Loading...
HomeMy WebLinkAboutCC-08-20-84 Carmel Self StorageRESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA WHEREAS, the City of Carmel, Indiana, (the "Issuer") is authorized by I.C. 36-7-12 (the "Act") to issue revenue bonds for 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 projects to be either sold or leased to a company or directly owned by a company; and WHEREAS, Carmel Self Storage Center, an Indiana general part- nership (the "Applicant") has advised the Carmel Economic Develop- ment 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 economic development project, said economic development project to consist of the construction of three 8,792 square foot warehouse storage buildings (total 26,376) to be located at 147 West Carmel Drive, Carmel, Indiana, on an approximate 3 acre tract of land (the WHEREAS, the diversification of in job opportunities to be achieved by the of the Project will be of public benefit to the health, and general welfare of the Issuer and its citizens; and "Project"); and industry and increase construction and equipping safety 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 gener- al welfare of the Issuer and its citizens; and WHEREAS, the acquisition and construction of the facility 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 as fol- lows: 1. The Common Council of the City of Carmel finds, determines, ratifies and confirms that the promotion of diversification of economic development and job opportu- nities 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 devel- opment, 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 $600,000 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 Proj- ect, the Common Council of 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 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 2 (SEAL) 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 refund- ing and refinancing the outstanding principal amount of the bonds, for completion of the Project and~ for addi- tions 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 if 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 cousel fees, and acquisition, construc- tion and equipping of the Project will be permitted to be included as part of the bond issue to finance the Proj- ect, and the Issuer will loan the proceeds from the sale of the bonds to the Applicant for the same purposes. Also, certain indirect expenses, including but not limit- ed to, planning, architectural work and engineering and 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 con- summate 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 din~ Of'fie'er Attest: Clerk-Trembler~ 3 pres~ented by me ~to the Mayor of the City of Carmel, ~Indiana, of ~ '/25~' o'clock on the ~0,. day of ~.kz~z,~., 1984, at the hour · ._ ~1 erk-- Tr e a s~r er Approved clockf.m · at the hour of 7,:~__~°' -- and signed by me this ~ day of ~, 1984, Mayor~ 4