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HomeMy WebLinkAboutCC-04-15-85 Econ Dev/W.Car. Dr. I~SOLUTION OF THE COLSON COUNCIL OF ~E CITY OF CAI~EL, RESOLUTIO MO: WHEREAS, the City of Carmel, Indiana (the "Issuer") is authorized by IC 36-7-12 (the "Act") to issue revenue bonds for the financing of economic development projects, the funds from said financing to be used for the acquisitions, construction and equipping of said projects, and said projects to be either sold or leased to a company or directly owned by a company; and WHEREAS, Ritron, Inc., an Indiana corporation (the "Appli- cant'') has advised the Carmel Economic Development Commission (the "Commission") and the Issuer that it proposes that the Issuer loan proceeds of an economic development financing to the Applicant for the acquisition, construction and equipping of an economic development project, said economic development project to consist of a 25,000 square feet office and manufacturing building to be located at approximately 501 West Carmel Drive Carmel, Hamilton County, Indiana on approximately 4 acres of land ("Project"); and WHEREAS, the diversification of industry and increase in job opportunities to be achieved by the construction and equipping of the Project 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 Economic Development Commission, it would appear that the financing of the Project would be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, on Applicant's representation the acquisition and construction of the facility will not have an adverse competitive effect on any similar facility already constructed or operating in Carmel, Indiana; NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the City of Carmel, as follows: 1. The Common Council of the City of Carmel finds, determines, ratifies and confirms that the promotion of diversification of economic development and job oppor- tunities in and near 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 such action as they lawfully may to encourage economic de- velopment, diversification of industry and promotion of job opportunities in and near the Issuer. 2. The Common Council of the City of Carmel ap- proves, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approximately $800,000 of the Issuer under the Act and the loan of the proceeds of the revenue bonds to the Applicant for the acquisition, construction and equipping of the Project, will serve 2 the public purposes referred to above, in accordance with the Act. 3. In order to induce the Applicant to proceed with the acquisition, construction and equipping 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 pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem 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 and authorize the execution and delivery of such instruments and the taking of such action as may be necessary and advisable for the authorization, is- suance 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 addi- tional bonds for refunding and refinancing the out- standing principal amount of the bonds, for completion of the Project and for additions to the Project, in- cluding the costs of issuance (providing that the fi- nancing of such addition or additions to the Project is found to have a public purpose [as defined in I.C. 36- 3 any reason the proposed issuance of the bonds or the undertakings, as described herein, are not consummated. Adopted this /~ day of ~ ., 1985. Attest: CITY OF CARMEL Presegted by me to the~f the City of Carmel, Indiana, on the .~_~__ day of __, 1985, at the hour of ~%~ o'clock '--~--.M~ Approved and signed by 1985 at the hour of ./O Clerk/TreaSurer ~ me this /7 day of , o'clock ~..M. ~/ 5