HomeMy Public PortalAbout19-1988-36 RESOLUTION NO. 1988-36
RESOLUTION APPROVING PLAN FOR USE OF
RECAPTURED FUNDS FROM HEARTLAND AUTOMOTIVE, INC. LOAN
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 an Investment Incentive Grant enabling a loan to Heartland
Automotive, Inc. in the total amount of One Hundred Thousand
Dollars ($100,000.00) ; and
WHEREAS, the City of Greencastle is obligated to adopt a
plan for the use of the recaptured funds in the amount of One
Hundred Thousand Dollars ($100,000.00) ; and
WHEREAS, the City of Greencastle desires to adopt a plan for
use of recaptured funds from the Heartland Automotive, Inc. loan;
WHEREAS, the City of Greencastle hereby adopts the plan for
the utilization of recaptured funds from the Heartland
Automotive, Inc. loan as set forth in the attached Exhibit "A".
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Greencastle that the attached plan for the use of
recaptured funds for the $100,000.00 to be recaptured from the
loan to Heartland Automotive, Inc. is hereby in all things
ratified and approved.
PASSED and ADOPTED by the Common Council of the City of
Greencastle at its regular meeting this 26th day of July, 1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
' 7 . Po-t -
Sheri Z. Ro
-m ay
'usan V. Murray
Rob rt P. Se lack
hae W. Ro is 1
Approved and signed by me this 26th day of July, 1988, at
Jo;4-S o'clock, p .m.
ichael M. Harmless,
Mayor
ATTEST• /
?�
Judith rY►
Clerk- r asurer
1.
411
EXHIBIT "A"
CITY OF GREENCASTLE, INDIANA
PLAN FOR USE OF RECAPTURED FUNDS
HEARTLAND AUTOMOTIVE, INC.
The City of Greencastle. Indiana, has received grants from the Indiana
Department of Commerce to assist the expansion of industry to Greencastle.
Included in these grants are funds to make a loan to Heartland Automotive,
Inc. in the amount of $100.000.
A condition of this grant is that the City 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.
The City of Greencastle has made certain commitments to provide
infrastructure support to Heartland Automotive, Inc. The City has pledged
up-grade of the sanitary sewer system which serves the Heartland facility.
The City has also pledged that it will cause a "mini" water loop to be created
in the area serving Heartland.
The City of Greencastle will use the entire $100,000 recaptured from the
above loan, along with interest paid, to fund the costs of engineering and
construction of the "mini" water loop system and the costs of engineering and
construction of sanitary sewer improvements.
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