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REGULAR MEETING
<br />JUNE 11, 1984
<br />This bill had second reading. Council Member Serge made a motion to pass this bill,
<br />seconded by Council Member Puzzello. The motion carried on a roll call vote of nine
<br />ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 1153 -84
<br />AN INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL
<br />RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE
<br />BONDS TO J & G REALTY & INSURANCE CO.
<br />WHEREAS, the South Bend Economic Development Commission investigated, studied,
<br />surveyed and reported to the Mayor and the Common Council of the City of South Bend,
<br />Indiana, that a need exists in the community for additional job opportunities and
<br />commercial diversification within the City of South Bend, Indiana; and to improve
<br />and promote job opportunities and commercial diversification within the City of
<br />South Bend, Indiana, a financing agreement should be effected with J & G Realty &
<br />Insurance Co.; and
<br />WHEREAS, J & G Realty & Insurance Co., desires to construct a new building on
<br />land located in the Sample - Monroe Development Area, South Bend, Indiana, which building
<br />will be leased to Slutsky Peltz Plumbing & Heating Co., Inc.; and
<br />WHEREAS, to induce J &G Realty & Insurance Co. to construct such economic development
<br />facilities, the South Bend Economic Development Commission on June 1, 1984 approved
<br />the application of J & G Realty & Insurance Co. for the issuance of up to Five Hundred
<br />Fifty Thousand Dollars ($550,000) of Economic Development Revenue Bonds payable with
<br />interest thereon at the market rate as of the date of final approval of the bonds
<br />and also adopted an Inducement Resolution relating to that bond issue; and
<br />WHEREAS, it is apparent that J & G Realty & Insurance Co., through its leasing
<br />of the proposed facilities to Slutsky Peltz Plumbing & Heating Co., Inc., will preserve
<br />jobs and increase job opportunities and commercial diversification in South Bend,
<br />Indiana, resulting in a benefit to the welfare of the public in the City of South
<br />Bend, Indiana, and St. Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED that in order to encourage, induce and solicit
<br />the application by J & G Realty & Insurance Co., for an amount not exceeding Five
<br />Hundred Fifty Thousand Dollars ($550,000) of Economic'Development Reveue Bonds to be
<br />issued by the City of South Bend, Indiana, repayable with interest thereon at the
<br />rate of ten percent (100) to be amortized over a period of twelve (12) years after
<br />the issue date for the construction of such economic development facilities, the
<br />City of South Bend shall proceed to cooperate with and take any action as may be
<br />necessary in drafting of documents or the performance of such other acts as will
<br />facilitate the issuance of such Economic Development Revenue Bonds by the City of
<br />South Bend, Indiana, to provide funds to be used toward the payment of the costs for
<br />the acquisition and construction of such economic development facilities; and
<br />BE IT FURTHER RESOLVED, that any costs or expenses incurred in connection with
<br />the J & G Realty & Insurance Co. Project shall be included in the project costs and
<br />reimbursed from the proceeds of the Economic Development Revenue Bonds to be issued
<br />with respect thereto; and
<br />BE IT FURTHER RESOLVED, that the liability and obligation of the South Bend
<br />Economic Development Commission and the City of South Bend, Indiana, shall be limited
<br />solely to the good faith efforts to consummate such proceedings and issue such Bonds,
<br />and neither the South Bend Economic Development Commission nor the City of South.
<br />Bend, Indiana, or its officers or agents, shall incur any liability if for any reason
<br />the proposed issuance of such Bonds is not consummated.
<br />This Inducement Resoluton shall be in full force and effect from and after its
<br />adoption by the Common Council.
<br />/s/ Eugenia Braboy
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Ken Fedder, attorney for
<br />the Economic Development Commission, indicated that J & G Realty planned to construct
<br />a building and relocate Slutskey Peltz Plumbing & Heating. He indicated 40 jobs
<br />will be preserved and five new jobs will be created. Council Member Serge made a
<br />motion to adopt this resolution, seconded by Council Member Braboy. The resolution
<br />was adopted by a roll call vote of nine ayes.
<br />RESOLUTION
<br />A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION
<br />DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND,
<br />COMMONLY KNOWN AS THE SOUTH -WEST CORNER OF ELWOOD AVENUE
<br />AND PORTAGE AVENUE TO BE AN ECONOMIC REVITALIZATION AREA
<br />FOR PURPOSES OF TAX ABATEMENT.
<br />A public hearing was held on the resolution at this time. Richard Morgan, attorney
<br />for the petitioner, indicated this tax abatement was for the expansion of the Martin's
<br />shopping center. He indicated this will generate between fifty to fifty -five new
<br />jobs, in addition to the one hundred and fifty jobs presently at this location.
<br />Council Member Serge made a motion to adopt this resolution, seconded by Council
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