09-24-84 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 24, 1984 This bill had first reading. Council Member Taylor made a motion to set this bill for public hearing and second reading October 8, 1984, seconded by Council Member Serge. The motion carried. ORDINANCE NO. 7386 -84 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $6,400,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA FOR THE PURPOSE OF MAKING A LOAN TO ONE MICHIANA SQUARE ASSOCIATES IN ORDER TO FINANCE THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREEMENT; PROVIDING FOR THE DELIVERY OF A NOTE AND ASSIGNMENT THEREOF AS SECURITY FOR SAID BONDS; AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM SUCH NOTE; AND AUTHORIZING THE TERMS AND SALE OF SAID BONDS AND THE EXECUTION OF THE BOND PURCHASE AGREEMENT; AND APPROVING THE TERMS OF THE MORTGAGE, THE ASSIGNMENT OF RENTS AND LEASES AND RELATED MATTERS. This bill had first reading. Council Member Taylor made a motion to suspend the rules and have public hearing and second reading on this bill, secol03nded by Council Member Puzzello. The motion carried on a roll call vote of nine ayes. This being the time heretofore set for public hearing on the above bill, proponents and opponents were given an opportunity to be heard. Kevin Butler, attorney for the petitioner, made the presentation for the bill. He indicated the bill should be amended, in Section 13, the third line, after amended, add "(the 'Code') read in conjunction with Section 103(B)(6)(I) of the code, ". Council Member Taylor made a motion to amend, seconded by Council Member Puzzello. The motion carried. Mr. Butler indicated this bond issue wuld be used for Michiana Square Associates to be used for the construction of office space in the central downtown urban renewal area. He indicated this project will result in at least 450 new permanent jobs. Council Member Voorde made a motion to pass this bill, as amended, seconded by Council Member Puzzello. The motion carried on a roll call vote of nine ayes. UNFINISHED BUSINESS Council Member Taylor made a motion to set Bill No. 87 -84 for public hearing and second reading October 8, and refer it to the Zoning and Vacation Committee, seconded by Council Member Puzzello. The motion carried. There being no further business to come before the Council, unfinished or new, Council Member Taylor made a motion to adjourn, seconded by Council Member Puzzello. The motion carried and the meeting was adjourned at 7:50 p.m. ATTEST: City Clerk APPROVED: resident