commission has rendered a Report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for Fifer, Vogt & Lanum Investments and the Jeffersonville City Plan Commission has been given an opportunity to comment thereon; WHEREAS, the Jeffersonville Economic Development Commission, after a public hearing conducted on April 30, 1979, adopted a resolution on that date giving 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 inhabitants; and WHEREAS, Act, and general welfare of the City and its subject to the required approvals under the it appears that the financing of the Project will be of -2- 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: Section 1. The Common Council finds and determines that the construction of a new office building and related facilities of the Partnership in Jeffersonville, Indiana, by the acquisition, installation and construction of the Project is desirable to better the health, prosperity, economic stability and general welfare of the City and its inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage the Partnership to construct the new office building and related facilities. 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 acquisition, installation and construc- tion of the Project, will enable the Partnership to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce the Partnership and 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 Seven Hundred Fifty Thousand Dollars ($750,000), to -3- finance the costs of the acquisition, installation and construction of the Project, including reimbursement or repayment to the Partnership of any moneys expended by the Partnership 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 the Partnership 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 Partnership to enable it to acquire, install and construct the Project and repay the loan in installments 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 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 Partnership. -4- 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. Adopted by the Cu~on Council of the City of Jeffersonvill on the 7th day of May. MAYOR -5- EXHIBIT A DESCRIPTION OF THE PROJECT The Project involves the construction of a new office building on approximately of real estate located an 305 through in Jeffersonville, Indiana. The real owned by the Partnership and its cost and equipping 36,350 square feet 315 East Court Avenue estate is presently is not a part of the Project. The new office building will be approximately 13,500 square feet of which approximately 4,500 square feet will be utilized as law offices and the remainder will be leased to other business tenants.