HomeMy WebLinkAboutThe matter of First Bank and Trust Company (3) RESOLUTION
309-72
Passed by the Common Council of the City of South Bend, Indiana,
JUNE 26 19 72
Attest: City Clerk
Attest: " President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
JUNE 29 19 72
J"e- , 7 City Clerk
Approved and signed by me 19
Mayor
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,
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THEREFORE, be it resolved by the Common -ouncil of the City of South
Bend that the statement of public service on the part of the Economic Development
Commission of the Area Plan Commission and the South Bend City School Corporation
be accepted and approved, and
THEREFORE, be it resolved that the South Bend City Common Council authorize
the Economic Development Commission of the City of South Bend to proceed to make
preliminary agreements with the proposed lessee, the First Bank and Trust Company of
South Bend as Trustee for Land Trust #29-5083 , in the nature of a conditional commitment
to enter into a lease with the First Bank and Trust Company of South Bend as Trustee for
Land Trust #29-5083, and
THEREFORE, be it resolved that the Economic Development Commission of the
City of South Bend shall, as soon as the new lease form is properly prepared, submit
the same to the Clerk of the City of South Bend to be prepared by a member of the Common
Council as a proposed ordinance for the acceptance of same and issuance or revenue
bonds to cover the amount of money needed.
Peter J. Nemeth, r sident
South Bend City Common Council
gD IN Clrgrs OFFICE
►`Q M 10 gene Gammon
{�CLERK, SOU?" BEND, 1N0.
,CEO&. a 6. 1 a` JUN 2 : i9T2
i
AREA PLAN COMMISSION HOWARD BELLINCER. EXECUTIVE DIRECTOR
' 'ROOM 1219 COUNTY-CITY BUILDING
OF ST. JOSEPH COUNTY, YaTD• 227 W.JEFFERSON BLVD., SOUTH BEND, INDIANA(21)294-951
1 t� �/ �1 jva 1 l�l
May 18, 1972
Mr. Karl G. King, Jr.
President
Economic Development Commission
City: of South Bend
In Re .* 127 North Michigan Street
Dear. Mr. King:
Please be advised that the Area Plan Commission, at
its regular meeting held on May 16 , 1972, reviewed your pro-
posal for issuance of revenue bonds for the purchase and re-
modeling of property located at 127 North Michigan Street.
Following due consideration, the Area Plan Commission
found the proposed application to be consistent with the
Central Downtown Urban Renewal Project and the area wide Com-
prehensive Plan for Community Development.
Very truly yours , .
HOWARD BELLINGER,
Executive Director
HB:lad
cc: Jerry J. Miller, Mayor
City of South Bend
Fred Helmen, President
South Bend Redevelopment Commission
Lloyd Taylor, Executive Director
South Bend Redevelopment Commission
1
i C Q�
� SOUTH BEND COMMUNITY SCHOOL CORPORATION
635 SOUTH MAIN STREET SOUTH BEND, INDIANA 46623
� t Office of Superintendent NI a y 8 , 1972
-;, Mr. Karl King, President
Economic Development Commission
of South Bend
County-City Building
South Bend, Indiana 46601
Dear Mr. King:
The Board of School Trustees for the South Bend Community School Corporation
endorses the issuance of revenue bonds to enable the purchase and remodeling
of property at 127 North Michigan for the Drumville-Guitarland business in the
downtown area of South Bend.
The school corporation does not consider that this project would cause any
major change in school enrollments nor bring any burden upon the present school
facilities.
Sincerely,
Howard Goodhew, President
Board of School Trustees
H G/m m
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, • �-' - 'iii --- �,�'Vj�yi - -
CITY OF SOUTH BEND
South Bend, Indiana 46601
Jerry J. Miller
Mayor
May 2, 172
ECONOMIC DEVELOPMENT COMMISSION
Mr. Howard Goodhew
President
South Bend School Board
635 South Main Street
South Bend, Indiana
Dear Mr. Goodhew:
Our Commission has an application for the issuance of revenue bonds
to enable the purchase and remodeling of 127 North Michigan Street,
South Bend, Indiana. In accordance with the Economic Development
Act, State of Indiana, our Commission is to forward a Statement of
Public Service to the School Corporation for a jurisdiction of the
area in which the proposed facility is to be built. This Statement
of Public Service is attached (letter of March 23, 1972 of City
Development, Inc. as amended by letter of April 28, 1972 by City
Development Company) . The reason for this is to indicate the impact
of employment of this facility on the school system. As stated in
the attached of
of Public Service by City Development Company,
the employment would be from people currently living in the city,
and therefore, we believe there would be no burden to the school system.
In the way of additional statement to that of the City Development
Company, attached we have the opinion that utilities necessary to
service this facility are already available and would result in no
additional cost to this city by virtue of this project. Also it is
our opinion that police and fire service would not be affected.
We would appreciate your affirmative reply on this application at your
earliest convenience. We have been advi-sed of a commitment to purchase
the total bond issue and we, as a Commission , believe this a help to
maintaining the city' s tax base and property tax yield.
Sincer yl' ,,.-'
KARL G. KIN0, JR.
President
Economic Development Commission
KGK:b of South Bend
M
Mr. Howard Goodhew
May 2, 1972
Page two
cc: Jerry J. Miller, Mayor
City of South Bend
Fred Helmen, President
South South Bend Redevelopment Commission
Lloyd Taylor, Executive Director
South Bend Redevelopment Commission
Peter Nemeth, President
South Bend City Council
Charles Sweeney, Jr.
South Bend City Attorney
Kenneth Fedders
Attorney for Economic Development Commission
of South Bend
H. F. Glaser, Partner
City Development Company
AX
JJa�.,
CITY OF SOUTH BEND
South Bend, Indiana 46601
Jerry J. Miller
Mayor
F
May 1 , 1972
ECONOMIC DEVELOPMENT
COMMISSION
Mr. Frank Miles, President
Area Plan Commission
County-City Building
South Bend, Indiana
Dear Mr. Miles:
Our Commission has an application for the issuance of revenue bonds to
enable the purchase and remodeling of 127 North Michigan Street,
South Bend, Indiana.
In accordance with the Economic Development Act, State of Indiana, our
Commission is to forward a Statement of Public Service to the Area Plan
Commission for a jurisdiction of the area in which the proposed facility
is located. This Statement of Public Service is attached (a letter of
March 23, 1972, of City Development, Inc. as amended by a letter of
April 28, 1972 by City Development Company).
In the way of additional statement to that of City Development Company
attached, we wish to state that the utilities necessary to service this
facility are already available and therefore result in no additional cost to
the city by virture of this project. Likewise, police and fire service
requirements would not be affected. We recommend this application to you
for your consideration and would appreciate ru r mative answer.
Sincere y,
KARL G. KING,-JR.
.President
Economic Development Commission
KGK:b of South Bend
cc: Jerry J. Miller, Mayor
City of South Bend
Fred Helmen, President
South Bend Redevelopment Commission
Lloyd -Taylor, Executive Director
South Bend Redevelopment Commission
Mr. Frank Miles
May 1 , 1972
Page two
cc: Peter J. Nemeth, President
South Bend City Council
Charles Sweeney, Jr.
South Bend City Attorney
Kenneth Fedders
Attorney for Economic Development
Commission of South Bend
H. .F. Glaser, Partner
City Development Company