Authorizing Economic Development Revenue Bond (Park Center Associates Project)

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ORDINANCE NO. 735/S 141 ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1984 (PARK CENTER ASSOCIATES PROJECT) AND ECONOMIC DEVELOPMENT REFUNDING REVENUE BOND, SERIES 1984 (PARK CENTER ASSOCIATES PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the South Bend Economic Development Commission has rendered its Project Report for the Park Center Associates Project regarding the financing of proposed economic develop- ment facilities for Park Center Associates and the South Bend Plan Commission has commented favorably thereon; and WHEREAS, the South Bend Economic Development Commission conducted a.public hearing on June 15, 1984, and also adopted a resolution on June 15, 1984, which Resolution has been trans- mitted hereto, finding that the financing of certain economic development facilities of Park Center Associates complies with the purposes and provisions of I.C. 36 -7 -12 and that such financing will be of benefit to the health and welfare of the City of South Bend and its citizens; and WHEREAS, the South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the two Loan Agreement and Bond Purchase - Agreements, Mortgage and Security Agreements, Assignments of Rents and Leases and Notes; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement and Bond Purchase Agreements approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Park Center