01-23-84 Council Meeting Minutes

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REGULAR MEETING JANUARY 231 1984 The area still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the economic stablity and general welfare of the area and, if not remedied, will be detrimental to the development of such area. The City of South Bend, Indiana (the "City ") is authorized under the provisions of Indiana Code, Title 36, Article 7, Chapter 12, as amended (the "Act "), to acquire, construct and finance economic development projects for users thereof and to provide for the issuance of revenue bonds in conjunction therewith. The City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce 227 Main Associates, and Indiana partnership, (the "Borrower ") to acquire, demolish in part, renovate, and equip an office building (hereinafter collectively called the "Project ") within the limits of South Bend, Indiana, has indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of the costs of the Project. The Borrower, after considering a number of possible locations within the outside the State of Indiana, and in reliance upon the intent of the City to finance the Project through the issuance of revenue bonds under the provisions of the Act, has determined to construct the Project within the limits of South Bend, Indiana, has indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of the costs of the Project. It is now deemed advisable to authorize the execution and delivery by the City of a Memorandum of Intent expressing formally and in writing the understanding heretofor are formally agreed upon by the City and the Borrower. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City ofSouth Bend, Indiana as follows: SECTION I. The Mayor is hereby authorized and directed to execute a Memorandum of Intent by and between the Cty and the Borrower and the City Clerk is hereby authorized and directed to affix the seal of the City thereto and to attest the same; and said Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of Intent to be delivered to, accepted, and executed by the Borrower, said Memorandum of Intent, which is hereby approved and incorporated by reference and made a part of this authorizing resolution, to be in substantially the form attached hereto. SECTION 2 - All resolutions and orders, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed and this resolution shall be in immediate effect from and after its adoption. This inducement resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the.Mayor. /s/ Beverlie J. Beck Member of the Common Council A public hearing was held on the resolution at this time. Kevin Butler, attorney for the petitioner, indicated the proposed bond issue would be used to acquire, renovate, and equip the old Indiana Bell Telephone Building. He indicated the project cost was $900,000 and they are requesting $800,000 in Economic Develpoment Revenue Bonds. He indicated that thirty -two new jobs will be created. Council Member Taylor made a motion to adopt this resolution, seconded by Council Member Serge. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to suspend the rules and have public hearing on the following resoution, seconded by Council Member Puzzello. The motion carried on a roll call vote of nine ayes. RESOLUTION NO. 1118 -84 A RESOLUTION FO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND APPROVING THE ISSUANCE OF LICENSE RENEWAL FOR A SCRAP AND JUNK DEALER FOR THE CALENDAR YEAR 1984. WHEREAS, the Common Council of the City of South Bend recognizes the contributions that recycling operations such as junk and scrap yards make to the community; and the Council further realizes that such operations must be reasonably regulated in order to minimize any environmental or aesthetic nuisances which may be created by the operations of scrap and junk yards within the City; and WHEREAS, the Common Council of the City of South Bend has enacted reasonable rules and regulations with regard to the issuance of licenses and the operations of the scrap and junk dealers; and