12-03-99 Council Special Meeting Minutes

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SPECIAL MEETING DECEMBER 3, 1999 Mr. Kenneth P. Fedder, Attorney at Lave, 205 West Jefferson Boulevard, South Bend, Indiana, made the presentation for this bill on behalf of the South Bend Economic Development Commission. Mr. Fedder indicated that this bill has been substituted because the original version contained an incorrect address of the business location as well as an incorrect date of publication of notice of a hearing by the Economic Development Commission. Mr. Fedder informed the Council that five (5) members of the Economic Development Commission passed a Resolution today approving the financing for this project in order that Rink Riverside Printing can move from its existing location to 814 South Main Street the former Shafer Gear Works building. He noted that this bond issue is in the amount of one million three hundred thousand dollars ($1,300,000.00) and the Revenue Bonds will be bought by a bank in Indianapolis. This is not a General Obligation bond of the City and in no way will City funds be used. Additionally, he noted that there is no liability on the behalf of the issuer. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Council President Coleman made a motion for favorable recommendation to full Council concerning this bill as substituted. Councilinember Ujdak seconded the motion which carried by a voice vote of seven (7) ayes. RISE AND REPORT Council President Coleman made motion to rise and report to the full Council. Councilmember Kelly seconded the motion which carried by a voice vote of seven (7) ayes. ATTEST: ATTEST: '�o� J. a ity ler Charlotte Pfeifer, Chaii rs n Committee of the Whole REGULAR MEETING RECONVENED Be it remembered that the Common Council of the City of South Bend reconvened in the Council Chambers on the fourth floor of the County -City Building at 12:06 p.m. Council President Sean Coleman presided with seven (7) members present. BILLS - THIRD READING ORDINANCE NO. 9067-99 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT MORE THAN $1,300,000 ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1999 (RINK RIVERSIDE PRINTING, INC. PROJECT) OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF FUNDING A LOAN TO RINK RIVERSIDE PRINTING, INC. IN ORDER TO FINANCE THE ACQUISITION AND INSTALLATION OF EQUIPMENT AND MACHINERY TO BE UTILIZED IN AN EXISTING MANUFACTURING FACILITY LOCATED IN THE CITY OF SOUTH BEND, INDIANA; PROVIDING FOR THE PLEDGE OF REVENUES FOR THE PAYMENT OF SUCH BONDS; AUTHORIZING THE EXECUTION OF A BOND I- 1 1