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a —_ <br /> KRAMER & MURPHY <br /> PROFESSIONAL CORPORATION <br /> ATTORNEYS AT LAW <br /> SUITE 200 <br /> 205 W.JEFFERSON BLVD. <br /> F. RICHARD KRAMER `� <br /> MICHAEL C. MURPHY SOUTH BEND, INDIANA 46601 <br /> DEAN A.COLVIN <br /> December 11 , 1985 <br /> Members South Bend Common Council <br /> County-City Building <br /> South Bend, Indiana 46601 <br /> Re: T. Brooks Brademas or His Assigns - East Race <br /> Commercial Project - $2 ,500 ,000.00 Economic <br /> Development Revenue Bond <br /> Dear Council Members: <br /> T. Brooks Brademas , or his assigns , has requested the <br /> passage of an Ordinance authorizing the issuance of <br /> $2,500 ,000 . 00 Economic Development Revenue Bonds for the East <br /> Race Commercial Project. The Project will be developed as <br /> part of a major historic restoration project in the Old Lathe <br /> Works at 475 Niles Avenue , South Bend, Indiana. <br /> The Project will consist of a 60 unit motel, a restau- <br /> rant and a marina. A copy of the preliminary site plan is <br /> attached for your review. <br /> The Project, during construction, will generate approxi- <br /> mately 100 jobs with an estimated payroll of $1,000 ,000 . 00 . <br /> After completion, there will be 137 permanent jobs created <br /> with a payroll of approximately $1 ,250 ,000 . 00 per year. <br /> The Trustee of the bonds will be the Midwest Commerce <br /> Banking Company. The term of the bonds will be twelve years <br /> with an interest rate of 10% . The bonds will be purchased by <br /> several local banks including Midwest Commerce Banking <br /> Company and St. Joseph Bank and Trust Company. <br /> Please put this item on the agenda for the meeting of Your <br /> the Common Council scheduled December <br /> belgreatly. appreciated. <br /> favorable treatment on this matter <br /> Very + u yours <br /> Michael C. Murphy <br /> Attorney for T. Brooks Brademas <br /> MCM:mm <br /> Enclosure <br /> I <br />