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BARNES a THORNBURG <br /> 1313 MERCHANTS BANK BUILDING 600 1ST SOURCE BANK CENTER FEDERAL BAR BUILDING <br /> II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET, N.W. <br /> INDIANAPOLIS, INDIANA 46204 WASHINGTON,D.C.20006 <br /> 13171638-1313 SOUTH BEND, INDIANA 46601 (2021955-4500 <br /> 1219) 233-1171 <br /> 305 FIRST NATIONAL BANK BUILDING <br /> 301 SOUTH MAIN STREET <br /> ELKHART,INDIANA 46516 TWX 810-341-3427 B&T LAW IND <br /> 12191 293-0681 TELECOPIER 1219) 237-1125 <br /> TO CALL WRITER <br /> Mrs. Irene K. Gammon, City Clerk April 23, 1986 <br /> City of South Bend <br /> County-City Building <br /> South Bend, Indiana 46001 <br /> Re: Proposed Ordiance for $1,500, 000 City of <br /> South Bend Economic Development Revenue <br /> Bond (Cole Associates, Inc. Project) <br /> Dear Mrs. Gammon: <br /> Enclosed are two copies of a proposed ordinance, and <br /> the related bond documents, with respect to the Cole Associ- <br /> ates, Inc. Project. The Project consists of construction of an <br /> addition to the facility currently used by Cole Associates, <br /> Inc. at 2211 East Jefferson Street in the City of South Bend. <br /> It is presently anticipated that the Project will result in a <br /> minimum of 45 permanent new jobs with an annual payroll of <br /> approximately $1,125, 000. St. Joseph Bank and Trust Company <br /> has issued its commitment letter to purchase the bonds to <br /> finance this Project. <br /> The current Cole Associates facility was financed <br /> through a bond issued in 1977, pursuant to which the City owns <br /> the land and leases the facility to Cole Associates, Inc. As <br /> part of this financing, the City will deed to Cole Associates <br /> the real estate on which the building addition will be con- <br /> structed. The trustee of the 1977 bond issued has consented to <br /> this arrangement. <br /> We respectfully request the Council 's favorable action <br /> with respect to this Project, with first reading of the ordi- <br /> nance at the Common Council meeting on April 28, and passage at <br /> the meeting on May 12, 1986. The public hearing before the <br /> South Bend Economic Development Commission will be held on <br /> May 2, 1986. <br /> Very truly yours, <br /> BARNES & THORNBURG <br /> ire40‹, <br /> Richard W. Morgan APP 2 1980 <br /> MCK:RWM/cac I, y <br /> Enclosure <br /> cc: Kenneth P. Fedder, Es <br /> ii ' i <br />