HomeMy Public PortalAbout19-1988-46 RESOLUTION NO. 1988-46 '
AN INDUCEMENT RESOLUTION RE THE ISSUANCE OF
INDUSTRIAL REVENUE BONDS FOR GERALD K. PEDIGO PARTNERSHIP
111
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, Gerald K. Pedigo, as a general partner of a
to-be-formed partnership (the "Applicant") , has advised the
Greencastle Economic Development Commission (the "Commission")
and the Issuer that it proposes that the Issuer either acquire,
construct and equip an economic development facility and sell or
lease the same to the Applicant or loan proceeds of an economic
development financing to the Applicant for the same, said
economic development facility to consist of the acquisition of up
to approximately 17 acres of land, construction and equipping of
approximately 208 apartment units, a club house, swimming pool
and a tennis court or courts and related facilities, to be
located on the west side of Round Barn Road just north of State
Road 240 in Greencastle, Indiana ("Project") ; and
WHEREAS, the diversification of industry and increase in job
opportunities (4 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
4111 effect on any similar facility already constructed or operating
in Greencastle, Indiana;
1.
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 p 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 no more than
$7,500,000 of the Issuer under the Act for the acquisition,
construction and equipping of the Project and the sale of leasing
of the Project to the Applicant or the loan of the proceeds of
the revenue bonds to the Applicant, will serve the public
purposes referred to above, in accordance with the Act.
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 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 (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
acquisition and equipping Projectoft the ey and n will be permitted tod counseles be
included as part of the bond issue to finance the Project, and
the Issuer will sell or lease the same to the Applicant or loan
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.
2.
PASSED AND ADOPTED by the Common Council of the City of
Greencastle at its special meeting this 10th day of November,
1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
Law
Sheri Z. Roach
E-T` m Conway
Susan V. Murray
. %
Robert P. Se lack
Rokicki
lK
Approved and si ned by me this 10th day of November, 1988,
at J t oc.) o'clock, e.m. �G i�
Michael M. Harmless,
Mayor
ATT
Ju ith Berry, i-71-'111-4-K
Cle reasurer
3.