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REGULAR MEETING
<br />APRIL 24, 1984
<br />RESOLUTION NO. 1138 -84 A RESOLUTION:; AUTHORIZING THE EXECUTION AND DELIVERY OF A
<br />MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA
<br />AND PARK CENTER ASSOCIATES, AN INDIANA LIMITED PARTNERSHIP
<br />PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC
<br />DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF
<br />INDIANA CODE, TITLE 36, ARTICLE 7, CHAPTER 12, AS AMENDED.
<br />The Area still has insufficient employment opportunities and insufficient diversification
<br />of industries, which conditions are harmful to the economic stability and general
<br />welfare of the area and, if not remedied, will be detrimental to the development of
<br />such area.
<br />The City of South Bend, Indiana (the "City ") is authorized under the provisions
<br />of Indiana Code, Title 36, Article 7, Chapter 12, as amended (the "Act "), to acquire,
<br />construct and finance economic development projects for the users thereof and to
<br />provide for the issuance of revenue bonds in conjunction therewith.
<br />The City, in order to implement the public purposes enumerated in the Act anbd
<br />in furtherance thereof to induce Park Center Associates (the "Borrower ") to refund
<br />the City of South Bend Economic Development Revenue Bonds, Series 1984 (Park Center
<br />Associates Project) in the amount of $650,000.00 (the "Initial Bonds ") and to finance
<br />the purchase of land and construction and equipping of imporvements on real estate to
<br />be purchased by the Borrower (hereinafter collectively called the "project ") within
<br />the limits of the City of South Bend, Indiana, has indicated its intent to issue its
<br />revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds
<br />therefrom to the payment of the costs of the Project.
<br />The Borrower, after considering a number of possible locations within and outside
<br />the State of Indiana, and in reliance upon the intent of the City to finance the
<br />Project through the issuance of revenue bonds under the provisions`of the Act, has
<br />determined to construct and Project within the limits of South Bend, Indiana.
<br />It is now deemed advisable to authorize the execution and delivery by the City
<br />of a Memorandum of Intent expressing formally and in writing the understanding heretofore
<br />formally agreed upon by the City and the Borrower.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana as follows:
<br />SECTION 1. The Mayor is hereby authorized and directed to execute a Memorandum
<br />of Intent by and between the City and the Borrower and the City Clerk is hereby authorized
<br />and directed to affix the seal of the City thereto and to attest the same; and said
<br />Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of
<br />Intent to be delivered to, accepted, and executed by the Borrower, said Memorandum of
<br />Intent, which is hereby approved and incorporated by reference and made a part of
<br />this authorizing resolution, to be in substantially the form attached hereto.
<br />SECTION 2 All resolutons and orders, or parts thereof, in conflict with the
<br />provisions of this resolution are, to the extent of such conflict, hereby repealed
<br />and this resolution shall be in immediate effect from and after it adoption.
<br />This inducement resolutoin shall be in full force and effect from an after its
<br />adoption by the Common Council and approval by the May
<br />/s/ Eugenia Braboy
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kevin Butler, attorney for
<br />the petitioner, indicated that Park Center Associates planned to purchase real estate
<br />and construct a 30,500 square foot building to be used for office, light industrial
<br />and warehouse space. He indicated the new facility will provide approximately 25 new
<br />jobs. Council Member Serge made a motion to adopt this resolution, seconded by Council
<br />Member Voorde. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1138 -84
<br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
<br />OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
<br />COMMONLY KNOWN AS 227 S. MAIN STREET AN ECONOMIC
<br />REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT
<br />WHEREAS, a petition for real property tax abatement consideration has been filed
<br />with the Common Council of the City of South Bend requesting that the area commonly
<br />known as 227 S. Main, South Bend, Indiana, and which is more particularly described
<br />by a line drawn as follows:
<br />Forty -four feet in width North and South taken off and from
<br />the South side of Lot numbered Two Hundred Sixty -three (263)
<br />Original Plat of the Town, now City, of South Bend.
<br />and
<br />Situate in St. Joseph County, in the State of Indiana:
<br />the entire length of
<br />as shown on the
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