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Authorizing Economic Development Revenue Bonds - W & B Realty Project
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Authorizing Economic Development Revenue Bonds - W & B Realty Project
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6/3/2013 4:04:51 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/10/1979
Ord-Res Number
6633-79
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of the Area Plan Commission and the President of the Board of School <br />Trustees for the South Bend School Corporation, and their written <br />comments having been received by the South Bend Economic Development <br />Commission and such reports and comments having been made a part of <br />their records; and <br />The South Bend Economic Development Commission has approved <br />the form and terms of the Lease and Trust Indenture and Bond and has <br />further approved this form of Ordinance authorizing the execution of <br />the Lease and Trust Indenture and Bond and the issuance of Economic <br />Development Revenue Bonds in accordance therewith; and <br />The South Bend Economic Development Commission has trans- <br />mitted this form of Ordinance to the City Clerk of the City of South <br />Bend, for presentation to the Common Council of the City of South <br />Bend, Indiana; and <br />The Common Council of the City of South Bend, Indiana, finds <br />that the proposed development will be of public benefit to the economic <br />welfare of the City of South Bend, Indiana, by tending to overcome <br />the deficiencies previously found to exist and that such benefit is <br />greater than the costs of the public facilities which would be <br />required by the proposed project. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, THAT: <br />Section 1. The Common Council of the City of South Bend <br />hereby finds and determines that the construction of a building in <br />connection with the W & B REALTY PROJECT to be acquired and constructed <br />with the proceeds of the Economic Development Revenue Bond herein <br />authorized are "Economic Development Facilities" as that phrase is <br />used in the Act concerning the promotion of Economic Development, <br />I.C. 18- 6 -4.5, as amended; that the construction of the W & B REALTY <br />PROJECT will increase employment opportunities and increase diver- <br />sification of industry in and near the City of South Bend, will <br />improve and promote the economic stability, development and welfare <br />of the area in and near the City of South Bend, and that the public <br />benefits to be accomplished by this Ordinance, intending to overcome <br />insufficient employment opportunities and insufficient diversification <br />-2- <br />
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