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HomeMy WebLinkAboutCC-05-17-82 Kartes Video CommRESOLUTION 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 tion and equipping of said facilities, be directly owned by a company; and WHEREAS, Kartes Video Communications, Inc., acquisition, construc- and said facilities to an Indiana corporation (the "Applicant") has advised the Carmel Economic Development 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 facility, said economic development facility to consist of an existing building and an addition to said building creating a 50,000 square foot video tape production facility with office space for the production, post-production and duplication of video tapes, including the real estate on which it is located and the machinery and equipment to be installed therein, to be located at 10 East 106th Street, Carmel, Indiana, on an approximate 5 acre tract of land ("Project"); and WHEREAS, the diversification of industry and increase in job opportunities (60 new jobs at the end of one year) .to be achieved by the construction 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 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 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 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 $4,400,000 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 received the advice of the Carmel Economic the - 2 - 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 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 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. - 3 - 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 ex- penses, 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, incl.uding 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 incur any liability whatso- ever if for any reason the proposed issuance of the bonds or the undertakings, as described herein, are not consummated. - 4 - Adopted this day of (SEAL) Attest: Cle~ ~ , 1982. CITY OF CARMEL P ,~es~lng Officer Presented by me.fao the Mayor of the City of Carmel, Indiana, on the /~/ day of =-77zZ~ , 1982, at the hour o~ ~:/~ o'c~ock~.m. ~ ~ ~. Approved and signed by me this day of /'~'.~/ 1982 at the hour of ~:/_~_~ o'clock~_.~. ' Mayor - 5 -