HomeMy WebLinkAboutCC-10-15-84 EDC 106/MeridianRESOLUTION OF THE COMM(
THE CIT~ OF CAP'EL
WHEREAS, the City of Carmel,
authorized by IC 36-7-12 (the "Act")
the financing of economic developme
said financing to be used for the ac(
equipping of said projects, and sai~
or leased to a company or directly ow!
WHEREAS, 106th Street and Meri~
general partnership (the "Applicant
Economic Development Commission (the
that it proposes that the Issuer lo~
development financing to the Applicar
struction and equipping of an econom~
economic development project to cons
office building, to be located at the
Meridian, in Clay Township, Hamilto
proximate 5 acre tract of land ("Pro'
WHEREAS, the diversification of
opportunities to be achieved by the
the Project will be of public benef
general welfare of the Issuer and it~
WHEREAS, having received the ad
Development Commission, it would appE
Project would be of public benefit
general welfare of the Issuer and its
WHEREAS, on Applicant's represe
construction of the facility will not
~ COUNCIL OF
INDIANA
Indiana (the "Issuer") is
to issue revenue bonds for
~t projects, the funds from
uisitions, construction and
'projects to be either sold
.ed by a company; and
.an Associates, an Indiana
has advised the Carmel
"Commission") and the Issuer
~n proceeds of an economic
t for the acquisition, con-
c development project, said
[st of a 69,000 square foot
corner of 106th Street and
County, Indiana on an ap-
ct"); and
~dustry and increase in job
~struction and equipping of
t to the health, safety and
citizens; and
Tice of the Carmel Economic
ar that the financing of the
to:the health, safety and
citizens; and
~tation the acquisition and
have an adverse competitive
effect on
in Carmel,
City
any similar facility already constructed or operating
Indiana;
NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the
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 ~eneral welfare of the
citizens of the Issuer; and tha~ 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 ~he City of Carmel ap-
proves, determines, ratifies
issuance and sale of economic de,
in an amount of approximately $~
under the Act and the loan o5
revenue bonds to the Applicant
construction and equipping of t
the public purposes referred t~
with the Act.
3. In order to induce the
nd confirms that the
relopment revenue bonds
500,000 of the Issuer
the proceeds of the
for the acquisition,
he Project, will serve
above, in accordance
Applicant to proceed
with the acquisition, constructi n and equipping of the
Project, the Common Council ~f 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 m~y 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 ado
resolutions and authorize the ex
such instruments and the takin¢
be necessary and advisable for
suance and sale of said econom
bonds; and (iii) it will use i
request of Applicant to authoriz
tional bonds for refunding an(
standing principal amount of th~
of the Project and for additio
cluding the costs of issuance (
nancing of such addition or addi
found to have a public purpose
7-12-1] at the time of authoriz~
bonds), and that aforementione
the provisions of I.C. 36-7-12.
~t such ordinances and
~cution and delivery of
of such action as may
~he authorization, is-
c development revenue
:s best efforts at the
the issuance of addi-
refinancing the out-
bonds, for completion
s to the Project, in-
providing that the fi-
tions to the Project is
[as defined in I.C. 36-
tion of such additional
purposes comply with
4. Ail costs of the Project incurred after the
adoption of this inducement resolution, including reim-
bursement or repayment to the Applicant of monies ex-
pended by the Applicant for planning, engineering,
interest paid during construction, underwriting ex-
penses, attorney and bond counsel fees, acquisition,
construction and equipping of the Project will be per-
mitted to be included as part of the bond issue to
finance the Project, and the Issuer will loan the
proceeds from the sale of the bonds to the Applicant
for the same purposes. Also, certain indirect ex-
penses, including but not limited to, planning, archi-
tectural 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.
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 or
members, shall incur any liability whatsoever if for
any reason the proposed issuance of the bonds or the
undertakings; as described herein, are not consummated.
Adopted this ' /~ day of ~'~ , 1984
Attest:
Clerk/Tre-a~r ' -
CITY OF CARMEL
Presented by me to t~.M_~%y~ o~r ~f fhe City of Carmel, Indiana,
on the / day of _~g~* i ___ , 1984, at the hour
of ./~//c5~ o'clock /~.M.
Clerk/Trea~r
day of ~" ,
Approved and signed by me this /~
1984 at the hour of /~ :Z-~ o'clock