HomeMy WebLinkAboutCC-10-17-83 EDC/Coots HenkeRESOLUTION OF THE COMMON 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 for
the financing of economic development facilities, the funds
from said financing to be used for the acquisition, construc-
of said facilities, and said facilities to
leased to a company or directly owned by a
tion and equipping
be either sold~or
company; and
WHEREAS,
nership (the
Coots, Henke & Wheeler, an Indiana general part-
"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 develop-
ment facility to be an 11,000 square foot professional office
building facility, including the real estate on which it is
located, to be located at 201 East Carmel Drive, on an
approximate 1.381 acre tract of land ("Project"); and
WHEREAS, the diversification of industry and increase in
job opportunities (43 new jobs) to be achieved by the con-
struction and equipping of the Project will be of public
benefit to the health, safety and general welfare of the Issuer
and its citizens; and
W~HEREAS, the Applicant will lease the Project to as yet
undetermined tenants; 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 ~ssuer 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 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
i~ 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
is,suance and sale of economic development revenue
bonds in an amount of approximately $650,000 of the
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Issuer under the Act for the acquisition, 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 accor-
dance 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 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, 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
boDds, for completion of the Project and for additions
to the Project, including the costs of issuance
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(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 of
I.C. 36-7-12.
4. All costs of the Project incurred after the
adoption of this ~nducement resolution, including
r~imbursement 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 sale 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.
5. The obligations of the Commission and the
Issuer shall be limited to the good faith efforts to
consummate said proceedings and issue the bonds, and
neither the Commission, the Issuer, its officers or
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(SEAL)
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 ~~~' · 1983. CITY OF CARMEL
Attest:
/ /
Presented by me to the Mayor of
Indiana, on the /_~__. day of
of ~:/~. o'clock~.m.
the City of Carmel,
, 1983, at the hour
Approved
1983 at the hour of
and signed by me this_/~ day of ~4/ ,
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