HomeMy WebLinkAboutCC-10-15-79 Econ. Dev./MascoRESOLUTION NO.
CARMEL CITY COUNCIL
WHEREAS, the City of Carmel, Indiana (the "City") is
authorized by I.C. 18-6-4.5 (the "Act") to issue revenue
bonds for the financing of economic development facilities, the
funds from said financing to be used for the acquisition, con-
struction and equipping of said facilities, and said facilities
to be either leased to another person or directly owned by
another person; and
WHEREAS, Masco Corporation of Indiana, an Indiana corpo-
ration (the "Corporation") has by application advised the Carmel
Economic Development Commission and the City that it proposes
that the City loan proceeds of an economic development financing
to the Corporation for acquisition, construction, and equipping
of economic development facilities, said economic development
facilities to be a building, driveway/roadway, parking lot, signs,
lighting, landscaping, fixtures, furnishings and equipment, to
be located at the southeast corner of the intersection of U.S.
Highway ~31 and lllth Street, in Clay Township, Hamilton County,
Indiana; and
WHEREAS, it appears from the application of the Corporation
that the diversification of industry and increase in job oppor-
tunities and payroll to be achieved by the Project will be of
public benefit to the health, safety and general welfare of the
Municipality and its citizens; and
WHEREAS, from said application it would appear that the
financing of the Project would be of public benefit to the health,
safety and general welfare of the Municipality and its citizens;
Resolution of the Carmel City Council
Page Three
construction and equipping of the Rroject, including reimburse-
ment or repayment to the Corporation of moneys expended by
Masco Corporation of Indiana, will be permitted to be included
as part of the bond issue to finance said Project, and the City
will thereafter loan the proceeds of the revenue bonds to the
Corporation for the p~j_ect.
ADOPTED this d~y of
1979
CARMEL CITY COL~NCIL