Inducement Resolution relating to the Chateau Bendix Project

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RESOLUTION NO. %lYa 20 AN INDUCEMENT RESOLUTION RELATING TO THE CHATEAU BENDIX PROJECT WHEREAS, pursuant to I.C. 18- 6 -4.5 -1 et seq. (the "Act "), the Common Council of the City of South Bend, Indiana created the South Bend Economic Development Commission, which Commission, follow- ing an investigation and survey, has determined that a need exists in the community for additional residential opportunities for elderly persons and commercial diversification. That in order to improve and promote development of sites for residential use, commercial diver- sification, and the general welfare of the community, a financing agreement should be entered into with Chateau Bendix, a limited partnership (the "Partnership "), relating to an Economic Development Facility, as that term is defined in the Act, to be known as the "Chateau Bendix Project;" and WHEREAS, the Parthership will engage in the business of developing, owning and operating multi - family residential facilities and the Partnership desires to develop, rehabilitate and equip multi- family residential facilities for elderly persons with the result that it will increase residential opportunities for such persons; and WHEREAS, the Partnership proposes to acquire a parcel of real estate and the building or buildings located thereon known as the Bendix Estate located in South Bend, Indiana, and to develop, rehabilitate and equip said building or buildings consisting of a housing project for elderly persons consisting of approximately 70 to 74 units; and WHEREAS, to induce the Partnership to develop, rehabilitate and equip such Economic Development Facility, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that the development of the Chateau Bendix Project will increase residential and commercial diversifica- tion in South Bend, Indiana, resulting in benefit to the welfare of the City of South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend as follows: Section 1. That approval is hereby given to the application of the Partnership relating to the acquisition of such real estate and the development, rehabilitation and equipping of the Chateau Bendix housing project for elderly persons thereon, wherein First Mortgage Housing Revenue Bonds would be issued by the City of South Bend, Indiana, for an amount not exceeding Three Million Dollars ($3,000,000) repayable with interest thereon over a period of time and with a mat- urity date which does not extend beyond thirty (30) years after the issue date, for purposes of financing the Chateau Bendix housing project. Section 2. In order to encourage, induce and solicit such application by the Partnership for such First Mortgage Housing Revenue Bond issue relating to the acquisition, development and construction of such Economic Development Facility, the Common Council of the City of South Bend shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such First Mort- gage Housing Revenue Bonds by the City of South Bend, Indiana, to pro- vide funds to be used toward the payment of the costs of acquiring such real estate and the development and rehabilitation of such Economic Development Facility.