Approving Industrial Development Revenue Bonds - Greenwood Realty Corporation

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ORDINANCE NO . ` C, 7 7e , St AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 5 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE GREENWOOD REALTY CORPORATION PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Commis- sion, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and GREENWOOD REALTY CORPORATION, an Indiana corporation, has filed an application with the Commission to finance the con- struction of a supermarket building and improvements on real estate located at 2222 South Bend Avenue, South Bend, Indiana, which will constitute economic development facilities resulting in a substan- tial number of new jobs as well as other benefits, and in connec- tion therewith the Commission has prepared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely re- ceived favorable reports from each of them, and the Commission held a public hearing on the proposed financing of such economic develop- ment facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and pro- visions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds, including but not limited to the Act, and approved the form and terms of the Trust Indenture and User Agreement, real estate mortgage and bonds, and further approved this form of Ordinance authorizing the execution thereof,