Loading...
HomeMy WebLinkAboutCC-06-07-76 Econ Dev/Skadium cOMMON COUNCIL RESOLUTION NO. ~' 7-7~ "~ WHEREAS, the City of Carmel, Indiana (the "City") was authorized by the Indiana General Assembly, pursuant to I.C. 18- 6-4.5 (the "Act"), to create a Department of Economic Develop- ment and an Economic Development Commission to issue revenue bonds for the financing of industrial, tional facilities; and WHEREAS, on November 13, 1973, commercial or recrea- the Board of Trustees of the Town of Carmel adopted ordinance No. B-37 creating a Depart- ment of Economic Development and an Economic Development Commis- sion and pursuant thereto an Economic Development Commission was created; and WHEREAS, Ice Management, Inc., an Indiana corporation (the "Company") has heretofore partially financed its Ice Skadium in the city with proceeds from an Economic Development Revenue Bond issued by the Town of Carmel in the total principal amount of $700,000; and WHEPfEAS, the Company has advised the City that it has under Consideration a program for the acquisition and construc- tion of additional ice skating facilities ("Facilities"); and WHEREAS, such Facilities will include an insulated metal building approximately 100' by 240' to house a skating rink designed for both hockey and public skating. The building will be located immediately north of the existing Ice Skadiumo The estimated project cost is $300,000, $150,000 of which would come from funds on hand; and ~ wHEREAS, the Company has further advised the City that a determination by the City to issue approximately $150,000 of inducement to the Company to proceed with the acquisition and construction of the Facilities; and WHEREAS, the principal of, interest on~ and all other expenses necessary in providing the debt-service on said bonds will be made from payments by the Company to the City or the Trustee and will not require any expenditure of the City's funds; and WHEREAS, the Carmel Economic Development Commission has adopted Resolution No. ~7~'~/appr°ving in principal the issu- ance of the City's Economic Development Revenue Bonds to partially finance the proposed additions; and WHEREAS, subject to all required approvals under the Act, the City intends to use its best efforts to cooperate with the Company by issuing the City's revenue bonds to finance the Facilities; now therefore BE IT RESOLVED by the Common Council of the City of carmel: 1. The Council finds and determines that the issuance and sale of revenue bonds of the City under the Act and the use of the proceeds derived therefrom to finance the acquisition and construction of the Facilities, and the expenses incidental thereto, will serve the public purposes referred to above, in accordance with the Act. 2. In order to induce the Company to proceed with the acquisition and construction of the Facilities the Council hereby determines that (a) it will authorize and issue revenue bonds of the City pursuant to the Act, to help finance the cost of acquisition and construction of the Facilities including reimbursement or repayment to the Company of any moneys expended (b) enter into contractual arrangements with the Company to ~. apply the proceeds derived from the issuance and sale of such revenue bonds to the financing of the acquisition and construc- tion of the Facilities and the expenses incidental thereto, and whereby payments to be made by the Company shall be suffi- cient to pay said bonds and the interest thereon, as and when the same shall become due and payable; (c) adopt such ordi- nances and resolutions and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of said bonds, and (d) it will take or cause to be taken such other actions as may be required to implement the aforesaid, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be as authorized by law and as mutu- ally acceptable to the City and the Company. 3. It is hereby recognized that the issuance and sale of revenue bonds by the city under the Act for the purposes set forth herein shall be subject to the City obtaining all approvals as may be required under the Act. 4. The obligation of the City shall be limited solely to the good faith efforts to consuau~ate said proceedings and issue the bonds, and neither the Commission, the City, its officers or agents shall incur any liability whatsoever if for any reason the proposed issuance of the bonds is not consummated. Passed and adopted by the Common Council of the City of Carmel, Indiana, on the 0- day of~.., 1976' ~ v ~v p~sidi~ officer this Presented by me to the Mayor of the City of Carmel, on This day oCf~//~'., resolution approved and signed by me on the /~_ 1976,at the hour of ~ o'clock ~.m. A{test: --erk-Treasure~