City of Warsaw

NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be held by the City of Warsaw Economic Development Commission (the “Commission”), on behalf of itself and the City of Warsaw, Indiana (the “Issuer” or “City”), on Wednesday, January 10, 2024, at 10:00 a.m., local time, in the Common Council Chambers at City Hall, 102 S. Buffalo Street, Warsaw, Indiana, to consider the approval of the issuance by the Issuer of a maximum principal amount of $3,000,000 of its City of Warsaw, Indiana, Taxable Economic Development Lease Rental Revenue Bonds, Series 2023 (Gatke Project) (the “Bonds”), in one or more series.
If the Bonds are approved and issued, the proceeds of the Bonds will be loaned to the City of Warsaw, Indiana, Building Corporation (the “Building Corporation”) pursuant to a loan agreement (the “Loan Agreement”), between the City and the Building Corporation, in order to assist with the financing of certain economic development facilities consisting of the rehabilitation, construction and equipping of the Project as more particularly described below, pay certain costs of issuance and fund a debt service reserve fund, if necessary. The Bonds are not in any respect a general obligation of the City, the State of Indiana, or any political subdivision of the State of Indiana, but shall be payable solely from loan payments by the Building Corporation. The Building Corporation will make such loan payments from lease payments received by the Building Corporation pursuant to a Lease Agreement, to be dated as of January 8, 2024 (the “Lease”) between the Building Corporation, as lessor, and the City of Warsaw Redevelopment Commission, as lessee (the “Redevelopment Commission”). The lease rentals payable by the Redevelopment Commission under the Lease will be secured and payable by the Redevelopment Commission from a special benefits tax to be levied and collected by the Redevelopment Commission on all taxable property within the geographical boundaries of the Redevelopment District of the City of Warsaw pursuant to Indiana Code 36-7-14-27, provided that the Redevelopment Commission reasonably expects not to use the special benefits tax and expects to pay the lease rentals during the term of the Lease from any revenues legally available to the Commission including, without limitation, tax increment revenues.
The Project consists of the rehabilitation of the existing Gatke Warehouse located at 2321 E. Winona Ave. into a mixed use space and the construction and equipping of the new Gatke Lofts at 2321 E. Winona Ave. comprised of seventy-five (75) apartments and related amenities. The Project will be constructed by Rebar Warsaw, LLC, and/or one or more related entities pursuant to an agreement with the City and the Redevelopment Commission and a funding agreement with the Building Corporation.
The Commission will consider whether the proposed Project may have an adverse competitive effect on similar facilities already constructed or operating in or about the City.
At such hearing, a determination will be made whether the proposed Bond financing complies with the purposes and provisions of Indiana Code 36711.9 and 12, as amended, and will be of benefit to the health or general welfare of the City and its citizens, and if so, the Bond financing will be approved by resolution and such resolution will be transmitted by the Commission to the Common Council of the City for such action as it deems is merited.
The Commission also will consider any and all other business properly presented to it at said meeting. The public is invited to attend and comment on any of the matters herein noted.
Dated this 15th day of December, 2023.
CITY OF WARSAW
ECONOMIC DEVELOPMENT COMMISSION
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