07-23-84 Council Meeting Minutes

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=REGULAR_. MEETING_ JULY 23,__198.4 facility shall not have an adverse competitive effect on other similar facilities in the City. 3. The 'Company may proceed with the acquisition and construction of the economic development facilities 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, Iddiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such bonds. 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 inducement resolution shall be in full force and effect from and after its adoption by the CommonCouncil 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. Kenneth Fedder, attorney for the Economic Development Commission, indicated this inducement resoleton was for the remodeling and expansion of a facility located at 1818 S. Main, which will be the home office for Wells Electronics. He indicated approximately 20 new jobs will be created. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 1180 -84 A RESOLUTION OF THE COMMON COUNCIL APPOINTING THE CITY CONTROLLER AS AUTHORIZED RESPONDENT FOR PERF EMPLOYEE VERIFICATION PURPOSES WHEREAS, the Public Employees' Retirement Fund requires verification of number of years of creditable service of City employees for pension purposes; and, WHEREAS, the Public Employees' Retirement Fund requires that verification be given by an individual authorized to respond by the governing body of the City; and WHEREAS, the Controller is the individual responsible for all employment records. BE IT, THEREFORE, RESOLVED by the Common Council of the City of South Bend that: SECTION I. The Controller -is hereby appointed as the City's authorized respondent for PERF employment verification purposes. SECTION "II This resolution shall be in force and effect from and after its passage 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 is the result of a mandate issued by the State to designate one individual to be responsible for correspondence on PERF. Council Member Serge made a motion toa adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 1181 -84 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, RELATING TO: TEACHER'S CREDIT UNION 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 18 -6 -4.5 (the "Act "); and WHEREAS, Teacher's Credit Union ofSouth Bend, Indiana proposes to acquire and construct economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilites pursuant to the Act; and' WHEREAS, the South Bend Economic Develpment Commission has received an application by Teacher's Credit Union for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of Seven Million Nine Hundred Thousand and no /100 Dollars ($7,900,000.00) 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 real estate and construct an approximate 70,000 square foot office building at the southeast corner of Main and Washington Streets, South Bend, Indiana, resulting in the additon of approximately 113 new jobs by the principal users with an increase in their annual payrolls of approximately One Million Five Hundred sixty Thousand and no /100 Dollars ($1,560, 000.00). 1 I� 1