Authorizing the Mayor to expend funds necessary for construction costs for the Public Portions of a Multi-use project in the block bounded by Colfax, Michigan, Washington and St. Joseph Streets

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RESOLUTION NO. 70 -'F A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO EXPEND FUNDS NECESSARY FOR CONSTRUCTION COSTS FOR THE PUBLIC PORTIONS OF A MULTI -USE PROJECT IN THE BLOCK BOUNDED BY COLFAX, MICHIGAN, WASHINGTON AND ST. JOSEPH STREETS IN DOWNTOWN SOUTH BEND UP TO AND INCLUDING OCTOBER 1, 1979• WHEREAS, construction is proposed of a multi -use complex con- sisting of an office building, a first -class hotel, retail space, 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 portion of the project; 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 City of South Bend has entered into a Development Agreement with FBT BANCORP, Inc. of South Bend, Indiana, and Marriott Hotels of Washington, D.C., by its nominee RAHN Properties II, all parties to the proposed construction of the multi -use project; and, WHEREAS, the Department of Housing and Urban Development has required the City to begin construction of the project before July 18, 1979• NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Mayor of the City of South Bend, through its Board of Public Works and its Redevelopment Commission, hereby is authorized to expend all funds necessary for construction costs for the public portions of the project up to and including October 1, 1979. 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. bef of the Common Counci ILE n� D F. � =: n.1 um ICE PRESENTED 7-9--> y NOT A P P ROV L=D JUL r' 1979 ADOPTED 7- 9amritQn G;'�Y C.ZERK, SDU ?N fiE�D, (�lD.