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11-22-10 Council Agenda & Packet
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11-22-10 Council Agenda & Packet
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11/18/2010 11:36:24 AM
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RESOLUTION NO. <br />A RESOLUTION OF THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, CONFIRMING AND APPROVING THE <br />ISSUANCE OF RECOVERY ZONE FACILITY BONDS UP TO THE AMOUNT OF <br />$37,150,000 TO TODD CENTER, LLC FOR THE CHASE TOWER PROJECT <br />WHEREAS, the City of South Bend, Indiana (the "Issuer "), is authorized by IC <br />36 -7 -11.9 and 12 (collectively, the "Act ") to issue revenue bonds for the financing of <br />economic development facilities, the funds from said financing to be loaned to a <br />company to be used for the acquisition, renovation and equipping of said facilities; and <br />WHEREAS, the Issuer is authorized by the American Recovery and <br />Reinvestment Act of 2009 (the "Recovery Act ") to issue Recovery Zone Facility Bonds <br />to finance the construction renovation or acquisition of depreciable property by a private <br />taxpayer of a qualified business in a recovery zone, and the Common Council of the City <br />of South Bend adopted Resolution 4019 -10 on March 24, 2010 designating the City of <br />South Bend as a recovery zone for the purposes of the Recovery Act; and <br />WHEREAS, Todd Center, LLC, a Iimited liability company (the "Applicant "), <br />has advised the South Bend Economic Development Commission (the "Commission ") <br />and the Issuer that it proposes that the Issuer lend proceeds of a Recovery Zone Facility <br />Bond economic development financing to the Applicant for the acquisition, renovation <br />and equipping of the Chase Tower consisting of (1) the development of the Anvic Senior <br />Care and Rehabilitation Center which will offer assisted living care, adult day care, <br />memory care and clinical, rehabilitation, and wellness services; (2) the renovation and <br />conversion of a portion of the current hotel into an upscale hotel; (3) the renovation of the <br />office space within the Tower; and (4) the renovation of the exterior of the Chase Tower <br />
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