HomeMy Public PortalAbout19-1988-39 RESOLUTION NO. 1988-39
RESOLUTION AUTHORIZING THE USE
OF INDUSTRIAL DEVELOPMENT FUNDS FOR
LOCAL MATCH OF INDUSTRIAL DEVELOPMENT
INFRASTRUCTURE GRANT NO. ID-86-008
WHEREAS, the City of Greencastle, by and through its
Citizens Advisory Commission on Industrial Development and its
Common Council, received Grant No. ID-86-008 from the Industrial
Development Infrastructure Program of the Small Cities Community
Development Block Grant in the amount of $356,250 to be used for
the purpose of extending sewer and water utilities to the site of
Automotive Industries, Inc. ; and
WHEREAS, the City of Greencastle has received a substantial
modification of Grant No. ID-86-008 increasing the total amount
of the grant to $620,550 of which twenty-five per cent (25%) of
project funds, $201,750, must be provided by local match,
including that subject to an inter-local agreement. The proceeds
of the expanded Grant and Local matching funds are to be used for
the purpose of providing road improvements and extending sewer
and water utilities to serve the industrial expansion on the east
side of the City of Greencastle; and
WHEREAS, on March 24, 1988, the Common Council of the City
of Greencastle passed Resolution 1988-15: A Resolution Approving
Plan For Use of Recaptured Funds from F.B. Distro, Inc. Loan
(Grant No. IIP-II-87-015) which recapture plan provided that the
City of Greencastle would use the entire Three Hundred Thousand
Dollars ($300,000.00) recaptured from the loan, along with
interest paid, to fund part of the local match required by Grant
No. ID-86-008 and additional project costs.
WHEREAS, the proceeds of the recaptured loan to F.B. Distro,
Inc. will not be available for use by the City of Greencastle
until on or about October 17, 1989, and it is necessary that the
local match for ID-86-008 and additional project costs pursuant
to the recapture plan be paid within the next sixty days;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Greencastle that an amount not to exceed Three Hundred
Thirteen Thousand Five Hundred Dollars ($313,500.00) be borrowed
1.
from the Industrial Development Fund in order to provide part of
the local match for ID-86-008 and other project costs not funded
by the grant and that said amount be repaid to the Industrial
.,.. Development Fund upon recapture of the F.B. Distro, Inc. loan
(Grant No. IIP-II-87-015) .
PASSED and ADOPTED by the Common Council of the City of
Greencastle at a regular meeting this llth day of October, 1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
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T m Conway
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Susan V. Murray
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Robert P. edlack
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Mic ae W. Rok ck
(4Approved and signed by me this llth day of October, 1988, at
40 o'clock,signed
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Michael M. Harmless,
Mayor
ATTEST:
J it,hZ Berry,(`1
Cl rk-Treasurer