The Nappanee ("City") Economic Development Commission ("Commission") will hold a public hearing at 7:00 p.m. on September 2, 2025, at City Hall, 300 West Lincoln Street, Nappanee, Indiana, regarding the issuance and funding of its Taxable Economic Development Revenue Note, Series 2025 ("Note") in an aggregate amount not to exceed One Million Dollars ($1,000,000), to Sunqueen Holdings, LLC or its affiliates ("Borrower"). The proceeds of the Note will be loaned to the Borrower to finance all or a portion of certain proposed economic development facilities consisting of the construction of façade improvements, structural remediation and membrane replacement for roof and junk removal, together with all necessary appurtenances, related improvements and equipment (collectively, "Project") and to consider whether the issuance of the Note will have an adverse competitive effect on any similar facilities already constructed or operating in the City.
The Note will be issued by the City pursuant to IC 36-7-11.9, 36-7-12, 36-7-14 and 36-7-25, and an ordinance adopted by the Common Council ("Ordinance"). The loan will be evidenced by the Note executed by the Borrower and as otherwise provided in the Loan Agreement, anticipated to be dated as of October 7, 2025 ("Loan Agreement"), between the City and the Borrower, and in the Ordinance. The Note will not be a general obligation of the City and will not be payable in any manner by taxation but are proposed to be payable from TIF Revenues (as defined in the Loan Agreement) and as otherwise provided and defined in the Loan Agreement, the Note and the Ordinance.
Proceeds of economic development financings will be used for the construction of Program Projects to be located generally at 252 W. Market Street, Nappanee, IN 46550.
If the Commission shall find for itself and on behalf of the City, that the proposed Note financing will be of benefit to the health and welfare of the City and complies with the purposes and provisions of the Act, the Commission will adopt a resolution approving the proposed financing and the form of financing documents, including the Note in an aggregate amount not to exceed One Million Dollars ($1,000,000) and shall transmit the resolution to the Common Council for consideration together with the form of the proposed ordinance to be recommended to the Common Council.
The public hearing is being held pursuant to IC 36-7-12-24. The public is invited to attend and comment on any of the matters herein noted. Written comments may also be submitted to the Secretary of the Commission until the end of business on September 1, 2025, by delivering such comments to the office of the Department of Redevelopment, Nappanee, Indiana.
