HomeMy WebLinkAboutRES.153.08-07-1985 �
BILL N0. 85-72 RESOLUTION N0. /�
RESOLUTION APPROVING THE CAPE LaCROIX
APARTMENTS, PHASE IV PROJECT OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
COUNTY OF CAPE GIRARDEAU, MISSOURI , TO BE
LOCATED IN THE CITY OF CAPE GIRARDEAU,
MISSOURI
WHEREAS, pursuant to the authority of the Industrial
Development Corporations Act, Chapter 349 of the Missouri
Revised Statutes , as amended ( the "Act" ) , The Industrial
Development Authority of the County of Cape Girardeau , Missouri
(the "Authority" ) , by Resolution adopted by its Board of
Directors , has approved a Project for Cape LaCroix Associates ,
a Missouri limited partnership to be formed, whose general
partner will be Haskel W. Prock , a resident of Indianapolis ,
Indiana, d/b/a Prock Construction Company, to be located at
430 S. Spring Street in the City of Cape Girardeau , Missouri ,
consisting of the expansion of the existing LaCroix Apartments ,
which expansion will include the acquisition of land and the
purchase , construction and installation thereon of
��'' approximately 136 rental apartment units and related buildings ,
structures , improvements , fixtures , machinery and equipment, to
be known as Cape LaCroix Apartments , Phase IV (The "Project" ) ,
at a cost of approximately $5 ,500 ,000 , to be tinanced by the
issuance of industrial development revenue bonds under the Act
in a principal amount not to exceed $5 ,500 ,000 , said bonds to
be payable solely out of the payments , revenues and receipts
derived from the loan of the proceeds of said bonds to the
Company; and
WHEREAS, Section 349 .010 of tlie Act provides that projects
of an industrial development authority of a county may be
located within the incorporated limits of a municipality within
such county when approved by the governing body of such
municipality; and
WHEREAS, the Authority has requested the City to approve
the Project; and
WHEREAS, the City Council hereby finds and determines that
the Project will promote the economic welfare and the
development of the City of Cape Girardeau , Missouri , and will
be in furtherance of the public purposes set forth in the Act .
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,� NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Cape Girardeau , Missouri , that it hereby approves the
Project in accordance with the requirements of Section 103 (k )
of the Internal Revenue Code of 1954 , as amended, and grants
its permission to the Authority to proceed with the financing
and construction of the Project through the issuance of the
industrial development revenue bonds of the Authority in a
principal amount not to exceed $5 ,500 ,000 to be issued pursuant
to the Act .
PASSED AND ADOPTED THIS _�� DAY OF , 1985 .
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w��i`iTL'/��UL-� �--, �.j lU--r'�
Howard C. Too e, Mayor
ATTEST:
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Evelyn . LeGrand
Deputy City Clerk
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