Nappanee Economic Development
February 27, 2023 at 6:44 p.m.
By -
COMMISSION NOTICE OF PUBLIC HEARING
The Nappanee ("City") Economic Development Commission ("Commission") will hold a public hearing at 5:00 p.m. on March 13, 2023, in the Council Chambers, located at 300 W. Lincoln Street, Nappanee, Indiana, regarding the financing of the construction of road, water and sewer infrastructure improvements, together with all necessary appurtenances, related improvements and equipment (collectively, "Project") needed to support the proposed development of certain economic development facilities of JBK Investments, LLC, its affiliate or assignee ("Company"), as set forth in the Single Family Development Housing Program, consisting of the development of single-family residential buildings to serve the Allocation Area, including 20 new duplex units and 35 new housing units to serve the Wellfield Residential Housing Allocation Area ("Allocation Area") and the citizens of the City. The hearing will also address the issuance and funding of its Taxable Economic Development Revenue Bonds, Series 2023 (Wellfield Housing Project) ("Bonds") in the aggregate principal amount not to exceed Three Million, Two Hundred Thousand Dollars ($3,200,000) the proceeds of which will finance the construction of the Project and costs of issuance, and whether this financing will have an adverse competitive effect on any similar developments already constructed or operating in the City.
The Bonds will be issued by the City pursuant to IC 36-7-11.9, 36-7-12 and 36-7-14, and an ordinance adopted by the Common Council ("Ordinance"). The Bonds will not be a general obligation of the City and will not be payable in any manner by taxation, but are proposed to be payable from Pledged Tax Increment (as defined in the Financing Agreement) collected in the Allocation Area of the Wellfield Residential Housing Economic Development Allocation Area, and as otherwise provided in the Financing Agreement, the Trust Indenture and the Ordinance.
Proceeds of the economic development financing will be used for the construction of the Project located in the Allocation Area of the Wellfield Residential Housing Economic Development Area, Nappanee, Indiana.
The public hearing is being held pursuant to IC 36-7-12-24. The public is invited to attend and comment on any of the matters herein noted. Written comments may also be submitted to the Secretary of the Commission until 5:00 p.m. on March 13, 2023, by delivering such comments to the Clerk-Treasurer's office, City Hall, 300 West Lincoln Street, Nappanee, Indiana.
Dated: March 3, 2023.
NAPPANEE ECONOMIC DEVELOPMENT COMMISSION
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COMMISSION NOTICE OF PUBLIC HEARING
The Nappanee ("City") Economic Development Commission ("Commission") will hold a public hearing at 5:00 p.m. on March 13, 2023, in the Council Chambers, located at 300 W. Lincoln Street, Nappanee, Indiana, regarding the financing of the construction of road, water and sewer infrastructure improvements, together with all necessary appurtenances, related improvements and equipment (collectively, "Project") needed to support the proposed development of certain economic development facilities of JBK Investments, LLC, its affiliate or assignee ("Company"), as set forth in the Single Family Development Housing Program, consisting of the development of single-family residential buildings to serve the Allocation Area, including 20 new duplex units and 35 new housing units to serve the Wellfield Residential Housing Allocation Area ("Allocation Area") and the citizens of the City. The hearing will also address the issuance and funding of its Taxable Economic Development Revenue Bonds, Series 2023 (Wellfield Housing Project) ("Bonds") in the aggregate principal amount not to exceed Three Million, Two Hundred Thousand Dollars ($3,200,000) the proceeds of which will finance the construction of the Project and costs of issuance, and whether this financing will have an adverse competitive effect on any similar developments already constructed or operating in the City.
The Bonds will be issued by the City pursuant to IC 36-7-11.9, 36-7-12 and 36-7-14, and an ordinance adopted by the Common Council ("Ordinance"). The Bonds will not be a general obligation of the City and will not be payable in any manner by taxation, but are proposed to be payable from Pledged Tax Increment (as defined in the Financing Agreement) collected in the Allocation Area of the Wellfield Residential Housing Economic Development Allocation Area, and as otherwise provided in the Financing Agreement, the Trust Indenture and the Ordinance.
Proceeds of the economic development financing will be used for the construction of the Project located in the Allocation Area of the Wellfield Residential Housing Economic Development Area, Nappanee, Indiana.
The public hearing is being held pursuant to IC 36-7-12-24. The public is invited to attend and comment on any of the matters herein noted. Written comments may also be submitted to the Secretary of the Commission until 5:00 p.m. on March 13, 2023, by delivering such comments to the Clerk-Treasurer's office, City Hall, 300 West Lincoln Street, Nappanee, Indiana.
Dated: March 3, 2023.
NAPPANEE ECONOMIC DEVELOPMENT COMMISSION
3-3 hspaxlp
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