|
A RESOLUTION OF THE COMMON COUNCIL OF
<br /> THE CITY OF SOUTH BEND, INDIANA,APPROVING AND AUTHORIZING
<br /> CERTAIN ACTIONS AND PROCEEDINGS WITH RESPECT TO CERTAIN
<br /> PROPOSED ECONOMIC DEVELOPMENT REVENUE BONDS AND RELATED
<br /> MATTERS
<br /> WHEREAS, the City of South Bend, Indiana (the "Issuer"), is authorized by IC 36-7-
<br /> 11.9 and 12 (collectively, the "Act") to issue revenue bonds for the financing of economic
<br /> development facilities, the funds from said financing to be used for the acquisition, construction,
<br /> rehabilitation, improvement and equipping of said facilities, and said facilities to be either sold or
<br /> leased to a company or directly owned by a company; and
<br /> WHEREAS, BLVD Capital, LLC, a Delaware limited liability company, on behalf of
<br /> itself or a to-be-formed Indiana limited partnership or limited liability company to be controlled
<br /> by the same principals as BLVD Capital, LLC (the "Applicant"), has advised the South Bend
<br /> Economic Development Commission (the "Commission") and the Issuer that it proposes that the
<br /> Issuer lend proceeds of an economic development financing to the Applicant for the acquisition,
<br /> construction, rehabilitation, improvement and equipping of a multifamily housing facility
<br /> consisting of an apartment complex known as Miami Hills, containing approximately 151
<br /> apartment units, together with functionally related and subordinate facilities such as carports,
<br /> garages and parking areas, located at 3534 High Street, in South Bend, Indiana (the "Project");
<br /> and
<br /> WHEREAS, the diversification of industry and increase in or retention of job
<br /> opportunities (approximately 66 new construction jobs created during the rehabilitation period)
<br /> to be achieved by the acquisition, construction, rehabilitation, improvement and equipping of the
<br /> Project will be of public benefit to the health, safety and general welfare of the Issuer and its
<br /> citizens; and
<br /> WHEREAS, it would appear that the financing of the Project would be of public benefit
<br /> to the health, safety and general welfare of the Issuer and its citizens; and
<br /> WHEREAS, it is tentatively found that, because of existing occupancy rates and the
<br /> tenants that will be served by this development, the acquisition, construction, rehabilitation,
<br /> improvement and equipping of the Project will not have an adverse competitive effect on any
<br /> similar facility already constructed or operating in the City of South Bend, Indiana;
<br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
<br /> South Bend, Indiana, as follows:
<br /> SECTION I. The Common Council of the City of South Bend, Indiana, finds,
<br /> determines, ratifies and confirms that the promotion of diversification of economic development
<br /> I\11958764.2
<br />
|