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REGULAR MEETING MARCH 11, 1985
<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, Stamz Realty Company, an Indiana partnership ( "Stanz ") doing business
<br />in the City, proposes to acquire economic development facilities in South Bend,
<br />Indiana as defined in the Act if the City will finance costs of such economic
<br />development facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Stanz for the issuance of City of South Bend Economic Development
<br />Revenue Bonds in the approximate principal amount of One Million Five Hundred
<br />Thousand and no /100 Dollars ($1,500,000.00) with terms of repayment to be determined
<br />by the market rates at the time the bonds are sold the proceeds of the bonds will be
<br />used to make improvements to real estate and acquire equipment at Stanz's warehouse
<br />distribution facility located at 1840 Commerce Drive, in the City of South Bend,
<br />Indiana, resulting in ten (10) full -time new jobs added to Stanz's payroll with
<br />with an increase in its annual payroll of approximately $250,000 per year.
<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 One Million Five Hundred Thousand and no /100 Dollars
<br />($1,500,000.00) of its revenue bonds, which bonds will not be general obligations of
<br />the City but will be payable solely from the limited sources authorized and
<br />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 Stanz Cheese planned to construct
<br />improvements to their existing facility. He indicated this expansion will create
<br />ten new jobs. Council Member Crone asked the average hourly rate paid by Stanz.
<br />Clyde Geraghty, President of Stanz, indicated they paid $9.50 to $10.00 an hour. I
<br />Council Member Voorde made a motion to adopt this resolution, seconded by Council
<br />Member Taylor. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, j
<br />DECLARING AN AREA OF THE CITY TO BE AN ECONOMIC
<br />DEVELOPMENT TARGET AREA.
<br />A public hearing was held on the resolution at this time. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated that in order for the southeast
<br />corner of Eddy and Jefferson to qualify for economic development bonds, it would be
<br />necessary for the Council to declare it a target area. Richard Morgan, attorney,
<br />indicated this property is zoned "B" which would be the proper zoning for a dentist
<br />office. He indicated this project would cost $425,000. He indicated that he would
<br />like this resolution, and the next resolution on the agenda, continued until April
<br />8, in order to get the plans finalized and meet with the neighbors. Council Member
<br />Taylor made a motion to continue public hearing until April 8, and refer it to the
<br />Human Resources Committee, seconded by Council Member Crone. The motion carried.
<br />RESOLUTION AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY JOHN F.
<br />HARRINGTON AND TRACEY S. HARRINGTON, FOR THE ISSUANCE
<br />OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE
<br />BONDS.
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