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Issue Economic Development Revenue Bonds (B & R Investments)
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Issue Economic Development Revenue Bonds (B & R Investments)
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Last modified
3/6/2013 12:35:38 PM
Creation date
3/6/2013 12:35:37 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7576-85
Bill Number
167-85
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BARNES & THORNBURG <br /> 600 1ST SOURCE BANK CENTER FEDERAL BAR BUILDING <br /> 1313 MERCHANTS BANK BUILDING <br /> II SOUTH MERIDIAN STREET IOO NORTH MICHIGAN 1815 H STREET, N.W. <br /> WASHINGTON,D.0.20006 <br /> INDIANAPOLIS, INDIANA 46204 <br /> 13171 638-1313 SOUTH BEND, INDIANA 46601 12021955-4500 <br /> (219) 233-1171 <br /> 305 FIRST NATIONAL BANK BUILDING <br /> 301 SOUTH MAIN STREET <br /> ELKHAR7,INDIANA 46516 TWX 810-341-3427 B&T LAW IND <br /> 12191 293-0681 TELECOPIER (219) 237-1125 <br /> ERNEST J. RK <br /> 12191 237-17-1193 193 21,November 21 1985 - HAND DELIVERED <br /> Ms. Irene Gammon <br /> City Clerk <br /> 4th Floor <br /> County-City Building <br /> South Bend, Indiana 46601 <br /> Dear Ms. Gammon: <br /> Please find enclosed herein a form of Ordinance by <br /> which the City of South Bend, Indiana, would approve the <br /> issuance of its Economic Development Revenue Bonds in the <br /> original principal amount of $325,800.00 in connection with the <br /> B & R Investments, an Indiana Partnership Project. The <br /> proceeds of the bond would be used to enable the partnership to <br /> purchase facilities at 1916 South Main Street, South Bend, <br /> Indiana, which it would then substantially rehabilitate and use <br /> as an industrial manufacturing facility. We would request that <br /> you place this on the agenda for a first hearing on December 2, <br /> 1985, and a second hearing on December 16, 1985. The South <br /> Bend Economic Development Commission will consider this at its <br /> December 16, 1985, meeting. We are taking the unusual step of <br /> requesting a first reading on this Ordinance prior to approval <br /> by the South Bend Economic Development Commission in order that <br /> we may obtain two hearings as required by Council rules prior <br /> to the end of 1985. <br /> The project will save 105 existing jobs with an <br /> annual payroll of approximately $1. 1 million and is anticipated <br /> to create 45 new jobs with an annual payroll increase of <br /> $490, 000. The bonds would be amortized over 15 years with a <br /> balloon payment at the end of the 10th year, and would be <br /> payable at a fixed rate of 9 percent per annum. The purchaser <br /> of the bonds will be Rehnberg-Jacobson Mfg. Co. <br /> In • conclusion, we wish to thank you for your kind <br /> cooperation and assistance. <br /> Sincerely ours, <br /> Ernest J. Szarwark <br /> EJS:kav <br /> Enclosure <br /> cc: Kenneth Fedder, Esq. <br /> Richard W. Morgan, Esq. <br /> • <br />
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