An Inducement Resolution relating to the Ireland/Ironwood Associates Project

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RESOLUTION NO. AN INDUCEMENT RESOLUTION RELATING TO THE IRELAND /IRONWOOD ASSOCIATES PROJECT WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South Bend, Indiana, created the South Bend Eco- nomic Development Commission, which Commission heretofore has 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 com- mercial and industrial diversification within the City of South Bend, Indiana; and in order to improve and promote job opportuni- ties, commercial diversification and the general welfare of the area within the City of South Bend, Indiana, a financing agreement should be entered into with Ireland /Ironwood Associates or its assigns, relating to a project to be known as the "Ireland /Ironwood Associates Additional Improvements Project "; and WHEREAS, Ireland /Ironwood Associates is an existing partnership established in the trade or business of owning land and erecting structures thereon and renting commercial and office property and is the owner of a parcel of land located on the South- west corner of Ireland and Ironwood in the City of South Bend, Indiana, and desires to construct additional improvements at a One (1) story shopping center building in an "L" design of Forty - eight (48) feet wide, Two Hundred Thirty -five (235) feet long in a North /South direction and Forty (40) feet wide and Fifty (50) feet long in an East direction comprising approximately Fourteen Thousand (14,000) square feet for leasing in the shopping center, which addi- tional improvements to be constructed will be used by a tenant con- ducting a restaurant business in the shopping center, which business is anticipated to create Twenty (20) new jobs; and WHEREAS, to induce Ireland /Ironwood Associates, or its assigns, to become the principal user of such economic development facilities, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that the development of the Ireland /Ironwood Associates Additional Improvements Project will 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 in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. Section 1. That approval is hereby given to the application of Ireland /Ironwood Associates, or its assigns, relating to the construction of additional improvements under an arrange- ment whereby the cost of such additional construction would be paid from the proceeds of the Industrial Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding Ninety Five Thousand ($95,000.00) Dollars, repayable with interest thereon over a period of time and with a maturity date which does not exceed beyond Fifteen (15) years after the issue date. Section 2. In order to encourage, induce and solicit such application by Ireland /Ironwood Associates for such Industrial Revenue Bond issue relating to the additional construction of such economic development facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, shall proceed to cooperate with and take such action as may be necessary in the approval and drafting of documents or the performing of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend to provide funds to be used in the additional construction of such economic development facilities.