HomeMy WebLinkAboutCC-03-04-85 Econ Dev/Car ManorRESOLUTION OF ~ CO~ON COUNCIL
T~fE CIT~ 0~' C.~EI~, INDI~
%~ERE~, the City of Carmel, Indiana (the "Issuer")
authorized by IC 36-7-12 (the "Act") to issue revenue bonds
the financing of economic development facilities, the funds
said financing to be used for the acquisition, construction
equipping of said facilities, and said facilities to be
sold or leased to a company or directly owned by a company;
~, Carmel Manor Healthcare Center,
is
for
from
and
either
and
(the
"Applicant") has advised the Carmel Economic Development
Commission (the "Commission") and the Issuer that it proposes that
the Issuer either acquire, construct and equip an economic
development facility and sell or lease the same to the Applicant,
or loan proceeds of an economic development financing to the
Applicant for the same, said economic development facility to
consist of the 112 bed expansion of an existing nursing home
facility and the
facilities, which facilities will be
Carmel, Indiana (the "Project"); and
WI~EREA$, the diversification of
job opportunities (25 new jobs by the
jobs by the end of three years) to be
and construction of the Project will
health,
acquisition and construction of related
located at 118 Medical Drive,
industry and increase in
end of one year and 100 new
achieved by the acquisition
be of public benefit to the
safety and general welfare of the Issuer and its citizens;
and
~R~AS, 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
W~.~2%S, it is preliminarily found that the acquisition
and expansion of the facility will not have an adverse competitive
effect on any similar facility already constructed or operating in
Carmel, Indiana;
~OW. T~EREFORE. BE IT RESOLVED BY T~E CO, MOM COUNCIL. 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 opportunities 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
development, diversification of industry and promotion of job
opportunities in and near the Issuer.
2. The Common Council of the City of Carmel approves,
determin'es, ratifies and confirms that the issuance and sale of
economic development revenue bonds in an amount of approximately
$3,500,000 of the Issuer under the Act for the acquisition 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 expansion of the Project, the Common Council
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; (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, issuance and sale of said economic development
revenue bonds; and (iii) it will use its best efforts at the
request of the Applicant to authorize the issuance of additional
bonds for refunding and refinancing the outstanding principal
amount of the bonds, for completion of the Project 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 [as defined in I.C.
36-7-12-1] at the time of authorization of such additional bonds),
and that the aforementioned purposes comply with the provisions of
I.C. 36-7-12.
4. Ail 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, and acquisition,
construction and equipping of the Project will be permitted to be
included as part of the bond issue to finance the Project, and the
Issuer will sell or lease'the same to the Applicant or loan the
proceeds from the sale of the bonds to the Applicant for the same
purposes. 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 part of the bond issue to finance the Project.
Adopted this 4th day of March, 1985.
CITY OF CARMEL
(SEAL)
Attest
REPORT OF THE CARMEL ECONOMIC
DEVELOPMENT COMMISSION CONCERNING THE
PROPOSED FINANCING OF ECONOMIC DEVELOPMENT
FACILITIES FOR CARMEL MANOR HEALTHCARE CENTER
The Carmel Economic Development Commission proposes to
recommend to the Common Council of the City of Carmel that it
provide funds for the acquisition and expansion of an economic
development facility for Carmel Manor Healthcare Center. Such
economic development facility will consist of the 112 bed expan-
sion of an existing nursing home facility and the acquisition and
construction of related facilities. The facilities are located at
118 Medical Drive, Carmel, Indiana. The total cost for the acqui-
sition and construction of the facilities is presently estimated
to be in an amount of approximately $3,500,000, including inciden-
tal costs of issuance of the economic development revenue bonds.
No public facilities will be made necessary on account of the
proposed facilities.
It is preliminarily found that the acquisition and construc-
tion of the facilities will not have an adverse competitive effect
on any similar facilities already constructed or operating in or
near Carmel, Indiana.
It is.further estimated that upon the completion of the faci-
lities and start of operations, the user will employ 25 new
employees with an estimated payroll of approximately $809,000
annually by the end of one year and 100 new employees with an
estimated payroll of approximately $1,100,000 annually by the end
of three years.
Adopted this
13th day of February, 1985.
Attest: