HomeMy WebLinkAboutCC-09-17-84 EDC SR421/110th RESOLUTION OF THE CO~ON COUNCIL OF
THE CIT~OF CAP'EL, :NDIANA
RESOLUTION NO: 9-17484-1
~ Issuer is
WHEREAS, the City of Carmel, I~diana (the " ")
authorized by IC 36-7-12 (the "Act") t6 issue revenue bonds for
the financing of economic developmentipr°jects' 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, Switches, 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 edonomic development project
'to consist of a 13,500 square feet office, engineering building
and testing facility to be located atiapproximately ll0th Street
and State Road 421, Clay Township, E~milton County, Indiana on
approximately 11 acres of land ("Project"); and
WHEREAS, the diversificatiOn of industry and increase in job
opportunities to be achieved by the cgnstructi°n and equipping of
the Project will be of public benefi~ to the health, safety and
general welfare of the Issuer and itsi citizens; and
· d
WHEREAS, having receive the advice of the Carmel Economic
Development Commission, it would appear that the financing of the
Project would be of public benefi~ to the health, safety and
general welfare of the Issuer and its citizenS; and
WHEREAS, on Applicantis representation the acquisition and
construction of the facility will not have an adverse competltlv
effect on any similar facility alread~ 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 develi°pment and job oppor-
I. desirable to
tunities in and near Carmel, Indiana, is
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 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 $1,500,000 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
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
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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-
7-12-1] at the time of authorization of such additional
bonds), and that aforementioned purposes comply with
the provisions of I.C. 36-7-12.
4. All 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,
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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.
CITY OF CARMEL
~resi~g officer
Attest:
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