Section 107-600; Res. 185-06; Approving a project for The Tapestry Group, Inc. and the issuance of bonds therefor by the Industrial Development Authority of Boone County, Missouri


Council Bill No. R 185-06

     A RESOLUTION

approving a project for The Tapestry Group, Inc. and the issuance of bonds therefor by the Industrial Development Authority of Boone County, Missouri.

    WHEREAS, the Industrial Development Authority of Boone County, Missouri (the “Authority”) adopted an Inducement Resolution on August 14, 2006 (the “Resolution of Intent”) for a project under Chapter 349 of the Revised Statutes of Missouri, as amended (the “Act”) for The Tapestry Group, Inc., an Arizona nonprofit corporation licensed to do business in the State of Missouri (the “Borrower”) which project consists of the acquisition, expansion and improvement of buildings, structures, facilities, fixtures and equipment (the “Project”) used or to be used as part of its residential care facility; and

    WHEREAS, the Authority has further expressed its intent to issue its health care revenue bonds in a principal amount not to exceed $8,000,000 pursuant to the Act to finance the Project; and

    WHEREAS, Section 349.010(4) of the Act provides that projects of a county industrial development authority may be located within the incorporated limits of a municipality within such county when approved by the governing body of the municipality.

    NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.    The Project and the issuance of health care revenue bonds by the Authority to finance costs of the Project is a public benefit because it will provide quality care for the elderly in the City of Columbia, Missouri and is therefore approved.

    ADOPTED this 18th day of September, 2006.