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RESOLUTION NO. 679 -79
<br />AN INDUCEMENT RESOLUTION RELATING TO THr;
<br />FBT BANCORP, INC. PROJECT
<br />WHEREAS, pursuant to the Indiana Code of 1971, Title luo,
<br />Chapter 6, Article 4.5, as amended, the Common Council of the City
<br />of South Bend, Indiana created the South Bend Economic Development
<br />Commission, which such South Bend Economic Development Commission
<br />heretofore has investigated, studied, surveyed and reported to the
<br />Mayor and the Common Council of the City of South Bend, Indiana, that
<br />a need exists in the community for additional job opportunities and
<br />commercial diversification within the City of Sout?z Bend, Indiana;
<br />and in order to improve and promote job opportunities and commercial
<br />diversification within the City of South Bend, Indiana, a financinC
<br />agreement should be effected with FBT Bancorp, Inc., or its assic-ns,
<br />relating to a project to be known as the "Fis7 Dancorp, Inc. Project ";
<br />and
<br />WHEREAS, said FBT Bancorp, Inc. is the parent corporation of
<br />First Bank and Trust Company of South Bend and other subsidiary cor-
<br />porations, which said First Banc and Trust Company of South Bend desires
<br />to expand its operations and employ a substantial number of additional
<br />employees and be the principal user for such purpose of a ban] /office
<br />building consisting of not less than one hundred thirty -two thousand
<br />(132,000.00) of gross square feet area (hereinafter sometimes
<br />referred to as "Economic Development Facilities ") to be located on
<br />a part of the 2.75 acre block in the South Bend, Indiana Urban Renewal
<br />Area R -66 which is bounded by St. Joseph Street on the East,
<br />Colfax Street on the North, Washington Street on the South and
<br />Michigan treet on the West, which such land is involved in the
<br />UDAG Grant to the City of South Bend, Indiana, pursuant to Application
<br />No. B- AA -78 -18 -0003; and
<br />WHEREAS, to induce FBT Bancorp, Inc., or its assigns, to
<br />become the principal user of such Economic Development Facilities,
<br />the Common Council of the City of South Bend desires to adopt this
<br />resolution; and
<br />WHEREAS, it is apparent that such FB"_' Bancorp, Inc. Project
<br />will increase job opportunities and commercial diversification in
<br />South Bend, Indiana, resulting in a benefit to the welfare of the
<br />public in the City of South Bend., Indiana, and St. Joseph Count'?
<br />Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
<br />City of South Bend, Indiana, as follows:
<br />SECTION 1. That approval is hereby given to the application of
<br />FBT Bancorp, Inc., or its assigns, relating to the acquisition and
<br />construction of such Economic Development Facilities under an arrangement
<br />whereby a portion of the costs of such acquisition and construction
<br />would be paid from the proceeds of Industrial Development Bonds to be
<br />issued by the City of South Bend, Indiana, for an amount not exceeding
<br />Nine 11illion Dollars (Y19,000,000.00), repayable with interest thereon
<br />over a period of time and with a maturity date which does not extend
<br />beyond thirty (30) years after the issue date.
<br />SECTION 2. In order to encourage, induce and solicit such
<br />application by FBT Bancorp, Inc., or its assigns, for such Industrial
<br />Development Bond issue relating to the acquisition and construction
<br />of such Economic Development Facilities, the South Bend Economic
<br />Development Commission on behalf of the City of South Bend, Indiana,
<br />shall proceed to cooperate with and take such action as may be necessary
<br />in the drafting of documents or the performance of such other acts as
<br />will facilitate the issuance of such Industrial Development Bonds by
<br />the City of South Bend, Indiana, to provide funds to be used toward the
<br />payment of the costs for the acquisition and construction of such
<br />Economic Development Facilities.
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