HomeMy Public PortalAbout19-1995-25 411 RESOLUTION /� L d — o�5
INDUCEMENT RESOLUTION FOR ECONOMIC DEVELOPMENT BONDS
(CROWN EQUIPMENT CORPORATION)
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, Crown Equipment Corporation, an Ohio
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
acquisition, renovation and equipping of an existing building
of approximately 181 , 000 square feet, located at 2600 State
Road 240 East in the City of Greencastle, Indiana, for use as
a facility for the manufacture of lift trucks ( "Project" ) ;
and
WHEREAS, the diversification of industry and
increase in job opportunities ;approximately /z C-new jobs) to
be achieved by the acquisition, rencvation 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 wouli 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, renovation 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 Greencastle Economic Development 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 the maximum amount of $10 , 000 , 000 of the Issuer under the
Act for the lending of the proceeds of the revenue bonds to
the Applicant , for the acquisition, renovation 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, renovation 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
410 financing of such addition or additions to the Project is
found to have a public purpose [as defined in I . C . 36-7-12-3]
-2-
® 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 ; provided that all of the foregoing
shall be mutually acceptable to the Issuer and the Applicant .
4 . All costs of the Project paid or incurred
by the Applicant, .including reimbursement or repayment to the
Applicant of moneys expended by the Applicant for a portion of
the interest paid during the acquisition, renovation and
equipping of the Project, underwriting expenses and attorney
and bond counsel fees, will be eligible to be paid from the
proceeds from the sale 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,
preliminary expenditures for such matters as planning,
architectural and engineering work, paid or incurred by the
Applicant will be eligible to be paid from the proceeds from
the sale of the bond issue to finance the Project .
5 . This resolution shall constitute the
declaration of intent (to reimburse original expenditures on
the Project from the proceeds of the bonds) of the City within
the meaning of Federal Income Tax Regulations Sections 1 . 103-
8 (a) (5) (i) and (ii) and 1 . 150-2 and for purposes of
compliance with any other federal and state laws requiring
• governmental action as authorization for future reimbursement
from the proceeds of the• bonds .
PASSED and RESOLVED by the Common Council cf
the City of Greencastle, at its special meeting this 21st day
of November, 1995 .
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIyNA
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✓ an 7; Murray �1
Thoms W . Roach / S yes <
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z' yi I / ,/ „V i l i_2(;• 4/ ,,, ../ 1 /I'.,•,
Mark N. Hp.mme� MZ'chael W . Rokicki __
Charles T. Mi'les
Approved and signed by me this 21st day of
November, 1995 at 9=n- o' clock ,;O .m.
/...:/:
:lichaei :1 . :-?armless, Mayor
III ATTEST: J
L '
L7cnald L. ,Weaver, Clerk-Treasurer reasurer