14-20 Cedar Glen Bond Ordinance - Laserfiche WebLink

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incorporated by reference in the EDC Resolution adopted on March 23, 2020, which EDC Resolution has been transmitted hereto; and WHEREAS, certain costs of the Bonds or costs related to the Project are expected to be paid prior to the issuance of the Bonds (collectively, the "Expenditures"), and such Expenditures are expected to be reimbursed with proceeds received by the City upon the issuance of the Bonds; and WHEREAS, the Council has previously, by way of its Resolution No. 4788-19, declared its intent to reimburse the Expenditures pursuant to Treas. Reg. §1.150-2 and Indiana Code §5-1- 14-6(c); and WHEREAS, based upon the EDC Report and EDC Resolution, the Council hereby finds and determines that the funding approved by the Commission for all or a portion of the Project will be of benefit to the health and general welfare of the citizens of the City, complies with the provisions of the Act and the amount necessary to finance all or a portion of the costs of the Project, together with incidental expenses incurred in connection therewith, will require the issuance, sale and delivery of one or more series of revenue bonds in an aggregate combined principal amount not to exceed Seven Million Three Hundred Thousand Dollars ($7,300,000): BE IT ORDAINED BY THE CITY-COUNTY COUNCIL OF THE CITY OF INDIANAPOLIS, INDIANA: SECTION 1. After considering the evidence presented in the EDC Report and EDC Resolution, it is hereby found, determined, ratified and confirmed that the financing of the economic development facilities referred to in the Financing Agreements consisting of the Project, the issuance and sale of the Bonds, and the use of the net proceeds thereof by the Borrower to finance all or a portion of the Project, will: (i) promote a substantial likelihood of diversification of industry, the creation or retention of business opportunities and the creation or retention of opportunities for gainful employment within the jurisdiction of the City and the provision of quality, affordable, multifamily rental housing within the jurisdiction of the Issuer; (ii) serve a public purpose, and will be of benefit to the health and general welfare of the City; (iii) comply with the purposes and provisions of the Act and it is in the public interest that the City take such lawful action as determined to be necessary or desirable to encourage the diversification of industry, the creation or retention of business opportunities, and the creation or retention of opportunities for gainful employment and providing affordable multifamily housing within the jurisdiction of the City; and (iv) not have a material adverse competitive effect on any similar facilities of the same kind already constructed or operating in the same market area or in or about the City. SECTION 2. The forms of the Financing Documents presented herewith are hereby approved, with any and all such changes as may be deemed necessary, desirable or appropriate by the Mayor and the Clerk of the City (the "Clerk") and all such documents shall be kept on file by the Clerk of the City. In compliance with Indiana Code 36-1-5-4, two (2) copies of the Financing Agreements are on file in the office of the Clerk for public inspection. US.126992461 02