Authorizing Issuance of Economic Development Revenue Bonds Raitt Corporation Project

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ATTORNEYS AT LAW ROEMER AND MINTZ CHARLES ROEMER 1400 ST. JOSEPH BANK BUILDING AREA CODE 219 RICHARD L. MINTZ SOUTH BEND, INDIANA 46601 TELEPHONE 232 -1442 February 5, 1980 Mrs. Irene K. Gammon City Clerk City of South Bend County -City Building South Bend, Indiana 46601 Re: Economic Development Bond Ordinance for Raitt Corporation project Dear Mrs. Gammon: Enclosed is a proposed Ordinance by which the Common Council authorizes the issuance of up to $550,000 of Economic Development Revenue Bonds to finance the construction of an airline freight terminal at Michiana Regional Airport. When constructed, the terminal will be leased to United Airlines and Towne Airfreight. Leases have already been signed by these companies. United and Towne are presently performing their air cargo handling and storage functions at a temporary facility off the airport premises which is inadequate for their purposes. The building previously occupied by them at the airport was destroyed by fire. Because of the nature of their business, an airport site is essential if they are to continue their business operations at their present level. It is estimated that the new building will preserve a minimum of 12 jobs having an annual payroll of $212,000. We request that you place this Ordinance on the agenda for the consideration of the Common Council at its February 11 meeting. Also enclosed with the proposed Ordinance are copies of the following documents which we ask the Council to approve: 1. Indenture of Trust, with the Economic Development Revenue Bond attached, from the City of South Bend, Indiana, to St. Joseph Bank and Trust Company of South Bend, Indiana, as Trustee. 2. Loan Agreement, with the Promissory Note and Indenture of Mortgage and Security Agreement attached, between the City of South Bend, Indiana, and Raitt Corporation.