The Goshen Economic Development Commission (“Commission”) will hold a public hearing at 6:00 p.m. on December 17, 2019, in the City Court Room/Council Chambers at the Goshen Police & Court Building, 111 East Jefferson Street, Goshen, Indiana, regarding the issuance and funding of revenue bonds (“Bonds”) for the financing of economic development facilities in the City of Goshen.
The proceeds of the Bonds in an amount not to exceed Twenty-two Million Dollars ($22,000,000) will be loaned to Green Oaks of Goshen, LLC (“Borrower”) to provide a portion of the funds to pay the costs of acquisition, design, construction, improvement and/or equipping of the assisted living facilities to be located in the City at or near 282 Johnston Street, Goshen, Indiana, consisting of approximately 120 assisted living units and certain functionally related improvements (“Development”). The Bonds will be special obligations secured by and payable solely from loan payments paid by Borrower and will not be general obligations of the City.
The Commission will consider whether the acquisition, design, construction and/or equipping of the Development will have an adverse competitive effect on any similar facility already constructed or operating near or in the City. If the Commission shall find for itself and on behalf of the City, that the proposed financing will be of benefit to the health and welfare of the City and complies with the purposes and provisions of Indiana Code § 36-7-11.9 and 36-7-12, the Commission will adopt a resolution approving the proposed financing and the form and terms of financing documents, and shall transmit the resolution to the Goshen Common Council for consideration together with the form of the proposed inducement resolution to be recommended to the Council.
The public is invited to attend the public hearing and comment on any of the matters addressed.