Loading...
HomeMy WebLinkAboutCC-03-07-83 EDC/Marbaugh EngrRESOLUTION 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- 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, 4000 East 96th Ssree~ Project, an Indiana part- nership (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 devetopmen~ 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 a approximately 33,000 square foot multi- tenan~ commercial facility for engineering services, wholesale and retail sales and distribution, including the real estate on which it is located and the machinery and equipment to be installed therein, to be located at northwest corner of East 96th Street and Lakeshore Drive East, on an approximate 3 acre tract of land ("Project"); and WHEREAS, the diversification of industry and increase in job opportunities (45 new jobs) to be achieved by the con- struc~'ion 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, the Applicant will lease a portion of the Project to Marbaugh Engineering Supply Co., Inc.; 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 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 Qf 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 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 - 2 - issuance and sale of economic development revenue bonds ~n an amount of approximately $2,100,000 of the 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 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 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 I~suer 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 t~e issuance of additional bonds for refunding and refinancing the outstanding principal amount ~°f~the - 3 - 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 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. Ail costs of the Project incurred after the adoption of this inducement resolution, includlng 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 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 obligation of the Commission and the Issuer shall be limited to the good faith efforts to - 4 - 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 March, 1983. CITY OF CARMEL p~ding Oft lcer (SEAL) Attest: Presented by me to the Mayor of the city of on the __ day of March, 1983, at the hour of Carmel, Indiana, : o'clock _ Approved and cig. ned by me this I day of March, 1983 at the hour of ~_f'o clock - 5