Laserfiche WebLink
Economic Development Commission <br />Jerry Hammes, President <br />Walter Szymkowiak, Vice President <br />Walter A. Mucha, Secretary <br />Kenneth P. Fedder, Counsel <br />Alice Neddo, Asst. Sec. <br />July 6, 1983 <br />CITY of SOUTH BEND <br />ROGER O. PARENT, Mayor <br />Members of the South Bend <br />Common Council <br />County -City Building <br />South Bend, IN 4 -601 <br />Alice Neddo <br />Staff Administrator <br />230 W. Jefferson Boulevard <br />P.O. Box 1677 <br />South Bend, Indiana <br />46634 -1677 <br />Re: Brethren Care of South Bend, Inc. - Proposed Ordinance <br />Dear Councilmen: <br />(219) 234 -0051 <br />The South Bend Economic Development Commission, on July 1, 1983, <br />by resolution, approved the proposed financing of the application <br />of Brethren Care of South Bend, Inc. to refinance the construction <br />indebtedness to fund a debt service reserve fund, to pay certain <br />principal of and interest on the original issued bonds. The <br />original issued Industrial Revenue Bond is presently in a default <br />situation and, to improve and alleviate the financial deficiencies, <br />the existing bond application was approved by the Economic <br />Development Commission. The bond application is for a principal <br />amount not to exceed $7,800,000.00. <br />By issuing and approving this bond, it would permit the <br />revitalization of the project, preserve the existing job <br />opportunities and continue to be a benefit to the welfare of the <br />City 94 South Bend. The present facility consists of 254 apartment <br />unit /and an 80 -bed health care facility. <br />Res46ctful <br />DDE R FILEU I In V161 S OFFICE <br />KPF : ram -' U!_ ' <br />CReMRK,��mm0o <br />