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HomeMy WebLinkAbout1979-R-21 R~SOLUTIO NO. OF ~ cOMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA WHEREAS, the Coramon Council of the City of jeffersonville, Indiana (the "City") has created the jeffersonville Economic Development Commission (the "Con~ission") pursuann to the provisions of Indiana Code, Title 18, Article 6, Chapter 4.5 (the "Act") f.or the purpose of considering economic development projects to b~ located mn or near the C.ity and recommending to the City the financing of said projects through the issuance of economic development revenue bonds of the City, the proceeds of said bonds to be applied to the acquisition, construction and equippzng of economic development facilities which will create employment oppormunitites and generally promote the betterment of the economzc climate of the City; and WHEREAS, Playsquare Park Towers Partnership, a partner- ship to be qualified to do business in the State of Indiana (the "Developers") has advised the Co~nission and the City that it proposes that the City loan the proceeds of an issue of Economzc Development First Mortgage Revenue Bonds (the "Bonds") to the Developers in order to finance a proposed Economic Development Project (the "Project") in the alternative as follows: ALTERNATE PROPOSAL A Proposed 4 levels of parking to accomodate approximately 500 cars, 144,000 square feet; fifth level 36,000 square feet of commercial use for small retail shops; sixth level 36,000 square feet for office space; and seventh through fifteenth levels 250 unit of semi-luxury apartmentS with appropriate percentage of housing for the elderly and handicapped. Alternate Proposal A assumes the development of "Steamboat Landing'~ Theme Park on the west side of U. S. Highway 1-65 in the City and is designed to provide the City with approximately 200 parking spaces for Theme Park visitors (or others) in addition to the ~arking ancillary to the commercial and apartment development. ALTE~ATE PROPOSAL B Two levels of parking for 200 cars or approximately 70,000 square feet; seven levels of living units to accomodate approximately 150 units of apartments with appropriate number of units allocated for elderly and handicapped- Alternate Proposal B ms not intended to be dependent upon the development of the Theme Park. WHEREAS, a Report of jeffersonville Economic Development Commisszon (the "Report") has been prepared and considered by the Commission which Report outlines the public benefit to the health, safety and general welfare of the City and its citizens through the diversification of industry and the increase in job opportunities and increased payroll to be achieved by the development of the Project, and said Commission has submitted said Report to the City together with a Resolution adopted by financing of the Project by the Commission recommending the the City in accordance with the Act, and WHEREAS, 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 that the Project will not have an adverse competitive effect on any similar facility already constructed or operating in the City; -2- NOW, THEREFORE, BE IT RESOLVED BY THE CO~ON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDI~A, AS FOLLOWS: 1. That the Common Council finds and determines than the promotion of the diversification of industry, job opportunitites and payrcll in and near the City is desirable to preserve the health, safety and general welfare of the citizens of the City; and that it is in the oublic interesn that the Commission and the City take such action as they may lawfully so do in order to encourage diversification of industry and the promotion of job oppornunities mn and near the City. 2. That the Common Council has reviewed the provisions of the Report and said Report is hereby approved by the Council in the same form as was considered by the Council at the meeting at which this Resolution was adopted and attached to and made a part of the minutes of said meeting. That the form of Resolution passed and adopted by the Commission approving the Project and the financing thereof through the issuance of the Bonds has been considered by the Common Council and the same is hereby authorized, ratified and approved and made a part of nhe minutes of the meeting of the Council at which this Resolution was adopted. 3. That the Common Council hereby finds and determines that the issuance and sale of approximately $9,600,000 of Economic Development First Mortgage Revenue Bonds of ~he City and the loan of the proceeds derived from the sale of -3- said Bonds referred to above to the Developers will serve the public in accordance with the ACL. purposes 4. That in order to induce the Developers to proceed with 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 appropriate in pursuance ~hereof; provided that all of law and is mutually Developers; and (ii) authorize the execution and delivery the taking of such action as may be for the authorization, issuance and Development First Mortgage Revenue the foregoing shall be as authorized by acceptable to the Commission and the it will adopt such Resolutions and of such ~nstrumentS and necessary and advisable sale of said Economic Bond~. 5. That all costS of the Project incurred after the adoption of this Resolution, including reimbursement or repayment to the Developers of monies expended by the Developers for planning, engineering, interest paid during construction, underwriting expense, attorney and bond counsel fees, acquisition, construction and equipping expenses of the Project will be permitted to be included as part of the Bond issue in order to finance said Project and the City will thereafter loan the proceeds of the BondS to the Developers to be applied %o meet said approved Project costs. -4- 6. That the Developers may rely on the commitment of the Cor~mon Council expressed by the terms of this Resolution to cooperate with the Developers in providing assistance in developing the Project through the use of Economic Development First Mortgage Revenue Bonds to be issued by the City; provided, however, that nothing herein contained shall be construed to obligate either the commission or the City to expend funds of the Commission or the City in connection with the authorization, sale and issuance of said Bonds or to obligate in any way the general credit and taxing power of the City and neither the State of Indiana, nor the City, nor any political subdivision shall be obligated to pay the princmpal of the Bonds or the interest thereon or other costS incident theretO except from the revenues and money pledged by che Developers payment of the BondS. Passed and adopted to the this ~_ day offS., i979. CITY OF jEFFERSONVILLE, INDIANA ssi 7, Attest: city Clerk -5-