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REGULAR MEETING .
<br />MAY 28, 1985
<br />WHEREAS, Central Associates, Ltd., an Indiana limited partnership, ( "Company ")
<br />proposes to acquire, construct and remodel economic development facilities in South Bend,
<br />Indiana as defined in the Act if the City will finance costs of such economic development
<br />facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by the Company for the issuance of City of South Bend Industrial Development Revenue
<br />Bonds in the approximate principal amount of Eight Million and no /100 Dollars
<br />($8,000,000.00), with the terms of repayment to be determined by market conditions at the
<br />time the bonds are sold; and
<br />WHEREAS, the proceeds of the bonds will be used by the Company to acquire, construct
<br />and remodel facilities for use as a congregate living facility for the elderly located in
<br />the Central High School Building, at 317 W. Washington Street, South Bend, Indiana, which
<br />facility will result initially in approximately thirty (30) new jobs with an annual
<br />payroll of approximately Three Hundred Thousand Dollars ($300,000.00).
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as
<br />follows:
<br />1. The project constitutes economic development facilities which shall be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />Eight Million and no /100 Dollars ($8,000,000.00) of its revenue bonds, which bonds will
<br />not be general obligations of the City but will be payable solely from the limited
<br />sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City and
<br />will comply with the purposes and provisions of the Act, and the proposed facility shall
<br />not have an adverse competitive effect on other similar facilities in the City.
<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 be
<br />limited solely to the good faith efforts to consummate such proceedings and issue such
<br />Bonds,, and the South Bend Economic Development Commission and the City of South Bend,
<br />Indiana, their officers and agents, shall not incur any liability if for any reason the
<br />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 for
<br />the Economic Development Commission, indicated that Central Associates was applying for a
<br />$8,000,000 economic development bond, in order to rehab Central High School into
<br />multi- family housing. He indicated thirty new jobs will be created. Council Member
<br />Voorde made a motion to adopt the resolution, seconded by Council Member Taylor. The
<br />resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />HEPLER STREET APARTMENT PROJECT.
<br />A public hearing was held on the resolution at this time. Kenneth Fedder attorney for
<br />the Economic Development Commission, indicated this proposed complex would have
<br />sixty -four apartments. He indicated the project would be located on Hepler Street, and
<br />three jobs will be created. Kathryn Niedbalski, 3321 Cabot, Carolyn Treatt, 1852
<br />Winston, Vicki Chapeau, 1710 Sterling Dr, Paul Borowski, 3217 Cabot, Kenneth Reynolds,
<br />1810 Crestwood, Edward Zyck, attorney representing some of the neighbors, Dave Turnock,
<br />3325 Cabot and Edward Baer, 1733 Winston spoke against this resolution. Cliff Fleming,
<br />the petitioner, indicated he has met with the neighbors and discussed the project in
<br />great length. He indicated that because of the change in the State law, it was necessary
<br />that the Council hear this resolution at this meeting. He indicated he felt this project
<br />was in the interests of the City. Council Member Puzzello made a motion to defeat this
<br />resolution, seconded by Council Member Zakrzewski. The resolution was defeated by a roll
<br />call vote of nine ayes.
<br />Council Member Taylor made a motion to recess, seconded by Council Member Voorde. The
<br />motion carried and the meeting was recessed at 8:40 p.m., and reconvened at 8:55 p.m.
<br />RESOLUTION NO. 1292--85 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />MILL RACE, AN INDIANA PARTNERSHIP PROJECT.
<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 of
<br />South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition of
<br />economic development facilities in the corporate limits of the City pursuant to the
<br />provisions of Indiana Code 36 -7 -12 (the "Act "); and
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