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9593-05 Authorizing to issue its "Economic Development Revenue Bonds, Series 2005 (MDC South Bend, LLC Project)
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9593-05 Authorizing to issue its "Economic Development Revenue Bonds, Series 2005 (MDC South Bend, LLC Project)
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Last modified
12/13/2010 10:32:49 AM
Creation date
2/19/2008 3:50:50 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/23/2005
Ord-Res Number
9593-05
Bill Number
28-05
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BAKER 8z DANIEI,S LLP <br />EST. 1863 <br />First Bank Building, 205 W. Jefferson Blvd., Suite 250 • South Bend, Indiana 46601 <br />Tel. 574.234.4149 • Fax 574.239.1900 <br />www.bakerdaniels.com <br />May 4, 2005 <br />VIA HAND DELIVERY <br />Mr. John Voorde <br />Clerk, City of South Bend <br />County-City Building, 4th Floor <br />South Bend, IN 46601 <br />INDIANA <br />WASHINGTON, D.C. <br />CHINA <br />Re: Ordinance for Consideration by the Common Council Authorizing the <br />Issuance of Economic Development Revenue Bonds for the Proposed Air <br />Freight Terminal Project <br />Dear Mr. Voorde: <br />Enclosed with this letter is a form of ordinance for consideration by the Common <br />Council. The ordinance authorizes the issuance of Economic Development Revenue Bonds in <br />conjunction with the Economic Development Commission under Indiana Code 36-7-12 for <br />construction of an airfreight terminal for Airborne Express/DHL. Ken Fedder, counsel for the <br />Economic Development Commission, has asked us to assist with the filing of this ordinance with <br />your office. The borrower and developer, MDC South Bend, LLC (the "Company"), has <br />engaged us as bond counsel. <br />As indicated in the ordinance, the Company desires to finance the construction, <br />installation and equipping of an approximately 48,750 square foot airfreight facility to be located <br />at the Michiana Regional Airport in the City (the "Project"). The Project will be leased to <br />Airborne/DHL for their airfreight and logistical operations. The Company has represented to the <br />Economic Development Commission in its application that the Project will retain the 88 jobs <br />presently at the airport and result in an increase of approximately 5 jobs. In order to facilitate the <br />development and construction of the Project, the Company has requested that the City serve as <br />the issuer of not to exceed $2,200,000 of tax-exempt economic development revenue bonds for <br />the Project. The Project qualifies for tax-exempt financing because it is an airport-related <br />facility. <br />On May 21, 2004, the Common Council adopted a resolution preliminarily <br />approving the Project and expressing the City's intent to issue bonds for the Project. The <br />Company now desires to complete the financing of the Project. <br />BDDBOI 4056607v1 <br />
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