No. 0813 authorizing reimbursement to the COSB for expenditures made within the Rum Village Industrial Park (state loan)

Home Browse Search

Belleville Gardens Second Addition; thence east 1985 feet, more or less; thence south 30 feet, more or less; thence east 535 feet, more or less; thence south 100 feet, more or less, thence east to the west line of the west one -half (1/2) of Section Fifteen (15), Township Thirty -seven (37) North, Range Two (2) East; thence South 800 feet, more or less, along the west line of said Section Fifteen (15) to the north right -of -way line of the Penn Central Railroad (Old Pennsylvania Railroad; thence east along said railroad right -of -way to the east right -of -way line of Olive Street; thence south along said right -of -way line to the point of beginning. and, WHEREAS, the Commission further amended Resolution No. 650 by Resolution No. 810, adopted on August 28, 1987, and not yet confirmed; and WHEREAS, the Commission has created and designated the Rum Village Industrial Park Allocation Area (South Bend Allocation Area No. 4)(the Allocation Area), the boundaries for which are identical with the boundaries of the Rum Village Industrial Park described in the third WHEREAS clause above; and WHEREAS, in Resolution Nos. 650 and 783 the Commission directed that the proceeds of taxes be distributed to the Department pursuant to the allocation provisions of the resolutions, particularly paragraph 6(b) of Resolution No. 650 and paragraphs 5, 6, and 7 of Resolution No. 783, and be deposited in a special fund designated as South Bend Department of Redevelopment Allocation Area (South Bend Allocation Area No. 4) Special Fund (Special Fund), proceeds from which may be used, among other purposes, "to reimburse the City for expenditures made by it for public improvements in South Bend Allocation Area No. 4 "; and WHEREAS, the City of South Bend will enter into an agreement with the State of Indiana Department of Commerce to borrow funds for local public improvements connected with the Mastic Corporation expansion in the Allocation Area; and WHEREAS, the City of South Bend (City) and the State of Indiana require certain assurances of intent by the Commission to reimburse the City for expenditures of these loan proceeds for public improvements within the Allocation Area; and WHEREAS, the City will use these loan proceeds for construction of a public road within the Allocation Area. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission finds that the City will enter into an agreement with the State of Indiana Department of Commerce for expenditure of certain amounts of loan proceeds for the construction of a public road in the Allocation Area. 2. The Commission pledges that it will reimburse the City of South Bend for expenditures it makes for public improvements within the Allocation Area under the following terms and conditions: a. It will reimburse the City the amounts necessary for the City to make certain scheduled repayments (Scheduled Repayments) to the State of Indiana Department of Commerce for a certain loan entered into between the City, acting by and through its Board of Public Works, and the State of Indiana in the principal sum of $160,000 with interest at the rate of 5% per annum.