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REGULAR MEETING FEBRUARY 25, 1985
<br />SECTION I. That the Common Council hereby confirms its Declaratory Resolution
<br />designating the area described herein as an Economic Revitalization Area for the
<br />purposes of tax abatement. Such designation is for real property tax abatement only
<br />and is limited to five (5) calendar years from the date of adoption of the
<br />Declaratory Resolution by the Common Council.
<br />SECTION II. This Resolution shall be in full force and effect from and after
<br />its 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. Mark Phillophoff,
<br />attorney, indicated he represented the petitioner, Kevin Smith. He indicated this
<br />was a reaffirmation of a previously passed resolution. Council Member Taylor made a
<br />motion to adopt this resolution, seconded by Council Member Serge. The resolution
<br />was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1262 -85
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY MURPHY MOTOR
<br />FREIGHT LINES, INC., FOR THE ISSUANCE OF CITY OF SOUTH
<br />BEND ECONOMIC DEVELOPMENT REVENUE BONDS.
<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, Murphy Motor Freight Lines, Inc., a Minnesota corporation ( "Murphy ")
<br />doing business in the City, proposes to acquire economic development facilities in
<br />South Bend, Indiana as defined in the Act if the City will finance costs of such
<br />economic development facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Murphy for the issuance of City of South Bend Economic Development
<br />Revenue Bonds in the approximate principal amount of Two Million and no /100 Dollars
<br />($2,000,000.00) with terms of repayment to be determined by the market rates at the
<br />time the bonds are sold the proceeds of the bonds will be used to make improvements
<br />to real estate and acquire equipment at Murphy's freight terminal facility located
<br />at 1503 South Olive Street, in the City of South Bend, Indiana, resulting in fifty
<br />(50) to sixty (60) full -time new jobs added to Murphy's payroll with an increase in
<br />its annual payroll of approximately $2,000,000 to $2,500,000.
<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
<br />financed by the City through the issuance of revenue bonds pursuant to the Act and
<br />the City is willing, upon compliance with all provisions of Indiana law, to
<br />authorize approximately Two Million and no /100 Dollars ($2,000,000.00) of its
<br />revenue bonds, which bonds will not be general obligations of the City but will be
<br />payable 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 facility 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 the good faith efforts to consummate such proceedings and issue
<br />such Bonds, and the South Bend Economic Development Commission and the City of South
<br />Bend, Indiana, their officers and agents, shall not incur any liability if for any
<br />reason the proposed issuance of such Bonds is not consummated.
<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. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated this $2,000,000 bond issue would
<br />be used to construct improvements to the existing facility, as well as purchase
<br />certain equipment. He indicated they anticipated 50 to 60 new jobs would be
<br />created. Council Member Serge made a motion to adopt this resolution, seconded by
<br />Council Member Taylor. The resolution was adopted by a roll call vote of nine ayes.
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