Inducement Resolution relating to the Ireland/Ironwood Associates Project

Home Browse Search

RESOLUTION No. ?A ? -.;p 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 opportun- ities, 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 /Iron- wood Associates 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 of- fice property and desires to purchase a One point Four (1.4) acre parcel of land located on the Southwest corner of Ireland and Ironwood in the City of South Bend, Indiana, and desires to construct and erect thereon a One (1) story shopping center build- ing in an "L" design of Forty -eight (4-8) feet e.ide, 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 lease to shopping center tenants, which new structure shall be used by said tenants for commercial sales and office use which new facility is anticipated to create Twenty -two (22) new jobs; and WHEREAS, to induce Ireland /Ironwood Associates, or its assigns, to become the principal user of such economic develop- ment 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 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 purchase of land and the construction and erection of such economic development facilities under an arrangement whereby the cost of such land, construction and erection 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 Seven Hundred Ten Thousand ($710,000.00) Dollars, re- payable with interest thereon over a period of time and with a maturity date which does not exceed beyond Eighteen (18) years after the issue date.