No. 1925 ratifying/confirming/approving certain actions related to the Underwriters Laboratories, Inc. expansion project

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RESOLUTION NO. 1925 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION RATIFYING, CONFIRMING AND APPROVING CERTAIN ACTIONS RELATED TO THE UNDERWRITERS LABORATORIES, INC. EXPANSION PROJECT WHEREAS, the City of South Bend, Indiana (the "City") has determined that the retention and expansion of Underwriters Laboratories, Inc. ( "UL ") located within the City is in the best interests of the City; and WHEREAS, the Business Development Corporation of South Bend, Mishawaka, St. Joseph County, Indiana ( "BDC "), an Indiana not - for - profit corporation has expressed a desire to invest in the economic development of the City by assisting in the current and future development of UL order to facilitate UL's expansion within the City of South Bend ( "Project "); and WHEREAS, in order to facilitate the retention of UL's existing business and provide for the expansion of UL, City has previously agreed to encourage BDC's investment in the City of South Bend as related to the Project by making a grant of funds to BDC with such funds used to, among other things, facilitate acquisition ofproperty necessary to effect the expansion of UL's campus; and WHEREAS, the City has expressed its intent to further facilitate the Proj ect by taking certain actions through the Commission and its Board of Public Works and further, to work with BDC and UL by taking a variety of other actions necessary to effect the Project; and WHEREAS, one key aspect of the Project concerns the acquisition of property that is currently owned by Northern Electric in that such property acquisition is necessary to complete the Project and is consistent with the Commission's plan for redevelopment of the South Bend Central Development Area; and WHEREAS, in a letter dated November 8, 2002 from Jon R. Hunt, Executive Director of the City of South Bend Department of Community and Economic Development to Northern Electric's representative, Philip Panzica, President of Panzica Building Corporation, the City has memorialized its intent to undertake a series of actions to secure the necessary commitment from Northern Electric that will facilitate the Project; and WHEREAS, the Commission desires to ratify the intentions expressed in the aforementioned November 8, 2002 letter signed by Mr. Hunt; and WHEREAS, the Citybelieves that the Project is in the best interests of the health, safety and the social and economic welfare of the City and its residents and that the Project complies with federal, state and local laws under which the Project has been undertaken and is being assisted. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: