HomeMy Public PortalAbout15-1988-14 RESOLUTION NO. 1988-, 1
RESOLUTION APPROVING PLAN FOR USE OF
RECAPTURED FUNDS FROM TECHNOTRIM, INC. LOAN
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WHEREAS, the City of Greencastle, Indiana, has received
grants from the Indiana Department of Commerce to assist the
expansion of industry to Greencastle and included in these grants
is Grant Number II 86-009 enabling a loan to TechnoTrim, Inc. in
the total amount of Two Hundred Thousand Dollars ($200,000.00) ;
and
WHEREAS, Ordinance 1987-18 approved a plan for utilizing One
Hundred Thousand Dollars ($100,000.00) of the recaptured loan as
a training grant from the City of Greencastle to TechnoTrim,
Inc. ; and
WHEREAS, the City of Greencastle is obligated to adopt a
plan for the use of the balance of the recaptured funds in the
amount of One Hundred Thousand Dollars ($100,000.00) ; and
WHEREAS, the City of Greencastle hereby adopts the following
plan for the utilization of recaptured funds from the TechnoTrim,
Inc. , loan:
Plan For Use of Recaptured Funds
1. The balance of the recaptured funds, $100,000.00, along
with the interest received from the above grant, is to
applied to costs associated with the development of the
City's "Old Industrial Park" on the east side of the
City of Greencastle. This area is to be developed for
industries which will provide support services for the
larger industrial enterprises locating on Greencastle's
east side.
2. The "Old Industrial Park" has not yet been developed.
One reason for the lack of development has been the
absence of easy access to transportation networks.
This problem should be solved by the construction of
the "Southern By-Pass Highway" which will meet the
industrial park's needs for adequate transportation
access. Another reason for the lack of development has
been the absence of infrastructure support for the
industrial park. The park is not served by sanitary
sewer or public roads. In addition there is no formal
design plan for the "Old Industrial Park".
3. Recaptured funds will be expended for the development
of infrastructure to make the park attractive to
prospective locating industries. Recaptured funds will
be expended on park design, engineering, extension of
sewer services, roads inside the park, and other
infrastructure project's which will assure timely
development of this community asset.
1.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Greencastle that the foregoing plan for the use of
recaptured funds for the remaining $100,000.00 to be recaptured
from the loan to TechnoTrim, Inc. (Grant II 86-009) is hereby in
all things ratified and approved.
PASSED and ADOPTED by the Common Council of the City of
Greencastle at a special meeting this 24th day of March, 1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
Sher oac
m Conway
Susan V. Murray
Robert P. Se lack
LkL,Wichael W. Rokicki ei)1/1.1)/ 11
Approved and signed by me this 24th day of March, 1988, at
1o'clock, a .m.
Michael M. Harmless,
Mayor
TEST:
th Berry,
C k-Treasurer
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2.