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HomeMy WebLinkAboutInducement Resolution relating to the FBT Bancorp, Inc. ProjectRESOLUTION NO. 679 -79 Passed by the Common Council of the City of South Bend, Indiana, February 12 19 79 Attest: K City Clerk Attest: G' President of Common Council. Presented by ne to the Mayor of the City of South Bend, Indiana February 13 19 79 City Clerk Approved and signed by me��_ I9� Mayor United States of America �PI'�tf IFIfP STATE OF INDIANA, COUNTY OF ST. JOSEPH, ss: I, IRENE K. GAMMON, Clerk of the City of South Bend, County of St. Joseph, Indiana, hereby certify that the attached and foregoing is a full, true, complete and correct copy of RESOLUTION NO. 679 -79 AN INDUCEMENT RESOLUTION RELATING TO THE FBT BANCORP, INC. PROJECT. ADOPTED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, FEBRUARY 12, 1979. PRESENTED TO, APPROVED AND SIGNED BY MAYOR PETER J. NEMETH, FEBRUARY 13, 1979. APPROVED: ROGER 0. PARENT, PRESENT ATTEST: IRENE K. GAMMON, CITY CLERK the original of which is now on file in the office of the Clerk of the City of South Bend, St. Joseph County, Indiana. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official Seal of the City of South Bend, St. Joseph County, Indiana, this 25 day of March 19 81 By: IRENE K. GAMMON Clerk of the City of South Bend St. Joseph County, Indiana Deputy RESOLUTION NO. 679 -79 AN INDUCEMENT RESOLUTION RELATING TO THr; FBT BANCORP, INC. PROJECT WHEREAS, pursuant to the Indiana Code of 1971, Title luo, Chapter 6, Article 4.5, as amended, the Common Council of the City of South Bend, Indiana created the South Bend Economic Development Commission, which such South Bend Economic Development 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 commercial diversification within the City of Sout?z Bend, Indiana; and in order to improve and promote job opportunities and commercial diversification within the City of South Bend, Indiana, a financinC agreement should be effected with FBT Bancorp, Inc., or its assic-ns, relating to a project to be known as the "Fis7 Dancorp, Inc. Project "; and WHEREAS, said FBT Bancorp, Inc. is the parent corporation of First Bank and Trust Company of South Bend and other subsidiary cor- porations, which said First Banc and Trust Company of South Bend desires to expand its operations and employ a substantial number of additional employees and be the principal user for such purpose of a ban] /office building consisting of not less than one hundred thirty -two thousand (132,000.00) of gross square feet area (hereinafter sometimes referred to as "Economic Development Facilities ") to be located on a part of the 2.75 acre block in the South Bend, Indiana Urban Renewal Area R -66 which is bounded by St. Joseph Street on the East, Colfax Street on the North, Washington Street on the South and Michigan treet on the West, which such land is involved in the UDAG Grant to the City of South Bend, Indiana, pursuant to Application No. B- AA -78 -18 -0003; and WHEREAS, to induce FBT Bancorp, Inc., or its assigns, to become the principal user of such Economic Development Facilities, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that such FB"_' Bancorp, Inc. 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 St. Joseph Count'? Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. That approval is hereby given to the application of FBT Bancorp, Inc., or its assigns, relating to the acquisition and construction of such Economic Development Facilities under an arrangement whereby a portion of the costs of such acquisition and construction would be paid from the proceeds of Industrial Development Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding Nine 11illion Dollars (Y19,000,000.00), repayable with interest thereon over a period of time and with a maturity date which does not extend beyond thirty (30) years after the issue date. SECTION 2. In order to encourage, induce and solicit such application by FBT Bancorp, Inc., or its assigns, for such Industrial Development Bond issue relating to the acquisition and construction of such Economic Development Facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, Indiana, shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such Economic Development Facilities. SECTION 3. Any costs or expenses incurred in connection with said FBT Bancorp, Inc. Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Development Bonds to be issued with respect thereto. SECTION 4. This resolution shall be in full force and effect from and after its adoption by the Common Council and its approval by the Mayor. l Me, er of the Common Counci Adopted, as amended, February 12, 1979 OFFICE OF THE MAYOR CITY of SOUTH BEND PETER J. NEMETH, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 February 7, 1979 AREA 219 284 -9261 Common Council Members County -City Building South Bend, Indiana 46601 Dear Council Members: The attached resolution is an inducement resolution which, in effect, indicates the Council's support for the development of the First Bank - Marriott Hotel Complex in the so- called "Hole" area in downtown South Bend. It also indicates the Council's receptiveness and willingness to approve an economic development revenue bond application which will be forthcoming from FBT Bancorp, Inc. This resolution is being sought for the purpose of attaching it to the agreement which will be submitted to HUD to obtain release of the UDAG funds so that the project may go forward. The bank's willingness to proceed is contingent upon its being able to obtain economic development revenue bonds, and this resolution, in effect, will tell HUD, as well as the bank interests, that the Council is willing to resolve that contingency. If you have any questions concerning this matter, please do not hesitate to contact me. Ver ruly urs, Peter J. Nemeth PJN /bjb Attachment SECTION 3. Any costs or expenses incurred in connection with said FBT Bancorp, Inc. Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Develonment Bonds to be issued with respect thereto. PRESENTED C2 - /«?- i } NOT APPROWD ADOPTED Member of the Common Council FILED IN C�_ER��'� �FF��: FEE 71979 Irene Gammon CITY CLERK. SOUTH BEND, IND.