HomeMy Public PortalAbout06-1993-6 RESOLUTION 1993-6
INDUCEMENT RESOLUTION FOR ECONOMIC DEVELOPMENT BONDS
(INDIANA ASBURY TOWERS UNITED METHODIST HOMES, INC.)
WHEREAS, the City of Greencastle, Indiana (the "Issuer") is authorized by IC 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, renovation 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, Indiana Asbury Towers United Methodist Home, Inc., an Indiana not-for-
profit corporation (the "Applicant"), has advised the Issuer that it proposes that the Issuer lend
proceeds of an economic development financing to the Applicant to be used for the expansion
of the Applicant's existing retirement community by the construction of an additional three floors
to the health center wing totalling 20,600 square feet to the existing facilities, which expansion
will provide 25 assisted living units and five residential units, plus a dining room for the assisted
living residents, to be located at 102 W. Poplar St., in the City of Greencastle, Indiana
("Project"); and
WHEREAS, the diversification of industry and increase in job opportunities
(approximately 10 new jobs) to be achieved by the acquisition, construction and equipping of
the Project will be of public benefit to the health, safety and general welfare of the Issuer and
its citizens; and
WHEREAS, it would appear that the financing of the Project would be of public benefit
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to the health, safety and general welfare of the Issuer and its citizens; and
WHEREAS, it is tentatively found that the acquisition, construction and equipping of the
Project will not have an adverse competitive effect on any similar facility already constructed
or operating in Greencastle, Indiana;
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 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 approximately $3,000,000 of the Issuer under the Act for the lending of the proceeds of the
revenue bonds to the Applicant, for the acquisition, construction and equipping of the Project
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, construction and
equipping 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; 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 economic development
revenue bonds; and that the aforementioned purposes comply with the provisions of I.C. 36-7-
11.9 and 12, 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-
119 and 12; provided that all of the foregoing shall be mutually acceptable to the Issuer and the
Applicant.
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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, a portion of the interest paid during construction and equipping
underwriting expenses, attorney and bond counsel fees, acquisition, construction and equipping
of the Project will be permitted to be included as part of the bond issue to finance the Project,
and the Issuer will lend 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.
5. This resolution shall constitute "official action" for purposes of compliance with
federal and state laws requiring governmental action as authorization for future reimbursement
from the proceeds of bonds.
PASSED and RESOLVED by the Common Council of the City of Greencastle, at its
regular meeting this dayof
u.a , 1993.
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
Thomas W. Roach .\� '
Susan V. Murray
d D. Calbert M chael W. Rokicki
Charles T. Miles
Approved and signed by me this Z36-d) day of , 1993 at g:I
o'clock p
.m.
Michael M. Harmless, Mayor
ATTEST:
udi Berry, Clerk-Tre.tt rer
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