Authorizing the Assignment Economic Development Brett S. Morse Project

Home Browse Search

i • ORDINANCE NO. 76, (/ot _ v„ AN ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND (BRETT S. MORSE PROJECT) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City") , is a municipal corporation and political subdivision of the State of Indiana, and by virtue of Title 36 , Article 7 , Chapter 12 , of the Indiana Code , as amended (the "Act") , is authorized and empowered to adopt this Ordi- nance and to carry out its provisions ; and The National Bank of South Bend, as Trustee , contracted with T. Brooks Brademas for the sale of certain real property located at 712 North Niles Avenue , South Bend, Indiana, pursuant to an Agreement for Sale and Transfer of Real Property Interest dated March 21 , 1986 (the "Agreement") ; and Brademas has agreed to assume the obligations of Brett S. Morse and/or Morse Electric Company, Inc. under the terms of the Mortgage on the real estate in exchange for an assignment of all of the rights , title , interest , duties and responsibilities of Brett S. Morse and/or Morse Electric Company, Inc. under the Bond, the Lease Agreement, the Indenture of Trust Agreement and the Mortgage Agreement, all dated as of March 2 , 1978 (the transaction between the National Bank and Trust Company of South Bend and T. Brooks Brademas described herein shall hereinafter be referred to as the "Assignment") ; and The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed Assignment; and The Commission, after public hearing held on March 16 , 1986 , has adopted a resolution, which has been transmitted to this Council , (i)