My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
11-22-10 Council Agenda & Packet
sbend
>
Public
>
Common Council
>
Common Council Agenda Packets
>
2010
>
11-22-10 Council Agenda & Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/1/2015 12:39:17 PM
Creation date
11/18/2010 11:36:24 AM
Metadata
Fields
Template:
City Council - City Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
95
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
ORDINANCE NO. <br />AN ORDINANCE of the Common Council of the <br />City of South Bend, Indiana, authorizing the <br />issuance of its Recovery Zone Facility Revenue <br />Bonds (Todd Center, LLC Project), Series 2010 in <br />the amount of $31,750,000 <br />WHEREAS, the South Bend Economic Development Commission (the "EDC ") of the <br />City of South Bend, Indiana (the "City "), adopted a resolution on December _, 2010, regarding <br />Todd Center, LLC, project (the "Resolution "), which Resolution has been transmitted hereto, <br />finding that the financing of such economic development facilities of Todd Center, LLC (the <br />"Borrower"), complies with the purposes and provisions of Indiana Code 36 -7 -11.9 and 12, and <br />that such financing will be of benefit to the health and welfare of the City and its citizens; and <br />WHEREAS, the EDC has approved and recommended the adoption of this form of <br />Ordinance by the Common Council of the City (the "Council "), has considered the issue of <br />adverse competitive effect and has approved the form of the Loan Agreement and the Indenture <br />and has transmitted the same to the Council for approval; and <br />WHEREAS, the Council adopted Resolution 4019 -10 on March 24, 2010 designating the <br />City of South Bend as a recovery zone for the purposes of the American Recovery and <br />Reinvestment Act of 2009 (the "Recovery Act "); and <br />WHEREAS, St. Joseph County, Indiana, and the Indiana Finance Authority have <br />allocated a combined total of $31,750,000 of Recovery Zone Facility Bond authority to the City <br />to be issued on behalf of the Borrower to fund the acquisition, renovation and equipping of the <br />Chase Tower consisting of (1) the development of the Anvic Senior Care and Rehabilitation <br />Center in a portion of the Tower currently used as a hotel which will offer assisted living care, <br />adult day care, memory care and clinical, rehabilitation, and wellness services; (2) the renovation <br />and conversion of the balance of the Tower currently used as a hotel into a higher scale hotel; (3) <br />the renovation of the office portion of the Tower; and (4) the renovation of the exterior of the <br />Chase Tower and related parking facilities within the Tower (collectively, the "Project ");. and <br />WHEREAS, the Project is expected to create opportunities for gainful employment in the <br />City; now therefore <br />BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA THAT: <br />Section 1. It is hereby found that the financing of the economic development <br />facilities referred to in the Loan Agreement and Trust Indenture approved by the EDC and <br />presented to the Council, the issuance and sale of the City's Recovery Zone Facility Bond (Todd <br />
The URL can be used to link to this page
Your browser does not support the video tag.