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RESOLUTION No. 2,9.2- 297
<br />AN INDUCEMENT RESOLUTION RELATING
<br />TO THE 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 will be an Indiana Limited Partner-
<br />ship which will be formed to engage in the trade or business of acquiring of
<br />real estate and holding for investment and development of unimproved or improved
<br />real estate and is presently the intended purchaser of land located on Jefferson
<br />Boulevard and Niles Avenue in the City of South Bend, Indiana, and desires to
<br />restore, rehabilitate and develop the present commercial buildings located thereon
<br />for mixed retail and /or office areas containing approximately Twenty -one Thousand
<br />(21,000) square feet and to lease said areas to commercial enterprises and tenants,
<br />which project is anticipated to create Twenty -five (25) new jobs; 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
<br />of 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
<br />the 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 1. That approval is hereby given to the application of
<br />Niles Avenue Partnership, or its assigns, relating to the purchase of land and
<br />and the restoration, rehabilitation and development of such economic development
<br />facilities under an arrangement whereby the cost of such land, restoration,
<br />rehabilitation and development would be paid from the proceeds of the Industrial
<br />Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not
<br />exceeding Seven Hundred Fifty Thousand ($750,000.00) Dollars, repayable with
<br />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
<br />application by Niles Avenue Partnership for such Industrial Revenue Bond
<br />issue relating to the land purchase, restoration, rehabilitation and development
<br />of such economic development facilities, the South Bend Economic Development
<br />Commission on behalf of the City of South Bend, shall proceed to cooperate with
<br />and take such action as may be necessary in the approval and drafting of docu-
<br />ments 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
<br />used in the land purchase and restoration, rehabilitation and development
<br />of such economic development facilities.
<br />3. Section 3. Any costs or expenses incurred in connection with
<br />said "NILES AVENUE PARTNERSHIP PROJECT" shall be included in the project costs
<br />and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued
<br />with respect thereto.
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