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
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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-
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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. ~/
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