09/27/1979 Special Mtg Board of Public Works Minutes

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SPECIAL MEETING SEPTEMBER 27, 1979 A special meeting of the Board of Public Works was convened at 3:00 p.m. on Thursday, September 27, 1979 by Temporary Chairman Peter H. Mullen, in the absence of President Patrick M. McMahon, with Mr. Mullen and Mr. Brunner present. Mr. Mullen announced that the purpose of the special meeting is the conveyance of certain improvements in the First Bank Center project by resolution of the Board. Mr, Brunner explained that the resolution transfers the public improvements in the First Bank Center project to FBT Bancorp, Inc. and RAHN Properties II, the private developers of the project, pursuant to the opinion of the bond counsel that it is necessary to convey the public improvements for valuable consideration in order to guarantee the tax - exempt status of the industrial development bonds which are being sought. The conveyance by which these improvements are being transferred makes clear that the City of South Bend continues to have an interest in the improvements insofar as the public will have reasonable access to the atrium, garage and walkway. That reasonable access will insure that those portions which were con structed with public money continue to have a- public function. Mr. Mullen made a motion that the Board of Public Works adopt Resolution No. 23, 1979 conveying the public improvements in the First Bank Center Project to FBT Bancorp, Inc. and RAHN Properties II, subject to the approval of the Common Council. Mr, Brunner seconded the motion and it carried. RESOLUTION NO. 23, 1979 WHEREAS, construction has commenced on a multi -use complex consisting of an office building, a first -class hotel, an enclosed atrium interconnecting the various structures, an all - weather garage, and an enclosed walkway to the Century Mall, all of which improvements will be located in an area bounded by Colfax Avenue on the North, St. Joseph Street on the East, Washington Street on the South and Michigan Street on the West, in South Bend, Indiana; and WHEREAS, the City of South Bend has received approval from the United States Department of Housing and Urban Development under Title I of the Housing and Community Development Act of 1977 for an Urban Development Action Grant in the amount of $7,600,000.00 for construction of the public improvements in the project, to -wit, the garage, atrium and walkway; and WHEREAS, the successful completion of the project is in the best interests of the citizens and taxpayers of the City of South Bend, Indiana, in that the project will foster additional permanent jobs in the community, will expand the tax base of the City, and will promote additional economic development throughout the community; and, WHEREAS, the Board of Public Works desires to convey the public improvements to be located in the multi -use complex to FBT Bancorp, Inc. and RAHN Properties II, the developers of the project, for valuable consideration thereby relieving the City of the costs associated with the maintenance and operation of such improvements while making such improvements subject to property taxation; and WHEREAS, the Board of Public Works wishes to guarantee reasonable access to and use of the public improvements to the general public for such time as the developers shall own such improvements; and