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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.