|
REGULAR MEETING MARCH 27.2000
<br />A Public Hearing was held on the Resolution at this time.
<br />There being no one present wishing to speak to the Council either in favor of or in opposition to this
<br />Resolution, Councilmember Coleman made a motion to adopt this Resolution. Councilmember
<br />Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of eight
<br />(8) ayes.
<br />RESOLUTION NO. 2854 -00 A RESOLUTION OF THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, INDIANA ADDRESSING THE
<br />ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE
<br />BONDS FOR COLBERT PACKAGING CORPORATION
<br />LOCATED AT 3260 WEST MCGILL STREET, SOUTH
<br />BEND, INDIANA
<br />WHEREAS, the City of South Bend, Indiana (the "Issuer "), is authorized by IC 36 -7 -11.9
<br />and 12 (collectively, the "Act ") to issue revenue bonds for the financing of economic development
<br />facilities, the funds from said financing to be used for the acquisition, construction and equipping
<br />of said facilities, and said facilities to be either sold or leased to a company or directly owned by a
<br />company; and
<br />WHEREAS, Colbert Packaging Corporation, an Indiana Corporation, on behalf of itself
<br />and/or a to be formed Indiana limited partnership (collectively, the "Applicant "), has advised the
<br />Issuer that it proposes that the Issuer lend proceeds of an economic development financing to the
<br />Applicant for the acquisition, construction and equipping of a manufacturing facility to be used for
<br />the manufacturing of set -up boxes and Valentine heart- shaped boxes, to be located at 3260 West
<br />McGill Street, in the City of South Bend, Indiana (the "Project "); and
<br />WHEREAS, the diversification of industry and retention of opportunities for gainful
<br />employment (approximately 75 retained jobs) to be achieved by the acquisition, construction and
<br />equipping of the Project will be of public benefit to the health, safety and general welfare of the
<br />Issuer and its citizens; and
<br />WHEREAS, it would appear that the financing of the Project would be of public benefit to
<br />the health, safety and general welfare of the Issuer and its citizens; and
<br />WHEREAS, it is tentatively found that the acquisition, construction and equipping of the
<br />Project will not have an adverse competitive effect on any similar facility already constructed or
<br />operating in South Bend, Indiana;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
<br />OF SOUTH BEND, as follows:
<br />1. The Common Council of the City of South Bend finds, determines, ratifies and confirms
<br />that the promotion of diversification of economic development and retention of opportunities for
<br />gainful employment in and near South Bend, Indiana, is desirable to preserve the health, safety and
<br />general welfare of the citizens of the issuer; and that it is in the public interest that the Commission
<br />and the Issuer take such action as they lawfully may to encourage economic development,
<br />diversification of industry and promotion of job opportunities in and near the Issuer.
<br />2. The Common Council of the City of South Bend approves, determines, ratifies and
<br />confirms that the issuance and sale of economic development revenue bonds in an amount not to
<br />exceed $1,600,000 of the Issuer under the Act for the lending of the proceeds of the revenue bonds
<br />to the Applicant, for the acquisition, construction and equipping of the Project will serve the public
<br />purposes referred to above, in accordance with the Act.
<br />3. In order to induce the Applicant to proceed with the acquisition, construction and
<br />equipping of the Project, the Common Council of the City of South Bend hereby approves,
<br />
|