07-24-00 Council Meeting Minutes

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REGULAR MEETING JULY 24, 2000 stricter guidelines of the "IP" Industrial Park zone. At its meeting held on June 20, 2000, the Area Plan Commission sent this petition to the Council with a favorable recommendation subject to a final site plan. Mr. Michael J. Danch, President, Danch, Hamer & Associates, Inc., 3232 Sugar Maple Court, South Bend, Indiana, representing James and Barbara Kidder, made the presentation for this bill. Mr. Danch advised that this annexation involves approximately eighty (80) acres which will be developed for an industrial park. It is adjacent to an "IP" district to the east of the site. The roadway will access off of Olive Road and utilities will be extended to the site from Olive Road. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. Ms. Joyce Boaler, 1606 Hillsdale Road, South Bend, Indiana, indicated that she had no specific objection but wondered why with all the vacant buildings and land in the Bendix Park area why someone would take farmland to develop an industrial park. There was no one else present wishing to speak in opposition to this bill and there was no one present wishing to speak in favor. Therefore, Councilmember Coleman made a motion for favorable recommendation to full Council concerning this substitute bill and that it be set for third reading at the August 28, 2000 meeting of the Council. Councilmember Varner seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 55 -00 PUBLIC HEARING ON A BILL AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "VARIABLE RATE DEMAND ECONOMIC DEVELOPMENT REVENUE BONDS (COLBERT PACKAGING CORPORATION PROJECT), SERIES 2000" AND APPROVING OTHER ACTIONS IN RESPECT THERETO (3620 WEST MCGILL STREET, SOUTH BEND, INDIANA) Councilmember Kelly reported that the Community and Economic Development Committee met on this bill and recommends this Resolution to the Council favorably. Mr. Kenneth P. Fedder, Attorney at Law, 205 West Jefferson Boulevard, South Bend, Indiana, informed the Council that he is the attorney for the South Bend Economic Development Commission and would make the presentation for this bill. Mr. Fedder reminded members of the Council that this is not a general obligation bond. Owners of the bonds can only look forward for their repurchase to the individual who sought the bonds. In this instance the company involved is Colbert Packaging Corporation which is an existing business in our community as it expands. This bond issue is in the amount of $1.4 million dollars for a new facility to be located at 3620 McGill Street. The proceeds will be used for acquisition, construction and equipping of this manufacturing facility which manufactures setup boxes for packaging purposes. The bonds will be sold in one hundred thousand dollar ($100,000.00) amounts or larger and they are tax exempt from income tax. The Economic Development Commission approved this project by their Resolution and now the Council is being asked to pass this funding ordinance for the issuance of bonds so they can be sold on the market with Bank One Capital Markets, Inc. being the underwriter. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard.