NOTICE OF PUBLIC HEARING OF THE
TOWN OF SYRACUSE ECONOMIC DEVELOPMENT COMMISSION
Notice is hereby given that the Town of Syracuse Economic Development Commission will hold a public hearing at 6:00 p.m., local time, at the Syracuse Town Hall, 310 North Huntington Street, Syracuse, Indiana, on Tuesday, April 16, 2024, concerning the proposed issuance by the Town of Syracuse, Indiana (the “Town”) of its Town of Syracuse, Indiana Taxable Economic Development Revenue Bonds, Series 2024 (Rabbit Ridge Properties, LLC Project), in one or more series, in an aggregate principal amount not to exceed One Million Six Hundred Fifty Thousand Dollars ($1,650,000) (the “Bonds”). The Town will loan the proceeds of the Bonds to Rabbit Ridge Properties, LLC, or an affiliate or permitted assignee thereof (the “Borrower”), to finance the cost of a housing addition in the Town to be known as Rabbit Ridge which shall include 44 units (22 duplexes) designed for senior housing along with a community building, all infrastructure and necessary materials and other amenities (the “Project”). The Project will be located on parcel number 008-021-002 on the north side of the Town off of Indiana Avenue and south of County Line Road. The Project is in the Allen Development Area (the “Area”) in the Town, a residential tax increment financing area established by the Town of Syracuse Redevelopment Commission (the “Redevelopment Commission”).
The Bonds will not be an indebtedness or general obligation of the Town and will not be payable in any manner by the taxing power of the Town. The Bonds and the interest payable thereon will be payable solely from the repayment of the loan by the Borrower and from certain other revenues and properties, including certain tax increment revenues generated from the Project in the Area (the “TIF Revenues”), as described in the agreements of the Town concerning the financing of the economic development facilities (such agreements, collectively, the “Financing Agreements”). Copies of the forms of the Financing Agreements will be on file with the Clerk-Treasurer of the Town and are available for public inspection at the office of the Clerk-Treasurer of the Town during regular business hours daily, except Saturdays, Sundays and legal holidays. The TIF Revenues are expected to be pledged by the Redevelopment Commission for the payment of the Bonds. Neither the Town nor the Redevelopment Commission shall have any obligation with respect to the payment of principal of and interest on the Bonds other than the payment of TIF Revenues as such may be pledged by the Redevelopment Commission.
The public is invited to attend and comment on any of the matters herein noted and all taxpayers, residents or interested parties who attend will be given a reasonable opportunity to express their views, orally or in writing, on the proposed issue of Bonds and the location and nature of the proposed economic development project to be financed. If you are unable to attend the public hearing, written comments concerning any of the matters noted above may be addressed to the attention of David Wilkinson, Town Manager, Town of Syracuse, 310 North Huntington Street, Syracuse, Indiana or via email at townmanager@syracusein.org. Written comments will be accepted until 4:00 p.m. (local time), on Tuesday, April 16, 2024, at said address.
If the Commission shall find for itself and on behalf of the Town that the proposed financing will be a benefit to the health and welfare of the Town and its residents and complies with the provisions of Indiana Code 36-7-11.9 and 36-7-12, the Commission will adopt a resolution approving the form of the Bond Financing Agreements, including the Bonds in the maximum aggregate principal amount of $1,650,000 and a proposed ordinance to be adopted by the Town Council of the Town with respect to the Bonds.
Dated this 20th day of March, 2024.
TOWN OF SYRACUSE ECONOMIC
DEVELOPMENT COMMISSION