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<br />REGULAR MEETING AUGUST 27, 1984
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<br />roll call vote of nine ayes.
<br />Council Member Taylor made a motion to suspend the rules and add a resolution to the
<br />agenda, seconded by Council Member Zakrzewski. The motion carried on a roll call
<br />vote of nine ayes.
<br />RESOLUTION NO. 1195 -84 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO CROWE, CHIZEK AND COMPANY PROJECT
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />of economic development facilities in the corporate limits of the City pursuant to
<br />the provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, Crowe, Chizek and Company, an Indiana accounting partnership (the "Company ")
<br />proposes to acquire economic development facilities in South Bend, Indiana as defined
<br />in the Act if the City will finance costs of such economic development facilities
<br />pursuant to the Act;
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />from the Company for the issuance of City of South Bend Economic Develoment Bonds in
<br />the approximate principal amount of Three Million Five Hundred Thousand and no /100
<br />Dollars ($3,500,000.00) with the terms of repayment to be determined by the market
<br />rates at the time the bonds are sold land the proceeds of the bonds will be used to
<br />construct an approximate 35,600 square foot addition to the Company's professional
<br />building, located at 330 East Jefferson, South Bend, Indiana, resulting in the addition
<br />of approximately 50 new full -time jobs by the Company with an increase in their annual
<br />payroll of approximately One Million and no /100 Dollars ($1,000,000.00); and
<br />WHEREAS, it has been discovered by the Company that an additional amount is
<br />necessary for these purposes so that the total amount of Bonds required shall be Four
<br />Million Two Hundred Thousand and no /100 Dollars ($4,200,000.00).
<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 financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />Four Million Two Hundred Thousand and no /100 Dollars ($4,200,000.00) of its revenue
<br />bonds, which bonds will not be general obligations of the City but will be payable
<br />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 and will comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with acquisition and construction of the economic
<br />development facilities in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall
<br />be limited solely to good faith efforts to consummate such proceedings and issue such
<br />bonds, and the South Bend Economic Development Commission and the City of South Bend,
<br />Indiana, their officers and agents, shall not incur any liability if for any reason
<br />the proposed issuance of such Bonds is not consummated.
<br />5. Execution of a "Notice of Inducement" and a "Notice of Intent" under Indiana
<br />Executive Order No. 21 -84 for this project is hereby approved and authorized.
<br />This inducement resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval 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. Ernest Szarwark, attorney,
<br />indicated that Crowe, Chizek planned to construct a 35,600 square foot addition to
<br />their current facility. He indicated the project cost had risen from $3,500,000 to
<br />$4,200,000. He indicated this inducement would allow them to make commitments with
<br />respect to this larger purchase and acquisition amount. Council Member Zakrzewski
<br />made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution
<br />was adopted by a roll call vote of nine ayes.
<br />BILLS, FIRST READING
<br />BILL NO. 98 -84 A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY: THE
<br />FIRST 14' EAST WEST ALLEY NORTH OF LINCOLN WAY WEST RUNNING
<br />EAST FROM SANCOME AVENUE EAST TO THE INTERSECTING NORTH -
<br />SOUTH ALLEY ABUTTING LOTS 39 AND 40 FOR A DISTANCE OF 134 j
<br />FEET, ALL BEING IN A. H. CUSHING'S ADDITION TO THE CITY OF
<br />SOUTH BEND.
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