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HomeMy Public PortalAbout084-1984 - ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS FIRST MORTGAGE REVENUE BONDS SERIES 1984ORDINANCE NO. -184 - 1984 ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "FIRST MORTGAGE REVENUE BONDS SERIES 1984 (DEVELOPMENT CORPORATION OF RICHMOND PROJECT)" APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Development Corporation of Richmond Project regarding the financing of proposed economic development facilities for Development Corporation of Richmond, an Indiana Corporation ("Company"), and the Richmond Plan Commission has commented favorably thereon; and WHEREAS, the Richmond Economic Development Commission conducted a public hearing on July 11, 1984, and also adopted a resolution on July 11, 1984, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities for the Company complies with the purposes and provisions of I.C. 36-7-12 and that such financing will be of benefit to the health and welfare of the City of Richmond and its citizens, and which Resolution ratifies and confirms their special findings of fact as to the competitive effect of the proposed facilities; and WHEREAS, the Richmond Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the substantially final forms of and has transmitted for approval by the Common Council the First Amendment to and Supplement of Mortgage and Indenture of Trust, First Amendment to and Supplement of Lease Agreement and Guaranty Agreement; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA THAT: Section 1. The proposed economic development facilities will consist of the construction and erection of a 12,000 square foot addition attached to an existing building, located at 305 Industrial Parkway, Richmond, Indiana, ("Facility"), subleased to Overhead Door Corporation (Johnson Metal Products Divisions) ("Sublessee") who manufacture Rigi-Dor line of insulated steel entry door systems. Section 2. It is hereby found that the financing of the economic development facilities referred to in the First Amendment to and Supplement of Mortgage and Indenture of Trust and First Amendment to Supplement of Lease Agreement approved by the Richmond Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds in the amount of $275,000, the use of the proceeds of the revenue bonds for the construction and installation of such addition for lease to the Company and sublease to the Sublessee complies with the purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 3. The substantially final forms of the First Amendment to and Supplement of Mortgage and Indenture of Trust, First Amendment to and Supplement of Lease Agreement and Guaranty Agreement approved by the Richmond Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" as defined to in I.C. 36-7-12), and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of 2 I.C. 35-1-5-4, two (2) copies of all such documents are on file in the office of the Clerk for public inspection. Section 4. The City of Richmond shall issue its Economic Development First Mortgage Revenue Bonds, Series 1984, (Development Corporation of Richmond Project), in the total principal aggregate amount not exceeding Two Hundred Seventy -Five Thousand Dollars ($275,000.00) and maturing not later than July 1, 1998, for the purpose of procuring funds to pay the costs of construction and installation of the economic development facilities as more particularly set out in the First Amendment to and Supplement of Mortgage and Indenture of Trust and First Amendment to and Supplement of Lease Agreement, incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the rental payments made by Company under the First Amendment to and Supplement of Lease Agreement or as otherwise provided therein and in the above described First Amendment to and Supplement of Morgage Agreement and Indenture of Turst. The bonds shall be issued in registered form, may be issued in denominations of $5,000.00 or a whole multiple thereof, and shall be redeemed as provided in the First Amendment to and Supplement of Mortgage and Indenture of Trust. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never constitute a general obligation of, and indebtedness of, or a charge against the general credit of the City of Richmond, nor are the bonds payable in any manner from revenues raised by taxation. 3 Section 5. The Mayor and Clerk are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest per annum equal to eighty (80%) percent of the bond equivalent yield of United States Treasury Bills with a maturity of one (1) year, adjusted annually on the first day of the month following the date of the authentication and delivery of the bonds ("Tax Exempt Rate"), and after maturity at the Tax Exempt Rate plus 2%, or four (4%) percent per annum above the bond equivalent yield of United States Treasury Bills with a maturity of one year in the event of Determination of Taxability (as defined in Article II of the First Amendment to and Supplement of Mortgage and Indenture of Trust), but not in excess of 30%, and at a price not less than 100% of the principal amount thereafter. Section 6. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the docu- ments constituting the Financing Agreement approved herein on behalf of the City of Richmond and any other documents which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement are in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attesta- tion thereof and the affixing of the seal thereto or the imprinting of the LA seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk on the bonds may be either manual or facsimile signatures. The Clerk is authorized to arrange for delivery of such bonds to the Trustee named in the Trust Indenture, payment for the bonds will be made to the Trustee named in the Trust Indenture and after such payment the bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk shall execute and the Clerk shall deliver the bonds to the Trustee within ninety dats of the adoption of this Ordinance. The bonds shall be dated as of the the date of delivery. Section 7. The provisions of this Ordinance and the First Amendment to and Supplement of Mortgage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of Richmond and the holders of the Richmond, Indiana First Mortgage Revenue Bonds, Series 1984, and after the issuance of said Bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 8. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. 5 Passed and adopted this 16 d ay of July, 1984. Attest: RICHMOND COMMON COUNCIL Pre*,id 14,19 fi r Presented by me to the Mayor of the City of Richmond, on this ZIF- ay of 1984, at the hour of p ,'oa Z.M. MaryyMerehanthouse, Clerk Approved and signed by me on this ZS' day of , 1984. F ank H. Wa termann, Mayor City of Richmond L RESOLUTION RICHMOND ECONOMIC DEVELOPMENT COMMISSION RICHMOND, INDIANA BE IT RESOLVED BY THE RICHMOND ECONOMIC DEVELOPMENT COMMISSION THAT: Section 1. It finds that the proposed $275,000 financing of economic development facilities referred to in the Financing Agreement presented to this meeting for Development Corporation of Richmond, an Indiana Corpora- tion ("Facility"), complies with the purposes and provisions of I.C. 36--7-12 and will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 2. The economic development facilities will consist of a 12,000 square foot addition to a manufacturing facility subleased to Overhead Door Corporation (Johnson Metal Products Division) who manufacture the Rigi-Dar line of insulated steel entry door systems in such Facility located at 305 Industrial Parkway, Richmond, Indiana ("Project"). Section 3. The substantially final forms of First Amendment to and Supplement of Mortgage and Indenture of Trust, First Amendment to and Supplement of Lease Agreement, Guaranty Agreement and a proposed form of Ordinance for the Common Council presented to this meeting are hereby approved. Section 4. It did consider whether the Project will have an adverse competitive impact on any other facilities of the same kind already opera -- tin-, in the same market area or under construction in the market area of Richmond and now makes the following special findings of fact based upon the evidence presented: (a) After published notice of a public hearing to be held before this Commission, no members of the public, remonstrators or competi- tors have made themselves known or have spoken against the proposed Project on any basis. (b) The business of Overhead Boor Corporation d/b/a Johnson Metal Products has increased substantially since the construction of the Facility in 1978, and the facilities must be expanded in 'order to meet the growing demands for its products and compete in the market place. (c) Since the expansion is to the existing facilities presently constructed, no other facility is suitable for use by Overhead Door Corporation. The present facility lends itself to further expansion. (d) The products of Overhead Door Corporation (Johnson Metal Products Division) are recognized and sold nationwide through a network of building products distributors. (e) The Facility is located within the corporate limits of the City of Richmond and that there are no other facilities within the corporate limits of the City of Richmond which manufactures the products manufactured by Overhead Door Corporation. (f) In the absence of any evidence of any adverse competitive impact, the benefits to the public from the new jobs and payroll to be generated by the Project clearly indicate that the Project should be supported by the issuance of economic development revenue bonds. Section 5. The Secretary shall initial and then insert a copy of the forms of documents approved by this Resolution in the minute book of this Commission. 7 Section 6. A copy of this Resolution and the other documents approved by this Resolution and the proposed form of Ordinance shall be presented in their substantially final form by the Secretary of the.Economic Development Commission to the Clerk for presentation to the Common Council. Adopted this llth day of July, 1984. rthur M. Vivian, Secretary RICHMOND ECONOMIC DEVELOPMENT COMMISSION By 2 cri?viz.�tt�. c�B. Klei knecht, Presid- ent K, CITY PLAN COMMISSION RICHMOND, INDIANA 1 July 12, 1984 Mr. Howard J. Elstro, President Members of Common Council and Mrs. Mary Merchanthouse, City Clerk Municipal Building Richmond, Indiana 47374 Re: Ordinance No. 70-1984 Plan Commission Case No, PC-84-12 Dear Mr. Elstro, Members of Common Council & Mrs. Merchanthiuse; The Richmond City Plan Commission conducted a public hearing on Tuesday, July 10; 1984, on the petition of Victor G. and Elizabeth A. Toth, Owners; Victor Bartlemay, Agent, requesting to rezone property located at 3351 East Main Street from R-3 One -to -Eight Family Residence District to R-3 SU.One-to--Eight Family Residence Special Use District. Twelve (12) notices of public hearing were sent to surrounding property owners with one (1) returned in favor of the request and five (5) re- turned in opposition to the request. During the public hearing, Attorney Robert Beaver, representing area residents and five (5) neighboring prop- erty owners spoke in opposition to the request. As a result of the public hearing, the Plan Commission considered the following: (1) The Zoning Ordinance provides for the establishment of business, administrative or professional offices in the R--3 Zoning District through the Special Use - process. The intent of this provision of the Zoning Ordinance is to prevent the physical deterioration of structures and neighborhoods in primarly nears downtown area. (2) There is no evidence to support the ascertion that the residential properties in the 3200 and 3300 blocks of East Main Street are in a state of decline or that the general neighborhood surrounding the site is declining. (3) The impact of the Special Use office locating in the neighborhood would be negative and would not result in the upgrading of existing conditions. The Special Mr. Howard J. Elstro, President Members of Common Council, etc. July 12, 1984 Ordinance No. 70-1984 Page 2 Use office, rather than being a stabilizing factor in the area, would result in a commercial encroachment that would undermine established land use patterns. The Plan Commission voted eight (8) to zero (0) to recommend that Ordinance No. 70-1984 be denied. Respectfully submitted. CITY PLAN COMMISSION Daniel S. Dooley Executive Secretary /vl 94-1.5-1 Lights; right-of-way exceptions; crossing traffic See. 1. (a) Vehicles with lighted headlights in a funeral proces- sion have the right-of-way at any intersection and may proceed through the Intersection if the procession is headed by a lead or es- cort vehicle displaying a flashing red light except: (1) when the right-of-way is required by an authorized emer- gency vehicle giving an audible signal, or (2) when the vehicles in procession are directed otherwise by a police officer, (b) Before assuming the right-of-way, the operator of each vehicle In the funeral procession must exercise due caution with regard to crossing traffic. As amended by Acts 1977, P.L.124, SEC.i. 9-4-1.5-2 Driving between vehicles of procession 1 Sec. P. The operator of a vehicle not in the funeral procession shall not drive his vehicle between the vehicles of the funeral proces- sion, except when authorized to do so by a traffic officer or when such vehicle is an authorized emergency vehicle giving audible signal, by siren. Historical Note Formerly: Acts 1971, P.L.129, SECA. Cross References Authorized emergency vehicle defined, see section 9-4-1-2. Authorized emergency vehicles, right-of-way, see section 9-4-1-M. 9-4-1.54 Unauthorized formation of procession to secure right-of-way See. 3. Operators of vehicles not a part of a funeral procession] shall not form a procession and have their headlights lighted for the purpose of securing the right-of-way granted by this section to funer- al processions, fi ,q 9-4-1.54 Lead and escort vehicles; lights; pennants, flags or windshield stickers Sec. 4. (a) The lead and escort vehicles in a funeral procession may be equipped with flashing amber lights which may be used only when such vehicles are used in a funeral procession. (b) Notwithstanding the provisions of IC 9-4-1 and IC 9-94 and any other laws governing emergency vehicles, the lead and escort ve- hicles in a funeral procession may be equipped with flashing red lights which may be used only when such vehicles are used in funeral processions. The flashing red lights may only be used to gain the right-of-way at intersections and to protect a funeral procession while crossing an intersection. (c) Vehicles comprising a funeral procession shall utilize funeral pennants or flags or windshield stickers to identify the individual ve- hicles in such a procession. As amended by Acts 1977, P.L.124, 0"" n 9-4-1.5-5 Passing funeral procession See, 5, The operator of any vehicle may pass a funeral procession on its left side on any multiple lane highway, whenever such passing can be done safely. Historical Note Formerly: Acts 1971, P.L.129, SEC.1. Cross References Laned highway defined, see section 9-4-1-14. Passing vehicle proceeding in some direction, see section 9-41-$e et seq. 94-1.54 Violation Sec, 6. A person who knowingly violates this chapter commits a Class C infraction, As amended by Acts 1978, P.L.2, SEC.934. /t4 oe)'a_ K-a,-. -(U Ke -'(� I /0. kj O v' P lr0 S S /'0 h.S COMMON COUNCIL VOTING RECORD fnROINANC£ : — ML ----- --- -- - — -- - DATE;-7 -1 (o - WILLIAMS ?00KPAW i;ANKINSCNd WHITESELL PARKER SODIKER LEMOINE MORRIS ELSTRO Susp. rules, 1st read. Titleonly ............ €aeconded ........ ........ ........ ........ ........ c/ ........ .v .... ....... Proof of Publication ...... ........ ... ...,.... ...... .. ....... ........ ........ ........ Seconded......... I'Move to 2nd read. ....................... Second ........ ........ ........ ........ ........ .....•. ........ ........ ......... Engrossment �....................... Peconded ...... ........ ........ ........ ........ ........ ....... ....... ........ cusp. rules, 3rd read, !Title only ............... (Seconded .. ........ ........ .......• ........ .... .. ........ ........ .... .. 0MENDED € # ... ............... [Seconded ........... ............... .:...... ......,. ..... ...... ......... TABLED. A...E.................. ........ ..... .... ... ........ ........ ........ ....... 1j-Seconded } MASSAGE �..............pft..... ................. .. .. ........ ...... ........ ........ ................ 'RE,iECTION �6AiE WILLIAMS BROOKBANX -HAWINSON WHITE.SELL PARKER BODIKER LEMOINE MORRIS ELSTRO Title only .................... -,Seconded ........�........, ......... ........ ...... .. .,.., ...... ..•..... !TABLED •. •. •.• .•.•r• ....•.. ... Seconded a• .. ..•.•. ................... Movedfpr Adoption ...................... Seconded ....... ........ ....... .,...., ....... ....... ................... ........