03-26-84 Council Meeting Minutes

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REGULAR MEETING MARCH 261 1984 and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Ann Puzzello Member of the Common Council A public hearing was held on the resolution at this time. Bruce Bancroft, attorney for the petitioner, indicated this was a reaffirmation of a resolution passed at the last meeting. He indicated this resolution pertains to the First Bank Building. He indicated if this resolution is passed it will provide 126 jobs in the building. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Braboy. The resolution was passed by a roll call vote of nine ayes. RESOLUTION NO. 1127 -84 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO ALRO STREEL CORPORATION PROJECT. WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 36 -7 -12 (the "Act "); and WHEREAS, Alro Steel Corporation, a Michigan corporation (the "Company ") proposes toacquire economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application from the Company for the issuance of City of South Bend Economic Development Bonds in the approximate principal amount of Two Million Eight Hundred Thousand and no /100 Dollars ($2,800,000.00) with the terms of repayment to be determined by the market rates at the time the bonds are sold and the proceeds of the bonds will be used to acquire land and construct an approximate 84,800 square foot office building and steel warehouse facility to be located at the northwest corner of the U.S. 31/33 Bypass and the Indiana Toll Road, South Bend, Indiana, resulting in the addition of approximately 10 -12 new jobs by the Company with an increase in their annual payrolls of approximately Two Hundred Fifty Thousand and no /100 Dollars ($250,000.00). NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately Two Million Eight Hundred thousand and no /100 ($2,800,000.00) of its revenue bonds, which bonds will not be general obligations of the City but will be payable solely from the limited sources lauthorized and permitted by he Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. The Company may proceed with acquisition and construction of the economic development facialities in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission and the City of South Bend, Indiana, their officers and agents, shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Ann Puzzello Member of the Common Council A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for the Economic Development Commission, indicated indicated this proposed bond issue would create additional employment of twelve jobs. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1128 -84 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO SUBMIT AN URBAN DEVELPOMENT ACTION GRANT (UDAG) APPLICATION TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.