Miami County 52-2

Jurisdictions: City of Peru, Miami County

Topic: Economic development

Date: 1986 February

Purpose: City and County made a loan to an Indiana corporation, All Season Industries, Inc., in 1985, and they are now collecting on this debt. This agreement directs those funds to various purposes. (Pp. 1-4) City made a loan separate from loan with County and repayment of that loan is dealt with. This loan was given for the Noble Roman's Restaurant Project. (P. 6)

Function: Public works/transportation, Economic development (Pp. 1, 5)

Type: Collaboration

Organization: Joint agreement. No governing board, but there is a third-party escrow agent. Joint supply: Reasons for the original loan to All Season Industries included creation of new jobs, addition to the assessed valuation of the County, increased tax revenue, and additional economic and industrial growth for the City and County. (P. 5)

Duration: No specific mention.

Administration: Payments made to the Wabash Valley Bank and Trust Company (escrow agent) are first used to pay off a loan that was made to City and County by that bank. Payments toward this loan are to be made twice a year (6 months apart). Monies received in excess of these semi-annual payments are to be applied to the payment of claims regarding the City/County Industrial Park (specific claims are listed). After the above payments are settled, additional monies are paid to City until a sum of $200,000 is reached. Then, monies go to the State of Indiana on behalf of Miami County to repay an Industrial Development Loan in the sum of $175,000. If it becomes necessary for the County's loan from the State to be repaid before the City has received its full payment, then payments on the County's loan will take precedence. Any additional funds will be paid by escrow agent to State of Indiana to fulfill a grant obligation made by City to the State. Next, monies go to County as repayment of a block grant; amount not to exceed $222,756. Then, monies go to Miami County Economic Development Steering Committee ($13,000). Additional monies will be paid to Clerk-Treasurer of the City of Peru. These monies go into the Economic Development Revolving Loan Fund. (Pp. 1-4)

Monies received by City on its independent loan will be paid into the Economic Development Revolving Loan Fund. Such monies will be available for lending for economic development in the City and County. (P. 6)