Resolution 05 - Resolution Establishing a Small Business Covid-19 Relief Program

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RESOLUTION NO. 5-2020 RESOLUTION OF THE TOWN OF TOWN COUNCIL OF THE TOWN OF MOORESVILLE, INDIANA, APPROVING THE REDEVELOPMENT COMMISSION'S EXPENDITURE OF A PORTION OF ITS TIF REVENUES FOR THE PURPOSE OF ESTABLISHING A SMALL BUSINESS COVID-19 RELIEF PROGRAM WITH THE MORGAN COUNTY ECONOMIC DEVELOPMENT CORPORATION WHEREAS, the Town of Mooresville Redevelopment Commission (the "Commission"), the the governing body of the Town of Mooresville, Indiana, Department of Redevelopment and the Redevelopment District of the Town of Mooresville, Indiana, exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time; and WHEREAS, the novel coronavirus known as COVID-19 ("COVID-19") and the resulting mandated stay at home orders and social distancing requirements and recommendations implemented by the federal and state government have significantly and negatively affected businesses located in the Consolidated Mooresville Economic Development Area Allocation Area (the "Allocation Area") and many of such businesses were not able to sufficiently recover from such losses as a result of the federal programs implemented for such purposes; and WHEREAS, in order to address the extraordinary consequences resulting from the impact that COVID-19 has had on businesses located in the Allocation Area and provide additional support as businesses look to re -open, the Commission desires to use a portion of the TIF Revenues on deposit, unobligated and currently available to the Commission in the amount of Fifty Thousand Dollars ($50,000) to establish a loan program in collaboration with the Morgan County Economic Development Corporation, an Indiana non-profit corporation, to reimburse eligible businesses located in the Allocation Area for expenditures incurred in connection with the construction, rehabilitation or repair of commercial property in the Allocation Area in an effort to support the efforts of small businesses in the Allocation Area to recover from the consequences of COVID-19 (the "Program"); and WHEREAS, the Town Council of the Town of Mooresville, Indiana (the "Town Council"), as the legislative and fiscal body of the Town of Mooresville, Indiana (the "Town"), now desires to approve the creation and funding of the Program; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF MOORESVILLE, INDIANA, THAT: 1. The creation and the funding of the Program, substantially in the form described in Exhibit A attached hereto, in the amount not exceed $50,000 is hereby approved by the Town Council. 2. The Town Council hereby authorizes either of the President or the Vice President of the Town Council to take such further actions and execute such further documents as they deem necessary or appropriate to facilitate the authorizations set forth herein.