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REGULAR MEETING
<br />JULY 23, 1984
<br />Section 2. That the City intends to issue its Revenue Bonds (Maple Lane Associates,
<br />Phase VIII Project) (the "Bonds ")D in an amount not to exceed approximately $7,000,000
<br />for the purpose of making a loan to the Borrower to provide financing for the acquisition,
<br />construction and improvement of the Project.
<br />Section 3. To induce the Borrower to acquire, construct and improve the Project
<br />the Common Council shall cooperate with and take such action as may be necessary in
<br />the drafting of documents or the performance of such other acts as will facilitate
<br />the issuance of the Bonds by the City to provide funds to be used toward the payment
<br />of the costs of acquiring, constructing and improving such Project.
<br />Section 4. Any costs or expenses of the City incurred in connection with the
<br />Project shall be included in the Project costs and reimbursed either from the proceeds
<br />of the Bonds to be issued with respect thereto or from the payments by other parties
<br />to the financing.
<br />Section 5. The Commission has received a fee in connection with the Project of
<br />$1,800.00.
<br />Section 6. The liability and obligation of the City and its Common Council
<br />shall be limited solely to good -faith efforts to consummate uch proceedings and
<br />issue the Bonds, and neither the City nor its Common Council, nor their officers or
<br />agents, shall incur any liabiltiy whatsoever if for any reason the proposed issuance
<br />of the Bonds is not consummated.
<br />Section 7. This resolution shall be in full force and effect from and after
<br />its passage by the Common Council of the City of South Bend, Indiana, and approval
<br />by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Council Member Voorde
<br />made a motion to accept the substitute bill on file with the City Clerk's office,
<br />seconded by Council Member Zakrzewski. The motion carried. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated this inducement resolution was
<br />for a 192 apartment unit to be located at Bendix Drive, near Cleveland. He indicated
<br />the project meets Federal guidelines as far as 20% of the units will be available to
<br />citizens in the low income bracket. Council Member Taylor made a motion to adopt
<br />this resolution, as amended, seconded by Council Member Zakrzewski. The resolution
<br />was adopted by a roll call vote of eight ayes.
<br />RESOLUTION NO. 1179 -84 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />1818 REALTY, AN INDIANA PARTNERSHIP PROJECT.
<br />WHEREAS, at the present time there are insufficient employment pportunities and
<br />insufficient diversification of business, commerce nd industry in and near the City
<br />of South Bend, Idniana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and consturction of economic development facilities in the corporate limits of the
<br />City pursuant to the provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, 1818 Realty, an Indiana partnership ( "Company "), proposes to acquire
<br />and construct economic development facilities in South Bend, Indiana as defined in
<br />the Act if the City will finance costs of such economic development facilities pursuant
<br />to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by the Company for the issuance of City of South Bend Economic Development Bonds in
<br />the approximate principal amount of One Million Five Hundred Thousand and no /100
<br />Dollars ($1,500,000.00) with repayment of the Bonds to be made over a period of ten
<br />(10) years with interst thereon at a variable rate equal to 75% of the national
<br />prime rate of interest;
<br />WHEREAS, the proceeds of the Bonds will be used by the Company to acquire,
<br />remodel, expand and equip manufacturing and office faicilities for use by Wells
<br />Electronics, Inc., located in the 1700 and 1800 blocks of South Main Street, South
<br />Bend, Indiana, which facility shall result initially in approximately twenty (20)
<br />new jobs with an annual payroll of approximately Three Hundred fifty -four thousand
<br />Dollars ($354,000).
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as follows:
<br />1. The project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act and
<br />the City is willing, upon compliance with all provisions of Indiana law, to authorize
<br />approximately One Million Five Hundred Thousand and no /100 Dollars ($1,500,000.00)
<br />of its revenue bonds, which Bonds will not be general obligations of the City but
<br />will be payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City, will comply with the purposes and provisions of the Act, and the proposed
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