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Approving Karl King Housing, Inc.
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Approving Karl King Housing, Inc.
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RESOLUTION NO. <br />A Resolution Approving Karl King Housing, Inc. <br />WHEREAS, a shortage of decent, safe and sanitary housing <br />for persons and families of low income exists in South Bend, <br />Indiana (the "Locality "); <br />WHEREAS, it is proposed that a multifamily housing project, <br />designated as "Karl King Towers" be constructed in the Locality <br />(the "Project ") to consist of approximately 219 dwelling units <br />intended for occupancy by persons and families of low income; <br />WHEREAS, Karl King Housing, Inc. (the "Corporation ") a non- <br />profit corporation, has been created to provide construction and per- <br />manent mortgage financing for the project by the issuance of its <br />bonds, <br />WHEREAS, Section 11(b) of the United States Housing Act of <br />1937 provides for financial assistance with respect to housing for <br />persons and families of low income by authorizing an exemption from <br />federal income taxation for interest paid on bonds issued by certain <br />entities, such as the Corporation, to assist in the financing of such <br />housing- <br />WHEREAS, in order to obtain such assistance of the federal <br />government, it is necessary for the Housing Authority of the City <br />of South Bend, Indiana (the "Public Body "), to make certain deter- <br />minations and enter into certain agreements with respect to the <br />Project and the Corporation; and <br />WHEREAS, in order for the Public Body to make such agree- <br />ments and enter into such agreements, it is necessary for the governing <br />body which activated the Public Body to approve the Project: <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br />the City of South Bend, Indiana, that the Project is hereby approved. <br />41�f6i6� LM. 'S <br />JAN 16 "' <br />PRESENTED ./ -'� A ->/ <br />NOT APPROVED Irene Gammon <br />CITY CLERK, SOUTH BEND, IND. <br />ADOPTED <br />J� ;4-Z��Yz 0 - <br />Memb r of the Common Council <br />6 i signed. on2 *0 Y170v OL3 an <br />pYpnr't.iii,�i:y I <br />' C itisue , <br />
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