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REGULAR MEETING
<br />RESOLUTION NO. 1190 -84
<br />AUGUST 27, 1984
<br />A RESOLUTION AUTHORIZING THE
<br />MEMORANDUM OF INTENT BETWEEN
<br />AND SOUTH BEND INDUSTRIAL A&
<br />BY SAID CITY OF ITS ECONOMIC
<br />TO THE PROVISIONS OF INDIANA
<br />CHAPTER 12, AS AMENDED.
<br />EXECUTION AND DELIVERY OF A
<br />THE CITY OF SOUTH BEND, INDIANA
<br />50CIATES PROVIDING FOR THE ISSUANCE
<br />DEVELOPMENT REVENUE BONDS PURSUANT
<br />CODE, TITLE 36, ARTICLE 7,
<br />135
<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 71 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 and in
<br />furtherance thereof to induce South Bend Industrial Associates, an Indiana limited
<br />partnership (the "Borrower ") to finance the purchase of land and construction and
<br />equipping of improvements on real estate to be purchased by the Borrower (hereinafter
<br />collectively called the "Project ") within the limits of City of South Bend, Indiana,
<br />has indicated its intent to issue its revenue bonds under and pursuant to the provisions
<br />of the Act and to apply the proceeds therefrom to the payment of the costs of the
<br />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 the Project within the limits of the City of South Bend,
<br />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 CommonCouncil 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 resolutions 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 its adoption.
<br />This inducement resoluton shall be in fullforce 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. Kevin Butler, attorney for
<br />the petitioners, indicated this inducement resolution was for a $1,700,000 bond issue
<br />to purchase land, construct and equip a facility to be located in the Airport Industrial
<br />Park. He indicated they anticipated 38 new jobs would be created. Council Member
<br />Zakrzewski made a motion to adopt this resolution, seconded by Council Member Crone.
<br />The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1191 -84 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
<br />DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS
<br />330 EAST JEFFERSON BOULEVARD, SOUTH BEND, INDIANA, 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 330 E. Jefferson, South Bend, Indiana, and which is more particularly described
<br />by a line drawn as follows:
<br />A part of Block 6 of the Plat of River Bend Addition, City of South Bend, St.
<br />Joseph County, Indiana, described as follows: Beginning at the intersection of
<br />the Northeastern boundary of Columbia street and the Eastern boundary of Western
<br />Avenue; thence along said Eastern boundary Northeasterly 114.31 feet along an
<br />arc to the left and having a radius of 424.47 feet and subtended by a long chord
<br />having a bearing of North 7020114" East and a length of 113.97 feet; thence
<br />North 0022'16" West 284.57 feet along said Eastern boundary; thence North 5026'02"
<br />East 117.19 feet along said Eastern boundary to the Southern boundary of Jefferson
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