04-08-85 Council Meeting Minutes

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REGULAR MEETING APRIL 8, 1985 with terms of repayment to be determined by the market and to be amortized over a period not to exceed twelve (12) years. The proceeds of the bonds will be used to equip business and office facilities for use by Data Link, located at 1818 Commerce Drive, South Bend, Indiana, resulting in approximately thirty (30) new full -time jobs increasing to over one hundred (100) added to Data - Link's payroll with with an increase in its annual payroll of approximately $750,000 per year. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately One Million Dollars ($1,000,000.00) of its revenue bonds, which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. The Company may proceed with acquisition and construction of the economic development facility in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission and the City of South Bend, Indiana, their officers and agents, shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Beverlie J. Beck Member of the Common Council A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for the Economic Development Commission, indicated this revenue bond would be used for expansion and equipment. He indicated thirty new jobs will be created. Council Member Taylor made a motion to adopt this resolution, seconded by Council Member Puzzello. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to continue Resolutions B & C indefinitely, seconded by Council Member Zakrzewski. The motion carried. RESOLUTION NO. 1274 -85 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, COMMONLY KNOWN AS 1145 PRAIRIE TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, the Common Council of the City of South Bend has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 1145 Prairie Avenue and more particularly described by a line drawn as follows: A parcel of land in the East Half (1/2) of the Northwest Quarter (1/4) of Section 14, Township 37 North, Range 2 East of the Second Principal Meridian in the City of South Bend, County of St. Joseph, State of Indiana, more particularly described by a line drawn as follows, viz: Commencing at the intersections of the South line of Garst Street with the Westerly line of Prairie Avenue; thence South 28018106" West along and with the Westerly line of Prairie Avenue, a distance of 50.99 feet to the Southeast corner of a 45 foot easement, said point being 45 feet South of the South line of Garst Street, by right angle measurement; thence North 89046131" West along and with the South line of said easement, a distance of 771.42 feet to the point of beginning of this description; thence South 28015141" West a distance of 998.17 feet; thence South 61046150" East a distance of 309.05 feet; thence North 28019118" East a distance of 349.17 feet; thence North 61055'11" West a distance of 269.50 feet; thence North 28010114" East a distance of 587.13 feet; thence North 89046131" West a distance of 45.97 feet to the place of beginning. Parts of the West Half (1/2) of the Northeast Quarter (1/4) and the East Half (1/2) of the Northwest Quarter (1/4) of Section Fourteen (14), Township Thirty -seven (37) North, Range Two (2) East of the Second Principal Meridian, more particularly described as commencing at a point on the West line of Prairie Avenue, 50.99 feet southwesterly of the South line of Garst Street, as measured along said West line of Prairie Avenue, thence North 89047148" West along a