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RESOLUTION NO. 3 5- p_ 23
<br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
<br /> OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN
<br /> THE MATTER OF SERGIO, INC. , OF SOUTH BEND, IND.
<br /> WHEREAS , Sergio, Inc. , has submitted its intention to
<br /> the Economic Development Commission of South Bend, to construct
<br /> and equip an existing facility and the purchase of real property
<br /> at the intersection of U. S. 31 South and Kern Road, in St. Joseph
<br /> County, Indiana.
<br /> WHEREAS, the Economic Development Commission, pursuant
<br /> to the statute, has found by written resolution that there exists
<br /> insufficient employment opportunities and that the economic
<br /> welfare of the City of South Bend, Indiana, would be benefited
<br /> and the purpose of the statute would be accomplished by the
<br /> acquisition and leasing of the above described property to
<br /> Sergio, Inc. , and
<br /> WHEREAS, Sergio, Inc. , has submitted a statement of
<br /> public service to the above Economic Development Commission of the
<br /> City of South Bend and said Commission has forwarded this statement
<br /> of public service with their approval and comments to the South
<br /> Bend School Corporation, a copy of which is attached, and
<br /> WHEREAS , the affirmative response and analysis of the
<br /> South Bend School Corporation has been received as presented to
<br /> the Clerk of the City of South Bend and attached, and
<br /> WHEREAS , the statement of public service by Sergio, Inc. ,
<br /> and the Economic Development Commission of the City of South Bend
<br /> have been submitted for approval and comments to the Area Plan
<br /> Commission of St. Joseph County and the affirmative action and
<br /> comments of the Area Plan Commission have been received by theClerk
<br /> of South Bend, as attached, and
<br /> WHEREAS, the requirements of the application as
<br /> described in the "Municipal Economic Development Act of 1965 , of
<br /> the State of Indiana" as amended have therefore been met to this
<br /> point, including a projection of the number of jobs created,
<br /> the estimated payroll created and the approximation of the cost
<br /> of the land and construction, and the inpact on utilities and
<br /> fire and police facilities of the City of South Bend with the
<br /> approvals of the school corporation and the Area Plan Commission
<br /> have jurisdiction of the area in which the proposed facility is
<br /> to be built, and
<br /> WHEREAS, Sergio, Inc. , seeks approximately $270 , 000. 00
<br /> from an issue of revenue bonds of the Economic Development Commission
<br /> of the City of South Bend to be signed by its Mayor and by its City
<br /> clerk and further desires to enter into a lease of not to exceed 20
<br /> years duration to be known as a net net net lease sufficient to pay
<br /> the principal and interest of these bonds and obtain title at the end
<br /> of the lease, and
<br /> WHEREAS, by virtue of the net net net lease, the Sergio,
<br /> Inc. , indicates its intention to pay all expenses of the operation,
<br /> maintenance, insurance, property, taxes , whatever of the facility.
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