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RESOLUTION NO. 303-72
<br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
<br /> SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN THE
<br /> MATTER OF THE ROYAL INNS OF AMERICA, INC.
<br /> WHEREAS, the Royal Inns of America, Inc. has submitted its inten-
<br /> tion to the Economic Development Commission of South Bend to build a facility
<br /> on the approximate four acre tract located in the City of South Bend under the
<br /> R-66 Urban Renewal Plan designated for this purpose, bounded by the extension
<br /> of Western Avenue, East Wayne Street, East Jefferson Street and the extension
<br /> of St. Joseph Street, as proposed in the Urban Renewal Plan.
<br /> WHEREAS, the Royal Inns of America, Inc. , has submitted a state-
<br /> ment of public service to the above Economic Development Commission of the
<br /> City of South Bend and said Commission has forwarded this statement of public
<br /> service with their approval and comments to the South Bend School Corporation,
<br /> a copy of which is attached, and
<br /> WHEREAS, the affirmative response and analysis of the South Bend
<br /> School Corporation has been received as presented to the Clerk of the City of
<br /> South Bend and attached, and
<br /> WHEREAS, the statement of public service by Royal Inns of America,
<br /> Inc. , and the Economic Development Commission of the City of South Bend have
<br /> been submitted for approval and comments to the Area Plan Commission of St.
<br /> Joseph County and the affirmative action and comments of the Area Plan Commiss-
<br /> ion have been received by the Clerk of the City of South Bend as attached, and
<br /> WHEREAS, the requirements of the application as described in the
<br /> "Municipal Economic Development Act of 1965 of the State of Indiana" as amended
<br /> have therefore been met to this point, including a projection of the number of
<br /> jobs created, the estimated payroll created and the approximation of the cost
<br /> of the land and construction, and the impact on utilities and fire and police
<br /> facilities of the City of South Bend with the approvals of the school corporation
<br /> and the Area Plan Commission having jurisdiction of the area in which the pro-
<br /> posed facility is to be built, and
<br /> WHEREAS, the plan meets the desire of the Redevelopment Commission
<br /> of the City of South Bend, and
<br /> WHEREAS, now the Royal Inns of America, Inc. , seeks approximately
<br /> $2,400,000. to $2,800,000. from an issue of revenue bonds of the Economic Devel-
<br /> opment Commission of the City of South Bend to be signed by its Mayor and by
<br /> its city clerk and further desires to enter into a lease of 20 to 25 years dura-
<br /> tion to be known as a net net net lease sufficient to pay the principal and
<br /> interest of these bonds and obtain title at the end of the lease, and
<br /> WHEREAS, by virtue of the net net net lease, the Royal Inns of
<br /> America, Inc. , indicates its intention to pay all expenses of the operation,
<br /> maintenance, insurance, property taxes, whatever of the facility,
<br /> THEREFORE, be it resolved by the Common Council of the City of
<br /> South Bend that the statement of public service on the part of the Economic
<br /> Development Commission of the Area Plan Commission and the South Bend Citv
<br /> School Corporation be accepted and approved, and
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