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 Section 24 of Indiana Code 36-7-12 (along with the Indiana Code 36-7-11.9, each as supplemented and amended, collectively, the “Act”), 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) a proposed financing of certain economic development facilities consisting of the construction and equipping of approximately 85 apartment units and related uses (the “Project”) which is located at 302 West Market Street in the City and is located in the 2023 Owens Expansion Allocation Area (the “Allocation Area”) in the City, designated by the City of Warsaw Redevelopment Commission (the “Redevelopment Commission”); (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 (Millworks Project) (the “Bonds”), in an aggregate principal amount not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000) to finance a portion of the 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.
If the Bonds are approved and issued, the City will provide a portion of the proceeds of the Bonds to AP Development LLC and AP Millworks LLC or a related party of either or both (the "Developer"), to finance a portion of the costs of the Project and the costs of issuance of the Bonds.
The proposed Bonds will be issued by the City pursuant to the Act, and an ordinance proposed for adoption by the Common Council (the “Ordinance”). The Bonds will not be an indebtedness or general obligation of the City or the State of Indiana (the “State”) or any political subdivision of the State and will not be payable in any manner by the taxing power of the City, the State, or any political subdivision of the State. The Bonds and the interest payable thereon will be payable solely from tax increment revenues to be pledged by the Redevelopment Commission and derived from the Allocation Area.
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 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 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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