Authorizing the Board of Public Works to convey certain public improvements to be located in a multi-use project

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RESOLUTION NO. 7a3-?g RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AUTHORIZING THE BOARD OF PUBLIC WORKS TO CONVEY CERTAIN PUBLIC IMPROVEMENTS TO BE LOCATED IN A MULTI -USE PROJECT IN THE BLOCK BOUNDED BY COLFAX, MICHIGAN, WASHINGTON AND ST. JOSEPH STREETS TO FBT BANCORP, INC. AND RAHN PROPERTIES II. WHEREAS, construction has commenced on a multi -use complex con- sisting of an office building, a first -class hotel, an enclosed atrium interconnecting the various structures, an all - weather garage, and an enclosed walkway to the Century Mall, all of which improvements will be located in an area bounded by Colfax Avenue on the North, St. Joseph Street on the East, Washington Street on the South and Michigan Street on the West, in South Bend, Indiana; and WHEREAS, the City of South Bend has received approval from the United States Department of Housing and Urban Development under Title I of the Housing and Community Development Act of 1977 for an Urban Development Action Grant in the amount of $7,600,000.00 for construction of the public improvements in the project, to -wit, the garage, atrium and walkway; and WHEREAS, the successful completion of the project is in the best interests of the citizens and taxpayers of the City of South Bend, Indiana, in that the project will foster additional permanent jobs in the community, will expand the tax base of the City, and will promote additional economic development throughout the community; and WHEREAS, the Board of Public Works desires to convey the public improvements to be located in the multi -use complex to FBT Bancorp, Inc. and RAHN Properties II, the developers of the project, for valuable consideration thereby relieving the City of the costs associated with the maintenance and operation of such improvements while making such improvements subject to property taxation; and WHEREAS, the Board of Public Works wishes to guarantee reason- able access to and use of the public improvements to the general public for such time as the developers shall own such improvements; and WHEREAS, this conveyance is deemed necessary by bond counsel for the project in order to preserve the tax- exempt status of the industrial development bonds which the developers have applied for; and WHEREAS, such conveyance is authorized by State law [I.C. 18-1 - 1.5-2(d)]. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana as follows: SECTION I. The Board of Public Works of the City of South Bend hereby is authorized to agree to transfer the public improvements to be constructed in the multi -use project, to -wit, the garage, atrium and walkway, to FBT Bancorp, Inc. and RAHN Properties II pursuant to the terms and conditions set forth in the separate agreements which are attached hereto as Exhibits A and B. SECTION II. This Resolution shall be in full force and effect from and after its passage by the Common Council, and its approval by the Mayor. FILED Rid GLEE IS OFFICE PRESENTED / NOT APPRp Q � , _ � � S E P 2 7 1979 � VED Member o' t_1V ommon Council CM "ERk &JUrtt 6116, aaa,.