Approving Economic Development Revenue Bonds - Thomas and Jane Kinnucan Project

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ORDINANCE NO. -90 AN ORDINANCE APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT MORTGAGE AND NOTE, SECURITY AGREEMENT AND A TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 9 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO THE THOMAS AND JANE KINNUCAN PROJECT. STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (Commission) pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as amended, being IC 18 -6 -4.5 (Act), and Thomas and Jane Kinnucan have filed an application with the Commission to finance the construction of an additional building and the purchase of addi- tional equipment to be used for the manufacturing and warehousing of air tanks used in freight trailer brake systems (Facilities) which will result in the creation of a substantial number of jobs as well as other benefits, and The Commission has prepared and placed on file a report containing the subject matter as specified in section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the chairman of the Area Plan Commission and to the superin- tendent of the School Corporation in the area in which the Facilities will be located, and has received favorable reports from each of them, and The Commission held a public hearing on the proposed financing of such Facilities on April 18, 1980 after giving the required notice and did find that the proposed financing complies with the purposes and provisions of the appli- cable Indiana statutes, and the Commission did also find that the proposed faci- lity will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana, and The Common Council of South Bend, Indiana, hereby finds that the Facilities are economic development facilities as that phrase is used in the Act; and that the construction of the Facilities will increase employment oppor- tunities and increase diversification of business, commerce and industry in and near the city, will improve and promote the economic stability, development and welfare of the area in and near the city, and will encourage and promote the expansion of industry, trade and commerce in the area in and near the city, and the location of other new commercial and business facilities in such area.