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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
Creation date
3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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. . , , •; ♦ <br /> �SpU TH g�,� ► <br /> O` �\�I1������//i� O <br /> t.'�'i � ��' 'i <br /> IZOO COUNTY-CITY BiSILDING " �\� ��o PHONe 219/235-9371 <br /> � �� \� ,�„ ,� .. <br /> $OUTH BEND� INninNn 46601-1830 k7 �� PEaCE�j � � Fax 219/235-9021 <br /> ��� �--� � <br /> ,� ����� a TDD 219/235-5567 <br /> tl K <br /> 1865 <br /> CITY OF SOUTH BEND STEPHF.N,J.LUECKE� MAYOR <br /> COMMUNITY S� ECONOli�tIC I�EVELOPMENT _ <br /> JoN R. xU� � E. o�a�d in ���r�z's Offrce <br /> April 9, 1997 EXECUTIVE DIRECTOR DEPUTY EXECUTI E DI ECTOR <br /> APR - 9 1��� � <br /> Members of the South Bend Common Council �o����,nuo� ' <br /> 4th Floor County-City Building cmrc�ea�c�s�•s����.°��- � <br /> _,,,,..,..�; <br /> South Bend, Indiana 46601 <br /> Re: Ordinance Authorizing the Issuance of City of Bend, Indiana, County Economic <br /> Development Income Tax Revenue Bonds in Aggregate Principal Amount Not to <br /> Exceed $11,960,000 <br /> Dear Council Members: <br /> Enclosed is a copy of an ordinance relating to the issuance of County Economic Development <br /> Income Tax Revenue Bonds in an aggregate principal amount not to exceed $11,960;000. As <br /> noted in the ordinance, the purpose of the bonds is to construct and equip a parking garage to be <br /> located in the block bounded by Washington, Michigan, Jefferson and Main Streets in downtown <br /> South Bend. The bond proceeds will also be used to construct a public pedestrian plaza and <br /> associated public improvements. <br /> This project is being undertaken in conjunction with the new construction of the private <br /> development of over 135,000 square feet of new development. Memorial Health System, Inc. <br /> will be constructing the Memorial-Leighton Health Plex at the corner of Main and Jefferson. This <br /> building will be a minimum of four stories and will contain approximately 75,000 square feet. It <br /> will contain a mix of uses that include health and fitness facilities available to the public on a <br /> membership basis, community education, clinical treatment programs, orthopedic therapy, <br /> physical therapy, educational instruction and office uses. Trammell Crow MW, Inc. will be <br /> building a four story, 60,000 square foot Class A office building along Main Street,just north of <br /> the Memorial-Leighton Health Plex. Construction of the parking garage will also meet the City's <br /> obligation to Teachers Credit Union that was agreed to in 1984 when TCU purchased land from <br /> the Commission in order to construct their 60,000 square foot headquarters in downtown South <br /> Bend. Without the construction of the parking garage and the public plaza, neither of these <br /> private investments would occur. <br /> The bonds proposed to be issued pursuant to the enclosed ordinance are payable solely from the <br /> City's share of CEDIT revenues, there being no pledge of property taxes to pay for the bond <br /> issue. The bonds will be further secured by a reserve fund which will be funded with a portion of <br /> the proceeds of the bonds. The bond ordinance provides that the bonds may be sold by public or <br /> REDEVELOPT4ENT BUSINESS ASSISTANCE FINANCIAL SL PROGItAM BUREAU OF HOUSING PLANNING Si NEIGHBORHOOD <br /> ANN E. KOLATA SI DEVELOPMENT MANAGEMENT KATHRYN BAUMGARTNER DEVELOPMENT <br /> 219/235-9371 DONALD E. INKS ELIZABETH LEONARD S21 ECCIPSE PLACE PAMELA C.MEYER <br /> 219/235-9335 219/235-9335 219/235-9475 219/235-9660 <br /> �;, <br /> Fnx:219/235-9469 Fax: 219/235-9697 <br />
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