Inducement Resolution of the South Bend Common Council relating to the issuance of economic development revenue bonds to William G. York and Gloria J. York

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RESOLUTION NO. 829 -89 INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO WILLIAM G. YORK AND GLORIA J. YORK IN ORDER TO FINANCE THE PURCHASE OF LAND WITH AN EXISTING BUILDING THEREON, RENOVATION OF THE BUILDING AND PURCHASE OF NEW EQUIPMENT FOR LEASE TO THE ABSTRACT AND TITLE CORPORATION OF SOUTH BEND TO EXPAND THEIR PRESENT FACILITIES FOR USE IN ABSTRACTING AND PREPARATION OF TITLE INSURANCE WHEREAS, the South Bend Economic Development Commission investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial diversification within the City of South Bend, Indiana; and to improve and promote job opportunities and commercial diver- sification within the City of South Bend, Indiana, a financing agreement should be effected with William G. York and Gloria J. York; and WHEREAS, William G. York and Gloria J. York desire to purchase land located at 305 West Jefferson, South Bend, Indiana, renovate the existing building thereon and purchase new equipment; and WHEREAS, to induce William G. York and Gloria J. York to construct such eco- nomic development facilities, the South Bend Economic Development Commission on Oct. 3, 1980,approved the application of William G. York and Gloria J. York for the issuance of up to One hundred seventy thousand Dollars ($170,000 ) of Economic Development Revenue Bonds payable with interest thereon at the market rate as of the date of final approval of the bonds and also adopted an Inducement Resolution relating to that bond issue; and WHEREAS, it is apparent that William G. York and Gloria J. York will pre- serve jobs and increase job opportunities and commercial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana, and St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED, that in order to encourage, induce and soli- cit the application by William G. York and Gloria J. York for an amount not exceeding One hundred seventy thousand Dollars ($170,000 ) of Economic Development Revenue Bonds to be issued by the City of South Bend, Indiana, repayable with interest thereon at the market rate as of the date of final approval of the bonds over a period of fifteen (15) years after the issue date for the construction of such economic development facilities, the City of South Bend shall proceed to cooperate with and take any action as may be necessary in drafting of documents or the performance of such other acts as will facilitate the issuance of such Economic Development Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such economic development facilities; and