Coming this Monday: RESOLUTION NO. R-06-20 (remove property tax back-up for the Scribner Place Bonds).

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CITY OF NEW ALBANY
RESOLUTION NO. R-06-20

WHEREAS, the New Albany City Council is in support of the Scribner Place Project,

and

WHEREAS, there has been concern regarding the financial problems now facing the City of New Albany,

and

WHEREAS, it is the responsibility of the City Council to support the progress of the downtown area, and at the same time, consider any additional financial burden that might be placed on the property owners in the City of New Albany,

NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF NEW ALBANY, INDIANA, THAT:

1. Resolution No. R-05-31 be amended in order to pledge EDIT Funds dedicated for the Scribner Place Project Bonds in the amount of $137,500 per year.

2. Resolution No. R-05-31 be amended to remove property tax back-up for the Scribner Place Bonds.

This amendment is necessary due to the increased costs on the property owners listed below:

STORM WATER FEE INCREASES

SEWER RATE INCREASES

SANITATION RATE INCREASES

PROPERTY TAX INCREASES

3. This Council action will not affect the YMCA Project as the YMCA is doing their own individual fund raising and financing for the YMCA Project.

4. The funding for the YMCA Project does not include any City of New Albany funds for financing, bonding, or back-up support for the YMCA Project located at Scribner Place in New Albany.

5. The New Albany Scribner Place Project and the YMCA Project located in Scribner Place are individual projects.

6. This resolution shall be in force and effect from and after its passage.

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