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HomeMy WebLinkAbout05-28-2024 Support of Goodwill Industries253586 A RESOLUTION REQUESTING THE KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY TO ADOPT A RESOLUTION ISSUING INDUSTRIAL BUILDING REVENUE BONDS TO FINANCE THE GOODWILL INDUSTRIES OF KENTUCKY, INC. INDUSTRIAL BUILDING PROJECT LOCATED WITHIN THE BOUNDARIES OF THE CITY OF PADUCAH RECITALS WHEREAS, the Kentucky Economic Development Finance Authority (the "Authority"), an agency and instrumentality of the Commonwealth of Kentucky (the "Commonwealth"), is authorized under Chapter 154 of the Kentucky Revised Statutes and the Industrial Buildings for Cities and Counties Act, (collectively, the "Act"), if requested by the legislative body of a city, to issue industrial building revenue bonds and to loan the proceeds thereof to any person to finance or refinance the costs of acquiring, constructing, and installing an industrial building, as defined by the Act, to promote economic development within the Commonwealth, relieve conditions of unemployment, and encourage the increase of industry. WHEREAS, Goodwill Industries of Kentucky, Inc. (the "Company"), a Kentucky nonprofit corporation and charitable organization per Section 501(c)(3) of the Internal Revenue Code, provides rehabilitation, occupational training, and employment for people with disabilities, disadvantages, or handicaps, and in furtherance of that purpose, operates donated goods centers for the collection, processing, and distribution of used merchandise. WHEREAS, The Company has determined to finance or refinance the acquisition, construction, improvement and equipping of attended donation centers, retail stores and outlets, opportunity centers and career centers at the new donated goods retail center located within the City of Paducah, Kentucky (the "City") as described in Exhibit A attached hereto. WHEREAS, The Company intends to apply to the Authority to receive industrial building revenue bonds pursuant to the Act to finance a portion of the costs of financing or refinancing the acquisition, construction, improvement and equipping of the Company's facilities at the new donated goods retail center located within the City as described in Exhibit A (the "Project") attached hereto. WHEREAS, The Board of Commissioners of the City has found and determined that the Project will accomplish the public purposes of the Act by promoting economic development within the Commonwealth, relieving conditions of unemployment, and encouraging the increase of industry therein. WHEREAS, The Board of Commissioners of the City desires to request that the Authority issue industrial building revenue bonds on behalf of the Company to finance the costs of acquiring, constructing, improving and equipping the Project. WHEREAS, The Board of Commissioners of the City also desires to inform residents of the City that the Authority will hold a public hearing regarding issuing its industrial building revenue bonds pursuant to the Act to finance the Project at a date set forth in a notice of public hearing that will be published on the Authority's website (the "Public Notice") no later than seven calendar days before the public hearing is to be held and that residents of the City are invited to participate in such public hearing as further set forth in the Public Notice. NOW, THEREFORE, BE IT RESOLVED by the Paducah City Commission as follows: 1. The Board of Commissioners of the City hereby requests the Authority to issue its revenue bonds pursuant to the Act to provide such funds as may be necessary to enable the Company to defray the costs of the Project and to take such actions necessary to comply with the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended. 2. No action taken by the Board of Commissioners of the City in connection with the proposed bonds shall be deemed to impose any liability whatsoever upon the City. 3. All formal actions relative to the adoption of this Resolution were taken in open meetings of the Board of Commissioners, and all deliberations of the Board of Commissioners which resulted in formal action, were taken in meetings open to the public, in full compliance with all applicable legal requirements of Sections 61.800 through 61.850 of the Kentucky Revised Statutes. 4. This resolution shall take effect upon its adoption INTRODUCED, SECONDED, AND ADOPTED at a duly convened regular meeting of the Board of Commissioners of the City of Paducah, Kentucky held on May 28, 2024, signed by the Mayor as evidence of his approval, attested by the City Clerk, and ordered to be filed and indexed as provided by law. Attest: 1 �d /� 1 A indsay Parisg City Clerk Approved: George P. Bray, Mayor Certification The undersigned certifies that she is the duly elected and acting City Clerk of the City of Paducah, Kentucky, that the foregoing resolution was duly adopted at a regular meeting of the Board of Commissioners of the City held on May 28, 2024, that all actions taken in connection with such resolution were in compliance with the requirements of KRS 61.805 to 61.850, and that said resolution is now in full force and effect, all as appears from the official records in my custody and under my control. ifdsay Parish, City Clerk v EXHIBIT A GOODWILL INDUSTRIES OF KENTUCKY, INC. Project Location Project Description Estimated Total Cost 5480 Old US Highway New Donated Goods Retail Center $4,260,000 60, Paducah 42001 0140717.0784273 4888-6302-7896v1 3