Loading...
HomeMy WebLinkAboutCC-11-07-83 EDC/Beverly InterRESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA WHEREAS, the City ~f Carmel, Indiana (the "Issuer") is authorized by IC 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, construc- tion 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, Beverly Enterprises, a California corporation (the "ApDlicant") has advised the Carmel Economic Development Com- mission (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 Appli- econom c cant or loan proceeds of an i development financing to the Applicant for the same, said economic development facility to be.a 205,000 square foot retirement living facility, includ- ing the real estate on which and equipment to be installed Penn Road, on an approximate and it is located and the machinery therein, to be located on North 10 acre tract of land ("Project"); WHEREAS, the diversification of industry and increase in job opportunities (38 new jobs) to be achieved by the construc- tion and equipping of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, having 'received the advice of the Carmel Economic Development Commission, it would appear that the financing of the Project would be of pubiic benefit to the health, safety and general welfare of the Issuer and its citizens; .and WHEREAS, it is preliminarily found that the acquisition and construction of the facility will not have an adverse competi- tive 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 ~esirable 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, determines, ratifies and confirms that the issuance and sale of economic development revenue bonds in an amount of approximately $13,250,000 of the Issuer under the Act for the acquisition, construction and equipping of the Project and the sale or leasing - 2 - of the Project to the Applicant or the loan of the proceeds of the revenue bonds to the ~pplicant, will serve the public p~rposes 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 hereby approves, determines, ratifies and confirms that (i) it will use its best effort to 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 ~he Issuer and the Applicant; and (ii) it will use its best effort to 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 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 - 3 - defined in I.C. 36-7-12-1] at the time of authoriza- tion of such additional bonds), and that the aforemen- tioned purposes comply with the provisions of I.C. 36-7-12; provided, however, that neither the common council, the Economic Development Commissionor nor any' officers or members thereof shall incur any liability whatsoever if for any reason the proposed issuance of bonds as described herein is not consummated. 4. All 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, 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 sal~ 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 resolu- tion will be permitted to be included as part of the bond issue to finance the Project. - 4 - Adopted this day of ~ 1983. CITY OF CARMEL (SEAL) Attest: ~( r Cler~ Presented by me to Indiana, on the ~ dav of ' of ~:.~-~'clock~.m. the Mayor of the City of Carmel, ~ 1983, at the hour Cler k-T rea~'er 1983 at the hour of ~:~. o'clock /~.m. - 5 -