NOTICE OF PUBLIC HEARING OF THE
CITY OF WARSAW ECONOMIC DEVELOPMENT COMMISSION
Notice is hereby given that the City of Warsaw Economic Development Commission (the “Commission”) will hold a public hearing, pursuant to Indiana Code § 36-7-12-24, on behalf of itself and the Common Council (the “Common Council”) of the City of Warsaw, Indiana (the “City”), at 2:00 p.m., local time, on Thursday, March 27, 2025, in the Council Chambers of City Hall, which is located at 102 South Buffalo Street, Warsaw, Indiana, regarding: (i) the proposed financing of certain economic development facilities consisting of the construction of infrastructure improvements including, but not limited to, sewer and water utilities and stormwater management systems, curbs, gutters, sidewalks and street lighting, together with all necessary appurtenances, related improvements and equipment (collectively, the “Infrastructure Project”), that will support additional development of the Belle Augusta residential housing development consisting of forty-one (41) single family housing units proposed by the Biggs Group (the “Development” and, together with the Infrastructure Project, collectively, the “Project”) located in or physically connected to the North Residential Economic Development Area Allocation Area (the “Allocation Area”) created by the City of Warsaw Redevelopment Commission and costs of issuance of the hereinafter defined Bonds; (ii) the issuance of one or more series of economic development revenue bonds of the City, designated as the City of Warsaw, Indiana, Taxable Economic Development Tax Increment Revenue Bonds, Series 2025 (Belle Augusta Project) (the “Bonds”), in the aggregate principal amount not to exceed $1,055,000 to finance a portion of the Infrastructure Project; and (iii) to consider whether the financing will have an adverse competitive effect on any similar facilities already constructed or operating in the City.
The City is proposing to issue the Bonds and provide the proceeds thereof to the Biggs Group (the “Developer”) for the purpose of financing, refinancing or reimbursing all or any portion of the costs of the Infrastructure Project and paying costs of issuance of the Bonds. The construction of the Infrastructure Project will serve the Development which is situated between North County Road 225 East, East County Road 100 North, North County Road 300 East, and East Old US-30 in the City.
The proposed Bonds will be issued by the City pursuant to Indiana Code 36-7-11.9 and 36-7-12, as supplemented and amended (collectively, the “Act”), and an ordinance proposed for adoption by the Common Council (the “Ordinance”). The Bonds will not be, in any respect, a general obligation of the City, the State of Indiana or any political subdivision thereof, but will be special and limited obligations of the City payable solely from tax increment revenues derived from the Allocation Area, and as otherwise provided in the trust indenture and the Ordinance related to the Bonds.
The public hearing is being held pursuant to Section 24 of the Act. The public is invited to attend and comment on any of the matters herein noted and all persons who appear will be given a reasonable opportunity to express their views, both orally and in writing. Written comments may also be submitted to Commission until 4:00 p.m., on March 26, 2025, by delivering such comments to the office of the Clerk-Treasurer of the City at the City Hall, which is located at 102 South Buffalo Street, Warsaw, Indiana.
If the Commission shall find for itself and on behalf of the City that the proposed financing of the Infrastructure Project will be of benefit to the health and welfare of the City and complies with the purposes and provisions of the Act, the Commission will adopt a resolution approving (a) the proposed financing of the Infrastructure Project, including the forms and terms of the Financing Agreements (as defined in the Act), the Bonds, and a trust indenture, and (b) the form of the proposed Ordinance to be recommended to the Common Council for adoption.
Dated: March 14, 2025.
CITY OF WARSAW ECONOMIC DEVELOPMENT COMMISSION
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