HomeMy Public PortalAbout08-1988-8 RESOLUTION 1988-8
AN INDUCEMENT RESOLUTION RE THE ISSUANCE
OF INDUSTRIAL REVENUE BONDS FOR HEARTLAND AUTOMOTIVE, INC.
+--� WHEREAS, the City of Greencastle, Indiana (the "Issuer") is authorized by
I.C. 36-7-11.9 and 12 (the "Act") to issue revenue bonds for the financing of
economic development facilities, the funds from said financing to be used for
the acquisition, construction and equipping of said facilities, and said
facilities to be either sold or leased to a company or directly owned by a
company; and
WHEREAS, Heartland Automotive, Inc., an Indiana corporation (the
"Applicant"), has advised the Greencastle Economic Development Commission (the
"Commission") and the Issuer that it proposes that the Issuer lend proceeds of
an economic development financing to the Applicant for the construction of an
automotive parts manufacturing facility to be used in the manufacturing of
automotive parts and related products, to be located at 100 East South Tenth
Street, in the City of Greencastle, Indiana ("Project"); and
WHEREAS, the diversification of industry and increase in job
opportunities (approximately 50 new jobs) to be achieved by the acquisition
and construction of the Project will be of public benefit to the health,
safety and general welfare of the Issuer and its citizens; and
WHEREAS, having received the advice of the Greencastle Economic
Development Commission, it would appear that the financing of the Project
would be of public benefit to the health, safety and general welfare of the
Issuer and its citizens; and
WHEREAS, it is tentatively found that the acquisition and construction of
the Project will not have an adverse competitive effect on any similar
facility already constructed or operating in Greencastle, Indiana;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL of the City of
Greencastle, as follows:
1. The Common Council of the City of Greencastle finds, determines,
ratifies and confirms that the promotion of diversification of economic
development and job opportunities in and near Greencastle, Indiana, is
desirable to preserve the health, safety and general welfare of the citizens
of the Issuer; and that it is in the public interest that the Commission and
the Issuer take such action as they lawfully may to encourage economic
development, diversification of industry and promotion of job opportunities in
and near the Issuer.
2. The Common Council of the City of Greencastle approves, determines,
ratifies and confirms that the issuance and sale of economic development
revenue bonds in an amount of approximately $8,500,000 of the Issuer under the
Act for the lending of the proceeds of the revenue bonds to the Applicant, for
the acquisition and construction of the Project will serve the public purposes
referred to above, in accordance with the Act.
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3. In order to induce the Applicant to proceed with the acquisition and
construction of the Project, the Common Council of the City of Greencastle
hereby approves, determines, ratifies and confirms 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
thereof; provided that all of the foregoing shall be mutually acceptable to
Yww the Issuer and the Applicant; and (ii) it will adopt such ordinances and
resolutions and authorize the execution and delivery of such instruments and
the taking of such action as may be necessary and advisable for the
authorization, issuance and sale of said economic development revenue bonds;
and that the aforementioned purposes comply with the provisions of I.C.
36-7-11.9 and 12; and (iii) it will use its best efforts at the request of
Applicant to authorize the issuance of additional bonds for refunding and
refinancing the outstanding principal amount of the bonds, for completion of
the Project and for additions to the Project, including the costs of issuance
(providing that the financing of such addition or additions to the Project is
found to have a public purpose [as defined in I.C. 36-7-12-1] at the time of
authorization of such additional bonds), and that the aforementioned purposes
comply with the provisions of I.C. 36-7-11.9 and 12.
4. All costs of the Project incurred after the adoption of this
inducement resolution, including reimbursement or repayment to the Applicant
of moneys expended by the Applicant for planning, engineering, interest paid
during construction, underwriting expenses, attorney and bond counsel fees,
acquisition and equipping of the Project will be permitted to be included as
part of the bond issue to finance the Project, and the Issuer will lend the
proceeds from the sale of the bonds to the Applicant for the same purposes.
Also, certain indirect expenses, including but not limited to, planning
architectural work and engineering incurred prior to this inducement
resolution will be permitted to be included as part of the bond issue to
finance the Project.
PASSED AND ADOPTED by the Common Council of the City of Greencastle at
its special meeting this 10th day of March, 1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
cf23t-r
Sheri Z. Roach
Susan V. Murray
- � tc
Rober P. Sedlack
Approved and signed by me this 10th day of March, 1988, at 8:00 o'clock,
p.m.
Michael M. Harmless,
Mayor
ATTEST:
Judith Berry,
Clerk-Treasurer
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