HomeMy WebLinkAboutCC-05-17-82 EDA/West 106thRESOLUTION 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 projectS, the funds from
said financing to be used for the acquisition, construction and
equipping of said projects, and said projects to be either sold
or leased to a company or directly owned by a company; and
WHEREAS, Klein Bayley & Hoover Investment Co., an Indiana
general partnership (the "Applicant") has advised the Carmel
Economic Development Commission (the "Commissign") and the
Issuer that it proposes that the Issuer loan proceeds of an
economic development financing to the Applicant for the acqui-
sition, construction and equipping of an economic development
project, said economic devel°pment project to consist of
~constructing streets, building Storm.sewers, extending gas
service, extending telephone service, extending electric power,
relocating trees and landscaping and overall the developing of
81 acres into approximately 39 residential lots, to be located
at 800 west 106th Street, Carmel, Indiana, on an approximate.81
acre tract of land ("Project"); and
WHEREAS, the diversification of industry and increase in
job opportunities to be achieved by the construction and equip-
ping 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 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 of Carmel, as follows:
1. The Common Council of the City of Carmel
finds, determines, ratifies and confirms that the
promotion of diversification of economl 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
issuance and sale of economic development revenue
bonds in an amount of aPproximately $1,000,000 of the
Issuer under the Act and the loan of the proceeds of
the revenue bonds to the Applicant for the acquiSi-
tion, construction and equipping Of the Project, will
serve the public purposes referred to above, in
accordance with the Act.
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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
bonds, for completion of the Project and for additions
to the Project, including the costs of issuance (pro-
viding that the financing of such addition or addi-
tions to the Project is found %o have a public purpose
[as defined in I.C. 36-7-12-1] at the time of authori-
zation of such additional bonds), and that the afore-
mentioned purposes comply with the provisions of I.C.
36-7-12 ·
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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 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 loan the pro-
ceeds 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
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 consummate said proceedings and issue the
bonds, and neither the Commission, the Issuer, its
officers or members, shall
ever if for any reason the
bonds or the undertakings,
incur any liability whatso-
proposed issuance of the
as described herein, are
not consummated.
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Adopted this
/~. day of __~~ '-'
CITY OF CARMEL
1982.
(SEAL)
Attest:
Clerk-TreaS~e~
Presented by me to the Mayor of the City of Carmel,
Indi~na, on the ~ day of _ ~-/~ , 1982, at the hour
~lerk-Trea~ur
~ d bv me this /~ day of ~///~ '
Approved and ~ne:~o,clock~.m'
1982 at the hour & ~