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Authorizing the execution and delivery of a memorandum of intent between the City of South Bend and Cira's Timberline, Inc., providing for the ussuance by said city of its economic development revenue bonds
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Authorizing the execution and delivery of a memorandum of intent between the City of South Bend and Cira's Timberline, Inc., providing for the ussuance by said city of its economic development revenue bonds
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
11/10/1980
Ord-Res Number
833-80
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RESOLUTION NO. <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY <br />OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, <br />INDIANA, AND CIRA'S TIMBERLINE, INC., PROVIDING FOR THE ISSUANCE BY SAID <br />CITY OF ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF <br />INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5, AS AMENDED. <br />The area still has insufficient employment opportunities and <br />insufficient diversification of industries, which conditions are harmful <br />to the economic stability and general welfare of the area and, if not <br />remedied, will be detrimental to the development of such area. <br />The City of South Bend, Indiana (the "City ") is authorized under <br />the provisions of Indiana Code, Title 18, Article 6, Chapter 4.5, as <br />amended (the "Act "), to acquire, construct and finance economic develop- <br />ment projects for the users thereof and to provide for the issuance of <br />revenue bonds in conjunction therewith. <br />The City, in order to implement the public purposes enumerated <br />in the Act and in furtherance thereof to induce Cira's Timberline, Inc. <br />(the "Borrower ") to construct leasehold improvements and to acquire and <br />install furnishings, fixtures and equipment to be used in a supermarket <br />(hereinafter collectively called the "Project ") within the limits of <br />St. Joseph County, Indiana, has indicated its intent to issue its reve- <br />nue bonds under and pursuant to the provisions of the Act and to apply <br />the proceeds therefrom to the payment of the costs of the Project. <br />The Borrower, after considering a number of possible locations <br />within and outside of the State of Indiana, and in reliance upon the <br />intent of the City to finance the Project through the issuance of revenue <br />bonds under the provisions of the Act, has determined to construct the <br />Project within the limits of St. Joseph County, Indiana. <br />It is now deemed advisable to authorize the execution and delivery <br />by the City of a Memorandum of Intent expressing formally and in writing <br />the understanding heretofore formally agreed upon by the City and the <br />Borrower. <br />NOW, THEREFORE, be it resolved by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />SECTION 1. The Mayor is hereby authorized and directed to execute <br />a Memorandum of Intent by and between the City and the Borrower and the <br />City Clerk is hereby authorized and directed to affix the seal of the <br />City thereto and to attest the same; and said Mayor and City Clerk are <br />hereby authorized and directed to cause said Memorandum of Intent to be <br />delivered to, accepted, and executed by the Borrower, said Memorandum <br />of Intent, which is hereby approved and incorporated by reference and <br />made a part of-'this authorizing resolution, to be in substantially the <br />form attached hereto. <br />SECTION 2. All resolutions and orders, or parts thereof, in con- <br />flict with the provisions of this resolution are, to the extent of such <br />conflict, hereby repealed and this resolution shall be in immediate <br />effect from and after its adoption. <br />This inducement resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approved by the Mayor. <br />Member of the Common Council <br />an an . � ..., �,.-- <br />Irene Gammon <br />CITY CLERK, SOUTH BEND, IND. <br />
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