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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: