HomeMy Public PortalAbout16-1988-15 RESOLUTION NO. 1988- IS
RESOLUTION APPROVING PLAN FOR USE OF
RECAPTURED FUNDS FROM CHARMING SHOPPES, INC.
Lue (F.B. DISTRO, INC.) LOAN
WHEREAS, the City of Greencastle, Indiana, has received a
grants from the Indiana Department of Commerce to assist the
expansion of industry to Greencastle and included in these grants
are funds to make a loan to Charming Shoppes, Inc. (FB Distro,
Inc.) in the amount of Three Hundred Thousand Dollars
($300,000.00) ; and
WHEREAS, the condition of this grant is that the City of
Greencastle prepare a recapture plan for use of repaid principal
and interest. This recapture plan must make provision for
spending recaptured funds for economic development purposes; and
WHEREAS, the City of Greencastle hereby adopts the following
plan for utilization of recaptured funds from the Charming
Shoppes, Inc. , loan:
Plan For Use of Recaptured Funds
1. The City of Greencastle has made certain commitments to
111 provide infrastructure support to locating industry.
The City believes that such industrial areas need to be
developed to attract additional industries. In
addition, the City needs to develop infrastructure
support for areas where residential development is
likely to occur.
2. The City of Greencastle is planning a water loop system
to serve industries and areas on the east side of
Greencastle. This system will provide fire protection
for industries and municipal water service to
additional residences.
3. The City of Greencastle will use the entire Three
Hundred Thousand Dollars ($300,000.00) recaptured from
the above loan, along with interest paid, to fund part
of the cost of the overall water loop system serving
Greencastle's east side.
4. Attached to this Resolution is a map showing the
location of the infrastructure improvements for the
4 water loop system.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Greencastle that the foregoing plan for the use of
recaptured funds from the loan to Charming Shoppes, Inc. (F.B.
4 Distro, Inc.) is hereby in all things ratified and approved.
y
1.
PASSED and ADOPTED by the Common Council of the City of
Greencastle at a special meeting this 24th day of March, 1988.
!r�
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
Sheri Z. Roach
Ti' Conway
Susan V. Murray
Rob rt P. Sedlack
c ?LA
Mi�hael W. Rokicki
Approved and igned by me this 24 day of Mar h, 1988, at
o'clock, V .m.
Michael M. Harmless,
Mayor
A EST:
,7 d th Berry,
010)1A/oZ
C e k-Treasurer
2.
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