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HomeMy WebLinkAboutCC-08-20-84 Cool Creek Apts.RESOLUTION OF THE COM~ON COUNCIL OF THE CITY OF CARMEL, INDIANA WHEREAS, the City of Carmel, Indiana, (the "Issuer") is authorized by IC 36-7-12 (the "Act") to issue revenue bonds fdr the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS, Cool Creek Apartments, an Indiana partnership (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 construction and equipping of a 290 unit apart- ment complex comprised of one and two bedroom units in up to 15, two-story buildings and the construction, equipping and development of facilities functionally related and subordinate thereto including (i) a club house, (ii) storage buildings, (iii) a swimming pool and bath house, (iv) tennis courts, (v) picnic area, and (vi) an exercise trail located on a 33.33 acre parcel of land owned by the Applicant at 1001 North Range Line Road bounded on the east by U. S. Highway 431 and North Range Line Road to the west (the "Project"); and WHEREAS, the diversification of industry and increase in job opportunities (6 new jobs) to be achieved by the con- struction and equipping of the Project will be of public benefit to the health, safety ~nd general welfare of the Issuer and its citizens; and WHEREAS, the Applicant will make the Project available, by lease, to members of the general public; 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, the construction and equipping of the Project 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 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 -2- 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, determines, ratifies and con- firms that the issuance and sale of economic development revenue bonds in' an amount not to exceed $13,000,000 of the Issuer under the Act for the construction and equipping 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 construction and equipping of the Project, the Common Council of the city of Carmel hereby approves, determines, ratifies and con- firms 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 Applicant to authorize the issuance of additional bonds for refunding and refinancing the out- standing principal amount of the bonds, for completion of the Project and for additions to the Project, including the costs of issuance (provided that the financing of such addition or additions to the Project is found to have a public purpose [as defined in IC 36-7-2-1] at the time of authorization of such additional bonds, and that the aforementioned purposes comply with the provisions of IC 36-7-12. ~. All costs of the Project incurred after the adoption of the inducement resolution, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, interest paid during con- struction, underwriting expenses, attorney and bond counsel fees, acquisition, construction and -3- 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, architec- tural 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 obligations of the Commission and Common Council of the City of Carmel and the Issuer shall be limited to the good faith efforts to consummate said proceedings and issue the bonds, and neither the Commission and Common Council of the City of Carmel, 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. 6. This Resolution shall be deemed and construed as a resolution authorizing the issuance of bonds or some other similar official action toward issuance of the bonds within the meaning of 26 C.F.R. 1.103-8(a)(6). Adopted this day of ~, 1984. CITY OF CARMEL (SEAL) Cle~rk-.Tr~~r ~ Presented by me to the Mayor of the City of Carmel, on the ~O day of ~~-~, 1984, at the hour of o'clock, Indiana, ? · .C/L cle~rk_T~r ~r, City of Carmei' Having reviewed the foregoing Mayor of the city of Carmel, this ~ 1984, hereby evidence my approval of by the execution hereof. resolution I do now, as the __ day of ~ ' the foregoing resolution M~ity if' Carme -5-