County Council Ordinance-March 1996-2�
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ORDINANCE NO. ��
GIBSON COUNTY COUNCIL
AN ORDINANCE REGARDING APPROVAL OF A LEASE BETWEEN
THE GIBSON COUNTY REDEVELOPMII�tT COMD-IISSION
AND THE GIBSON COUNTY RIDEVELOPMENT AUTHORITY
WHEREAS, the Gibson County Redevelopment Commission ("Commission") did
establish the Patoka/Union Townships Economic Development Area (the "Area") in Gibson
County, Indiana (the "County") in accordance with IC 36-7-14;
WHEREAS, the Commission, after a public hearing, did by resolution adopted on March
25, 1996 ("Resolution"), and incorporated herein by reference, approve the ezecudon of a lease
("Lease") with the Gibson County Redevelopment Authority ("Authoriry") for certain road
improvements (Perimeter Road) in or serving the Area (the "Projects");
WHEREAS, the Authority has been created as a body corporate and politic, in and under
the authority of IC 3Cr7-14, IC 36-7-14.5 and IC 36-7-25 for the purpose of financing,
constructing, acquiring and leasing local public improvemenu and economic development and
redevelopment projects, including the Projects, to the Commission;
WHEREAS, the esdmated total cost of financing the Projects, including capitalized
interest and issuance expenses, is now esdmated not to exceed $12,000,000;
WHEREAS, the County has enacted the Gibson County Econoinic Development Income
Ta�c at an annual rate of 0.5 Yb and the Board of Commissioners has approved a capital
improvement plan for the use of the County's distribudve share of the Gibson County Economic
Development Income Tax ("EDTT"); and
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WI�REAS, if the EDTT is not sufficient to pay lease rentals due under the Lease, lease
rentals will be payable from a special benefits tax levied on all tazable property in the Gibson
County Redevelopment District;
THAT:
NOW, THARFFORE, BE TT ORDAINED BY THE GIBSON COUNTY COUNCII.
SECTION 1. (a) T'he County Council hereby finds that the execution of the Ixase is
necessary and wise and is for Projects that will promote economic development of the Area, will
provide services that will serve the public purpose of the County and is in the best interests of
the County's residenu, and further finds that the lease rentals provided for in the Lease are fair
and reasonable.
(b) T'he execution of the Lease between the Commission and the Authority, as more
particularly described in the Resolution, is hereby approved.
(c) Providing for the financing, acquisition and construction of the Projects by the
Authority and the leasing of the Projects to the Commission is in the public interest of the
citizens of this County and it is a proper public purpose for which the County Council agrees
to cooperate with the Authority to assist in fulfilling the requirements of all agencies of the
Federal, State and County Govemment.
SECT'ION 2. The County Council finds that it is in the best interest of the County and
iu residents to irrevocably pledge the EDTT to the Commission, for a term of years not less than
the term of the Lease. The County Council hereby ratifies the action taken by the Gibson
County Board of Commissioners creating the County's Capital Improvement Plan for the EDTT
to construct the Projects and the acquisition and improvement of land on which the Projects will
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be constructed. The County Council hereby irrevocably pledges the EDTT to the Commission
pursuant to IC 5-1-14-4 for payment of the lease rentals under the Lease and the payment of debt
service on the EDTT Bonds for the term of years not less than the term of the I.ease and the term
of the EDTT Bonds. There are no prior liens, encumbrances or other restrictions on the
County's ability to pledge the EDTT.
SECT'ION 3. The Counry reserves the right to enter into leases or other obligations
payable from EDTT, in whole or in part, and to pledge the EDTT on a parity with the I.ease in
accordance with the requirements set forth in Section 14 of the Lease ("Parity Obligations").
SECTION 4. T'he County reasonably ezpects that taz ezempt obligations issued by or
on behalf of the County, including the bonds issued by the Authority and secured by the Lease
("Lease Bonds"), issued in one or more series, as well as bonds, tax exempt leases and
temporary loan warrants of the County (excluding private activity bonds other than qualified
501(c)(3) bonds), will not exceed $10,000,000 in calendar year 1996 or $10,000,000 in calendar
year 1997. The County Council hereby ratifies the designation by the Authority of up to
$10,000,000 of the Lease Bonds for 1996 and $10,000,000 of the Lease Bonds for 1997 as
qualified tax exempt obligations for purposes of Section 265(b) of the Internal Revenue Code
of 1986, as amended and in effect on the issue date of the Lease Bonds.
SECTION 5. This Ordinance shall be in full force and effect immediately upon its
passage.
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Adopted on this 25th day of March, 1996, by a vote of � ayes and
� nays.
ATTEST:
ou� nty Cfer v � ���,
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'II� GIDSON COLJ:ITY Rffi�HVffi.OPME�NT COMI�QISSIUN
You ase 6enby notifud that a pubNc haa�ing atit! bc Lcld b�fon thc Qibsou CuwUy
Redevekmment l'rxnmisaioa on M�rh 25, 1996, at the hour of 6 AO P,m. (local dmc) in
Ihe C�ibson Connty Superlor Court, Cnbson Courtty c'a�rthouse,'Priaceton, Indiana, upon a
Pn�os�'d lrzse w be tnterod lato between the Gibson C'.cx�My Redevdopment Authoriry
('Authority'), as Lcssor, and the Oilxxm Cwnty Redevelopment Commiaaim ("Cbmmiscion'),
as Laseee ("I-eesc`). 'I�c Lcase ia far thc bcoefd of Ws Umoa/Pafnta Towashlps ECOnomic
Developm�t Area (tfie °Anea"?, locxtcd in Gibson County, Indiai�a ("Cuuuty"). The
Cnmmission pmpases to consider the I.ease at auch hearing.
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'T�e ytupc�uxl Txa.se upon which the hearing aill be held 'u for s term of �p to ��,-
thnx (23) ycua, commwctng, from liwc lu lime, wtth the acqnisidon of land, the impmvement
of the aitc and consavetion of a county road ('Prujat")• T1�e Lea.se provides for an annaal
. rental payable acconling to a;schedn[e attachcd to thc I:castwitha.maxiuiuni`enniihl�lra5e te�tdl—'�.= -=°=.-_
`;of.S1,2i0�000, beginninB'on'the date�and in a000rdadco�with=tho'dchedulc sct-fottl�'iu F�hikiiE�,;:.�° =
B m the Ia�+c each year daring the term of the Lease. := ::� �.,., -_.
I.case �ecuaL9 shall be payabie by We I.eavx from`a Iirirtinn'of tt►e County's shae of the .-...
Gibson County Boonomic Dcvelopment L�cuwc Tax, �
't�e I.ea4e gives an option W the I.eavx tn purchasc' the Pmject:- `Chc eriiwa�r3 fvr the:
cost of the F�mjecc, as well as a copy of the gmposbd Lease; are avaiL�ble for inspcction by ttic '.
publlc on all business da'y�, cU,ring busiaeas houcs, at�'tfie'offioe rof "the Gibson Connty-
Commissioners , Courthouse, Princeton� Indiana.
At such hraring all person� intereswd �iwll have a rig6Cw be hea[d upon the nece.cQity
for the execution of such Lease, and upon w6cthcr the lpsc ttntals prrnidecl fur theiein to b0
�+iA tc� the Authority are ftir and reasonable mntsls for t6e Proposcd A'oject, whaher tf�o
services provided by the Ymjecx will sesve the publie purpose of tha Coanty nnd a+o in thc besi
intc�csts of itY �esideats, end whcxhcr the execudon of the'i.ease ia ne�essazy aad W;se, S�ch
hcaring may bc adjaunxxl W x laler date or datcs, snd following cuch t�eacing the Commi.csion
map cithcr nuthorizc the exccuhon o! sucL 1.cas�-as od�lnally-agreeA-u�n �r may=make
modifications thcro;n as may bc agr�d upon with 11�c AuUiurity".
DAteri rhis 7 t h day of Match, 1996.
GIBS(�N rl )I INTY RF.LIEVHLQpA�'I'
COMA4SS[ON
qy; HELEN HAUKE S��
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[Publish one timc at ]cas[ ]0 days p�ior w U�e pubtic hearing tn the de5igp2tecl
newcpaptnc)
F�c�Li�l
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NOTICE OF A SPECIAL MEETING OF THE
GIBSON COUIVTY REDEVELOPMENT COMMISSION
The Gibson County Redevelopment Commission will meet on
Monday, March 25, 1996 at 6:00 p.m. at the Gibson Superior Court,
Courthouse, Princeton, Indiana.
The Agenda for said meeting is as follows:
1. Openinq of Meetinq
2. Approval of Minutes and transact any old Lusiness
3. Consideration of Lease between Gibson County
Redevelopment Authority and Gibson County Redevelopment
Commissibn
4. Consideration of approval of Escrow Agreement with
Princeton Area Chamber of Commerce, Inc.
5. Consideration of contracts for providers of services
6. Other business.
GIBSON COUNTY REDEVELOPOMENT
COMMISSION
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NOTICE OF A SPECIAL MEETING OF THE
GIBSON COUNTY COUNCIL
YOU ARE HEREBY NOTIFIED that a Special Meetinq of the Gibson
County Council will be held on March 25, 1996 at the hour of 7:00
p.m. (local time) in the Gibson County Superior Court, Gibson
County Courthouse, Princeton, Indiana. The purpose of the
Special Meeting is for consideration by the Gibson County Council
of an Ordinance regardinq approval of a Lease between the Gibson
County Redevelopment Authority as Lessor and the Gibson-County
Redevelopment Commission as Lessee. The proposed Lease is for the
benefit of the Union-Patoka Townships Economic Development Area
located in_Gibson County_, Indiana.
The proposed Lease upon which the hearing will be held is
for a term of up to twenty-three (23) years, commencing, from
time to time, with the acquisition of land, the improvement of
the site and construction of a county road ("Project"). The
Lease provides for an annual rental payable accordinq to a
schedule attached to the Lease with a maximum annual lease rental
of $1,250,000, beginninq on the date and in accordaiice with the
schedule set forth in Exhibit B to the Lease each year during the
term of the Lease.
Lease rentals shall be payable by the Lessee from a portion
of the County's share of the Gibson County Economic Development
Income Tax. �
The Lease gives an option to the-Lessee to purchase the
Project. Trie estimates for the cost of the ProjecL, as well as a
copy of the proposed Lease, are available for inspection by the
public on all business days, durinq business hours, at the Office
of the Gibson County Commissioners, Courthouse, Princeton,
Indiana.
At such hearing all persons interested shall h��ve a right to
be heard upon the necessity for the execution of such Lease, and
upon whether the lease rental s provided for thereir. to be paid
to the Authority are fair and reasonable rentals for the proposed
Project, whether the services provided by the Project will serve
the public purpose of the County and are in the best interests of
its residents, and whether the execution of the Lease is
necessary and wife. Such hearing may be adjourned t_o a later
date or dates.
Dated this 7th day of March, 1996.
ANNE MYERS,
GIBSON COUNTY FIUDITOR
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