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RESOLUTION No. $
<br />AN INDUCEMENT RESOLUTION RELATING TO THE
<br />NILES AVENUE PARTNERSHIP PROJECT
<br />WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City
<br />of South Bend, Indiana, created the South Bend Economic Development Commission,
<br />which Commission has heretofore investigated, studied, surveyed and reported to
<br />the Mayor and the Common Council of the City of South Bend, Indiana, that a need
<br />exists in the community for additional job opportunities and commercial and
<br />industrial diversification within the City of South Bend, Indiana, and in order
<br />to improve and promote job opportunities, commercial diversification and the
<br />general welfare of the area within the City of South Bend, Indiana, a financing
<br />agreement should be entered into with "NILES AVENUE PARTNERSHIP" or its assigns,
<br />relating to a project to be known as the "NILES AVENUE PARTNERSHIP PROJECT ";
<br />and
<br />WHEREAS, Niles Avenue Partnership is an Indiana Limited Partnership
<br />which was formed to engage in the trade or business of acquiring of real estate
<br />and holding for investment and development of improved or unimproved real estate
<br />and is presently the owner of land located on Jefferson Boulevard and Niles Avenue
<br />in the City of South Bend, Indiana, and desires to restore, rehabilitate and develop
<br />the present commercial buildings located thereon for mixed retail and /or office areas
<br />containing approximately Twenty -one Thousand (21,000) square feet and to lease said
<br />areas to commercial enterprises and tenants, which project is anticipated to create
<br />Twenty -five (25) new jobs; and, further, to retire and pay in full a prior Industrial
<br />Revenue Bond issue in the amount of Seven Hundred Fifty Thousand ($750,000.00) Dollars
<br />passed by the Common Council of the City of South Bend, Indiana, on December 3, 1979;
<br />and
<br />WHEREAS, to induce Niles Avenue Partnership, or its assigns, to become
<br />the principal user of such economic development facilities, the Common Council of
<br />the City of South Bend desires to adopt this resolution; and
<br />WHEREAS, it is apparent that the development of the "NILES AVENUE
<br />PARTNERSHIP PROJECT" will increase job opportunities and commercial diversification
<br />in South Bend, Indiana, resulting in a benefit to the welfare of the public in the
<br />City of South Bend, Indiana, and in St. Joseph County, Indiana.
<br />NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of
<br />South Bend, Indiana, as follows:
<br />1. Section L. That approval is hereby given to the application of
<br />Niles Avenue Partnership, or its assigns, relating to the retirement and payment
<br />of the prior Industrial Revenue Bond issue of Seven Hundred Fifty Thousand ($750,000.00)
<br />Dollars, and the further restoration, rehabilitation and development of such economic
<br />development facilities under an arrangement whereby the cost of such prior Industrial
<br />Revenue Bond issue and restoration, rehabilitation and development would be paid from
<br />the proceeds of the Industrial Revenue Bonds to be issued by the City of South Bend,
<br />Indiana, for an amount not exceeding One Million ($1,000,000.00) Dollars, repayable
<br />with interest thereon over a period of time and with a maturity date which does not
<br />exceed beyond Twenty (20) Years after the issue date.
<br />2. Section 2. In order to encourage, induce and solicit such application
<br />by Niles Avenue Partnership for such Industrial Revenue Bond issue relating to the
<br />retirement and payment of the prior Industrial Revenue Bond issue and restoration,
<br />rehabilitation and development of such economic development facilities, the South
<br />Bend Economic Development Commission on behalf of the City of South Bend, shall proceed
<br />to cooperate with and take such action as may be necessary in the approval and drafting
<br />of documents or the performing of such other acts as will facilitate the issuance of
<br />such Industrial Revenue Bonds by the City of South Bend to provide funds to be used
<br />in the land purchase and restoration, rehabilitation and development of such economic
<br />development facilities.
<br />3• Section 3. Any costs or expenses incurred in connection with said
<br />"NILES AVENUE PARTNERSHIP PROJECT" shall be included in the project costs and
<br />reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with
<br />respect thereto.
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