Loading...
HomeMy WebLinkAboutGoodwill Industries KEDFA Bonds A RESOLUTION OF THE CITY OF PADUCAH, KENTUCKY REQUESTING THAT THE KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY ISSUE INDUSTRIAL BUILDING REVENUE BONDS TO FINANCE AN INDUSTRIAL BUILDING PROJECT WITHIN THE CITY FOR GOODWILL INDUSTRIES OF KENTUCKY, INC. Recitals A. The Kentucky Economic Development Finance Authority (the "Authority an agency and instrumentality of the Commonwealth of Kentucky (the "Commonwealth is authorized under Sections 154.10- 035(2) and 154.20- 035(1) of the Kentucky Revised Statutes and the Industrial Buildings for Cities and Counties Act, as amended, Sections 103.200 to 103.285 of the Kentucky Revised Statutes (the "Act if requested by the legislative body of a city or the fiscal court of a county, to issue industrial building revenue bonds and to loan the proceeds thereof to any person to finance the costs of acquiring, constructing, and installing an "industrial building" (within the meaning of the Act), including particularly land, buildings, machinery, equipment, fixtures, and other facilities suitable for any activity, business, or industry for the manufacturing, processing, or assembling of any commercial product, including agricultural, mining, or manufactured products, together with storage, warehousing, and distribution facilities in respect thereof, in order to accomplish thereby the public purposes of promoting the economic development of the Commonwealth, relieving conditions of unemployment, and encouraging the increase of industry therein. B. Goodwill Industries of Kentucky, Inc. (the "Company a Kentucky nonprofit corporation, has been determined by the Internal Revenue Service to be a charitable organization described in Section 501(c)(3) of the Internal Revenue Code. The Company provides rehabilitation, occupational training, and employment for people with disabilities or other disadvantages and handicapped individuals and in furtherance of that purpose operates donated goods centers for the collection, processing, and distribution of used merchandise. The Company has determined to relocate and expand its corporate offices, to relocate and expand one of its district offices, and to relocate and expand existing donation centers and establish new donation centers at various locations within the Commonwealth, including a new donation center within the City of Paducah, Kentucky (the "City as described in Exhibit A attached hereto. C. The Company intends to apply to the Authority for the Authority to issue its industrial building revenue bonds pursuant to the Act to finance a portion of the costs of acquiring, constructing, and equipping the Company's facilities at various locations within the Commonwealth, including the new donation center located within the City as described in Exhibit A attached hereto. D. The Company has applied to the Board of Commissioners of the City for a resolution requesting the Authority to issue industrial building revenue bonds pursuant to the Act to finance the costs of acquiring, constructing, and equipping the new donation center within the City at the location and at the estimated cost shown in Exhibit A (the "Project The Project is expected to create the number of new jobs shown in Exhibit A. E. The Board of Commissioners of the City has found and determined that the Project will tend to accomplish the public purposes of the Act by promoting the economic development of the Commonwealth, relieving conditions of unemployment, and encouraging the increase of industry therein. F. 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, and equipping the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of Paducah, Kentucky as follows: 1. The Board of Commissioners of the City hereby approves the application of the Company for industrial building revenue bond financing of the Project pursuant to the Act and hereby requests that the Authority issue its industrial building revenue bonds to finance the costs of the Project. 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. 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 August 11, 2009, 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. App +ved: r ayor Attest: 9 Tammara S. Brock, City Clerk Certification The undersigned certifies that she is the duly appointed 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 August 11, 2009, 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. City Clerk (SEAL) 2 i EXHIBIT A GOODWILL INDUSTRIES OF KENTUCKY, INC. Costs Existing Project Location Land Building Construction Equipment Total Jobs Donated -Goods Center 3049 Irvine Cobb New Paducah, KY 42003 -0332 -0- -0- $1,150,000 $40,000 $1,190,000 9 15207332.1 ill it A -1 1