Loading...
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. -3- 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__: -4-