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Description:	september 29 1987 city of terre haute 197 whereas the city of terre haute indiana the city is authorized by indiana code 36-7-12-1 et seq the act to issue revenue bonds for the financing of economic development facilities the funds from said financing to be used for the acquisition construction and equipping of said facilities and said facilities to be either sold or leased to a borrower or the funds from said financing to be loaned to a borrower and said facilities to be directly owned by the borrower and whereas halcor realty and development co./anderson realty investment co inc an illinois joint venture partnership plus any other person partnership or corporation created by or acting for halcor realty and development co./anderson realty investment co inc together with their respective assigns and successors the applicant has advised the common council of the city of terre haute indiana and the city that it proposes that the city either acquire construct or equip certain economic development facilities and sell or lease the same to the applicant for the purpose of acquiring constructing rehabilitating or equiping said economic development facilities the proposed economic development facilities will consist of a hotel commercial retail and other commercial complex consisting of approximately 110 suites and approximately 162,000 square feet including 19,000 square feet of retail space on the first and second floors to be renovated constructed equipped rehabilitated and located at the site of the current terre haute house seventh street and wabash avenue terre haute vigo county indiana and for the acquisition equipping rehabilitation and construction of all auxiliary equipment fixtures improvements off-street parking facilities landscaping and other improvements which may be necessary to create a hotel and retail complex at such location the project and whereas the project will be owned or leased by the applicant pursuant to one or more written agreements to be approved by the terre haute economic development commission and the city and whereas the diversification of industry and increase in job opportunities approximately 150 new jobs at the end of three years with an estimated payroll of 2,250,000.00 to be achieved by the acquisition construction rehabilitation and equipping of the project will be of public benefit to the health safety and general welfare of the city and its citizens and whereas having received the advice of the members of the terre haute 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 city and its citizens and whereas the acquisition construction rehabilitation and equipping of the project will not have an adverse competitive effect on any similar facility already constructed or operating in or near the city now therefore be it resolved by the common council of the city of terre haute indiana that 1 . it finds and determines that the promotion of diversification of economic development and job opportunities in and near the city is desirable to preserve the health safety and general welfare of the citizens of the city and that it is in the public interest that this council and the city take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in and near the city 2 it further finds and determines that the issuance and sale of one or more issues of revenue bonds of the city under the act in an aggregate amount not to exceed eight million dollars 8,000,000,00 to be issued on a taxable basis for acquiring constructing rehabilitating 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 for the acquistion construction rehabilitation and equipping of the project 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 rehabilitation and equipping of the 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 city and the applicant and ii it will adopt such 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 ans sale of said economic development bonds 4 all costs of the project incurred after the adoption of such a resolution of the common council of the city including reimbursement or repayment to the applicant of monies expended by the applicant for application fees planning engineering interest paid during construction underwriting expenses attorney and bond counsel fees and acquiring constructing rehabilitating and equipping of the project will be permitted to be included as part of the bond issue to finance the project and the city will thereafter sell or lease the same to the applicant or loan the proceeds of the revenue bonds to the applicant for the project adopted this 29th day of september 1987 ray azar president attest charles p hanley city clerk
Source:	http://indstate.contentdm.oclc.org/digital/collection/cth/id/255
Collection:	City of Terre Haute

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