Inducement Resolution relating to the Marriott Hotels of Washington, D.C. Project

Home Browse Search

RESOLUTION NO. 678 -79 AN INDUCE14ENT RESOLUTIONd RELATING TO THE MARRIOTT HOTELS OF WASHINGTON, D.C. PROJECT WHEREAS I pursuant to the Indiana. Code of 1971, Title 18, 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 South Bend, Indiana; and in order to improve and promote job opportunities and commercial diversification within the City of South Bend, Indiana, a financing agreement should be effected with Marriott Hotels of Washington, D.C. or its nominees, relating to a project to be known as the "Marriott hotels of Washington, D.C. Project "; and WHEREAS, said Marriott Hotels of Washington, D.C. is an exist- ing corporation engaged in the hotel business and desires to expand its operations and employ a substantial number of employees and be the principal user for such purpose of an eight - story hotel building complex with related equipment and furnishings which includes approximately three hundred (300) rooms and rentable retail space (hereinafter some- times 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 P,ichigan Street 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 -13 -0003. WHEREAS, to induce Narriott Hotels of Washington, D.C., or its nominees, 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 Marriott Hotels of Washington, D.C. 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 County, 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 Marriott Hotels of Washington, D.C., or its nominees, 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 exceed- ing Ten Million Dollars ($10,000,000.00), 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 'Marriott Hotels of Washington, D.C., or its nominees, 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.