The matter of First Bank and Trust Company (3)

Home Browse Search

RESOLUTION NO. 309-72 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA., IN THE MATTER OF FIRST BANK AND TRUST COMPANY OF SOUTH BEND, INDIANA., TRUSTEE FOR LAND TRUST #29-5083 , THE OWNER OF SAID LAND TRUST BEING CITY DEVELOPMENT COMPANY, AN INDIA.NA. PARTNERSHIP . WHEREAS , the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5083 has submitted its intention to the Economic Development Commission of South Bend to purchase and rehabilitate the property at 127 North Michigan Street, South Bend, Indiana. This property is within the R-66 Urban Renewal Plan. WHEREAS , the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5083 has submitted a statement of public service to the above Economic Development Commission of the City of South Bend and said Commission has forwarded this statement of public service with their approval and comments to the South Bend School Corporation, a copy of which is attached, and WHEREAS , the affirmative response and analysis of the South Bend School Corporation has been received as presented to the Clerk of the City of South Bend and attached, and WHEREAS , the statement of public service by First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5083 and the Economic Development Commission of the City of South Bend have been submitted for approval and comments to the Area Plan Commission of St. Joseph County and the affirmative action and comments of the Area Plan Commission have been received by the Clerk of the City of South Bend as attached , and WHEREAS , the requirements of the application as described in the "Municipal Economic Development Act of 1965 of the State of Indiana" as amended have therefore been met to this point, including a projection of the number of jobs created, the estimated payroll created and the approximation of the cost of the land and construction, and the impact on utilities and fire and police facilities of the City of South Bend with the approvals of the school corporation and the Area Plan Commission having jurisdiction of the area in which the proposed facility is to be built, and WHEREAS , the plan meets the desire of the Redevelopment Commission of the City of South Bend, and WHEREAS , now the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5083 seeks approximately $75 , 000. 00 from an issue of revenue bonds of the Economic Development Commission of the City of South Bend to be signed by its Mayor and by its city clerk and further desires to enter into a lease of 20 years duration to be known as a net net net lease sufficient to pay the principal and interest of these bonds and obtain title at the end of the lease , and WHEREAS , by virtue of the net net net lease, the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5083 indicates its intention to pay all expenses of the operation, maintenance, insurance, property taxes , whatever of the facility,