The Goshen Economic Development Commission (“Commission”) will hold a public hearing at 2:30 p.m. on March 12, 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 its Taxable Economic Development Revenue Note, Series 2019 (“Series 2019 Note”) in an amount not to exceed Eight Hundred Fifty Thousand Dollars ($850,000), to Goshen Theater, Inc. (“Borrower”). The proceeds of the Series 2019 Note will be loaned to the Borrower to finance a portion of certain proposed economic development facilities consisting of the renovation of the Goshen Theater, together with all necessary appurtenances, related improvements and equipment (“Project”), in or physically connected to the Consolidated River Race / US 33 Economic Development Area and to consider whether the issuance of the Series 2019 Note will have an adverse competitive effect on any similar facilities already constructed or operating in the City.
The Series 2019 Note will be issued by the City pursuant to IC 36-7-11. 9 and 36-7-12, and an ordinance adopted by the Common Council (“Ordinance”). The loan will be evidenced by the Series 2019 Note executed by the Borrower and as otherwise provided in the Loan Agreement, dated March 1, 2019 (“Loan Agreement”), between the City and the Borrower, the Trust Agreement, dated as of March 1, 2019 and the Ordinance.
Proceeds of the Series 2019 Note will be used to for the construction of a portion of the Project to be located generally at 216 South Main Street, Goshen, Indiana.
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 5:00 p.m. on March 11 , 2019, by delivering such comments to the office of the Department of Redevelopment, 202 South 5th Street, Goshen, Indiana.
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 the Act, the Commission will adopt a resolution approving the proposed financing and the form of financing documents, including the Series 2019 Note in an amount not to exceed Eight Hundred Fifty Thousand Dollars ($850,000) and shall transmit the resolution to the Council for consideration together with the form of the proposed ordinance to be recommended to the Council.