11-29-84 Council Special Meeting Minutes

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REGULAR MEETING NOVEMBER 29, 198# WHEREAS, the proposed credit union headquarters and office complex fits into an overall development concept which emphasizes the need for a strong, growing financial and office market around which the consolidation and reconstitution of retail will take place; and WHEREAS, a new anchor for the central portion of the River Bend Plaza will be created which should inspire redevelopment of adjacent vacant commercial structures and thus'enhance the Central Downtown Urban Renewal Area both physically and economically; and WHEREAS, the newly constructed credit union headquarters and office complex will increase the property value of the currently underutilized site, ultimately broadening the tax base in our community; and WHEREAS, the receipt of an Urban Development Action Grant would make the proposed development financially viable; and WHEREAS, there exist no alternative sources of public funds for this project, and therefore, the project will not occur without the assistance of the Urban Development Action Grant. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION I. Hereby establishes the authority of the Mayor of the City of South Bend to submit under Title I of the Housing and Community Development Act of 1977, an Urban Development Action Grant Application to the United States Department of Housing and Urban Development for a credit union headquarters and office complex in the Central Downtown Urban Renewal Area. SECTION II. This resolution shall be in full force and effect immediately upon passage by the Common Council of the City of South Bend, Indiana, and approval by the Mayor. /s/ Eugenia Braboy Member of the Common Council A public hearing was held on the resolution at this time. Jon Hunt, Director of conomic Development, indicated this $425,000 UDAG, combined with a $7,500,000 IRB, would provide the financing for Teachers Credit Union. He indicated that in addition, the City has committed, through its 108 loan money, to build a 109 space parking facility. He indicated that 113 new jobs would be created, with an additional 80 jobs in the tenant space. He indicated that 137 existing employees will move into the building. Ben Hawkins, president of Teachers Credit Union, thanked the Council and the Administration for their assistance. Steve Anilla, architect, showed a drawing and gave a description of the building. Council Member Voorde made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of eight ayes. There being no further business to come before the Council, Council Member Taylor made a motion to adjourn, seconded by Council Member Puzzello. The motion carried and the meeting was adjourned at 4:50 p.m. ATTEST: City Clerk APPROVED: Vice President