HomeMy Public PortalAbout19-1995-26 eat r" t 7 -1
RESOLUTION NO. 1995-26
COMMON COUNCIL
CITY OF GREENCASTLE, INDIANA
APPROVING THE ISSUANCE OF BONDS
BY THE GREENCASTLE REDEVELOPMENT COMMISSION
WHEREAS, IC 36-7-14 and IC 36-7-25 (collectively the "Act") authorize the Greencastle
Common Council ("Council") to establish the Greencastle Redevelopment Commission
("Commission") in order to afford a maximum opportunity for the rehabilitation, redevelopment
and economic development of area by private enterprise;
WHEREAS, the Council enacted Ordinance No. 1992-3 ("Ordinance") establishing the
Commission;
WHEREAS, among the powers granted to the Commission under the Act is the power
to declare an area to be an economic development area and to establish an allocation area within
an economic development area providing for the distribution of property tax revenues generated
within the allocation area;
WHEREAS, the Commission adopted a Declaratory Resolution ("Declaratory
Resolution") on January 22, 1993 which was effective as of that date, was modified and
confirmed by a Confirmatory Resolution ("Confirmatory Resolution") adopted on May 24, 1993,
and was amended by an Amendatory Resolution adopted on November 2, 1995;
WHEREAS, the Commission, by the Declaratory Resolution, as modified and confirmed
by the Confirmatory Resolution and amended by the Amendatory Resolution ("Area
Resolution"), established the boundaries of the Greencastle Southeast Economic Development
Area ("Economic Development Area") and declared this area to be an economic development
area, and the Economic Development Area is more particularly described in the map attached
to and incorporated in the Amendatory Resolution;
WHEREAS, pursuant to the Area Resolution, the economic development plan of the
Economic Development Area was adopted ("Economic Development Plan");
WHEREAS, the Economic Development Plan calls for the construction and acquisition
of airport improvements and road and water improvements in or serving the Economic
Development Area (the "Projects") including incidental expenses incurred in connection with the
economic development of the Economic Development Area, costs associated with the issuance
of the Bonds, a debt service reserve for the Bonds and, if necessary, capitalized interest on the
Bonds, all as permitted by the Act ("Costs of the Projects");
WHEREAS, the Commission estimated that the total Costs of the Projects will not exceed
$2,400,000;
301028.1
r"` WHEREAS, in order to facilitate the financing of the Projects, the Commission has
adopted its Resolution No. 1995-2 on November 2, 1995, approving the issuance of bonds of the
Commission, in an amount not to exceed $2,400,000 (the "Bonds"); and
WHEREAS, pursuant to the Ordinance, no bonds or other obligations of the Commission
may be issued without the prior approval of the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF GREENCASTLE, INDIANA, as follows:
Section 1. The Common Council hereby authorizes and approves the issuance, by the
Commission, of its Redeye oy�ent District Tax Increment Revenue Bonds of 1995, in an
amount not to exceed w , 0, 0 to be applied on the Costs of the Projects, all as described in
Resolution No. 1995-2 of the Greencastle Redevelopment Commission.
Section 2. This Resolution shall be effective from and after passage and approval by the
Mayor.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
special meeting this 21st day of November, 1995.
Or\ COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
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Thomas W. Roach Susan V. Murray \_
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Mark N. Hammer Michael W. Rokicki
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Charles T. Miles
Approved and signed by me this ,?/ 2-
day of ,Gcir.P,,<.44--, 199c t �=sS o'clock Q. .m.
Michael M. Harmless, Mayor
ATTEST:
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Donald L. Weaver, Clerk-Treasurer