City of Nappanee

NAPPANEE ECONOMIC DEVELOPMENT COMMISSION
NOTICE OF PUBLIC HEARING
The Nappanee ("City") Economic Development Commission ("Commission") will hold a public hearing at 5:00 p.m. on May 6, 2024, at the City Hall, 300 West Lincoln Street, Nappanee, Indiana, regarding the issuance and funding of its Taxable Economic Development Revenue Note, Series 2024 ("Series 2024 Note") in an amount not to exceed Five Hundred Thousand Dollars ($500,000), to Ace Builders, Inc., or its affiliates ("Borrower"). The proceeds of the Note will be loaned to developer to finance economic development facilities including exterior building envelope, structural, mechanical, and electrical deficiency restoration and junk removal program in the downtown area, including the hereinafter defined Project (“Program Projects”) and the proceeds of the Series 2024 Note will be loaned to the Borrower to finance all or a portion of certain proposed economic development facilities consisting of the construction of façade improvements, structural remediation and membrane replacement for roof and junk removal, together with all necessary appurtenances, related improvements and equipment (collectively, "Project"), in or physically connected to the Nappanee Consolidated TIF District and to consider whether the issuance of the Series 2024 Note will have an adverse competitive effect on any similar facilities already constructed or operating in the City.
The Notes, including the Series 2024 Note, will be issued by the City pursuant to IC 36-7-11.9, 36-7-12, 36-7-14 and 36-7-25, and an ordinance adopted by the Common Council ("Ordinance"). The loan will be evidenced by the Series 2024 Note executed by the Borrower, including the Loan Agreement anticipated to be dated as of May 22, 2024 ("Loan Agreement"), between the City and the Borrower, and in the Ordinance. The Series 2024 Note 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 TIF Revenues, on a parity with the Outstanding Obligations, collected in the Downtown Allocation Area, and any other available tax increment, and as otherwise provided and defined in the Loan Agreement, the Note and the Ordinance.
Proceeds of economic development financings will be used for the construction of Program Projects to be located at 106 S. Main Street, Nappanee, IN 46550 in the City of Nappanee, Indiana.
If the Commission shall find for itself and on behalf of the City, that the Series 2024 Note financing 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 the proposed financing and the form of financing documents of the Series 2024 Note in an amount not to exceed Five Hundred Thousand Dollars ($500,000) and shall transmit the resolution to the Council for consideration together with the form of the proposed ordinance to be recommended to the Council.
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 the end of business on May 6, 2024, by delivering such comments to the office of the Department of Redevelopment, Nappanee, Indiana.
Dated: FebruaryApril 18, 2024.
NAPPANEE ECONOMIC DEVELOPMENT COMMISSION
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