HomeMy WebLinkAboutCC-06-17-85 Econ Dev/103rdRESOLUTION OF THE COMMON COUNCIL OF
THE CITY OF CARMEL, INDIANA
WHEREAS, the City of Carmel, Indi~u~a (the "Issuer") is authorized by lC 36-7-11.9
and 12 (collectively the "Act") to issue revenue bonds for the financing of eeonomie
development faeilities, the funds from said finuneing to be used for the aequisition,
eonstruetinn and equipping of said faeilities, and said facilities to be either sold or leased
to a company or directly owned by a company; and
WHEREAS, Anthony A. Petrarea, (the "Applicant") has advised the Carmel Eeonomie
Development Commission (the "Commission") and the Issuer that it proposes that the
Issuer either aequire, eonstruet and equip an eeonomie development facility and sell or
lease the same to the Applicant or loan proeeed~ of an economic development final]ting to
the Applicant for the same, said economic development faeility to eonsist of the
acquisition of eight aeres of real estate and the eonstruetion of a general offiee facility,
located on the southeast corner at 103rd Street and Meridian Street, in Hamilton County
near Carmel, Indiana ("Projeet"); and
WHEREAS, the diversification of hndastry and increase in job opportunities (150
additional jobs) to be achieved by the acquisition and construction of the Projeet will be
of public benefit to the health, safety and general welfare of the Issuer and its citizens;
and
WHEREAS, having received the advice of the Carmel Eeonomie Development
Commission, it would appear that the fina:~eing of the Projeet would be of public benefit
to the health, safety and general welface of the Issuer and its citizens; and
WHEREAS, it is tentatively found that the aequisition and eonstruetion of the facility
will not have an adverse eompetitive effeet on any shnilar facility already constructed or
operating in Hamilton Coanty, Indiana;
NOW,
Carmel, as follows:
1. The Common Council
ratifies and conf~ms that the
THEREFORE, BE IT RESOLVED BY THE Common Council of the City of
of the City of Carmel finds, determines,
pro,notion of diversification of economic
development and lob opportunities in Carmel, 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 sunh action as
they lawfully may to encourage economic development, diversification of
industry and promotion of ]ob opportunities in and near the Issuer.
2. Tim Common Council of the City of Carmel approves, determines,
ratifies and confirms that the issuance and sale of economic development
revenue bonds in mn amom~t of approximately $9,750,000 of the Issuer under the
Act for the acquisitiun and construction of the Project and the sale or leasing
of the Project to the Applicant or the loan of the proceeds of the revenue bonds
to the Applicant, 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 and
construction of the Project, the Common Council of the City of Carmel hereby
approves, determines, ratifies and confirms that (i) it will take or cause to be
taken such actions pursu~mt to the Act as may be required to implement the
aforesaid financing, or as it may dee~n appropriate in pursuance thereof;
provided that all of the foregoing shall be mutually acceptable to the Issuer and
the Applicant; and (ii) it will adopt such ordinances and resolutions
authorize the execution and delivery of such instruments axed the taking of such
action as may be necessary and advisable for the authorization, issuance and
sale of said economic development revenue bonds; and (iii) it will use its best
efforts at the request of Applicant to authorize the issuance of additional bonds
loc refunding and refinancing the outstanding principal amoant of the bonds, for
completion of the Proiect 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 at the time of authorization of such
additional bonds), and that the aforementioned purposes comply with the
pcovisious of LC. 36-7-11.9 and 12.
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, interest paid
during construction, underwriting expenses, attorney and bond counsel fees,
acquisition and construction of the Project will be permitted to be included as
part of the bond issue to finance the Project, and the Issuer will sell oc lease
the same to the Applicant or loan the proceeds from the sale of the bonds to
the Applicant for the same parposes. 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 pact of the
bond issue to finance the Project.
5. The obligation of the Commission and the Issuer shall be limited
solely to the good faith efforts to consummate said proceedings and issue the
bonds, and neither the Commission, the Issuer, its officers oc members shall
incur any liability whatsoever if for any reason the proposed issuance of the
bonds or the andertaking, as desecibed becein, awe not eonsumm~ted.
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Adopted this J '7 day of June, 1985.
(SEAL)
Attest:
Clerk-Treasur~,('
CITY OF CARMEL, INDIANA
P~/Sng Of'ff'6er - ~
Presented by me to the Mayor of the City of Carmel, Indiana, on the /'~ day of
~ M
June, 1985, a the hour of _~. ~. ·
C lerk-Treasure~7 ~
Approved and signed by me this/f day of June, 1985, at the hour ofT__:
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