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REGULAR MEETING
<br />ORDINANCE NO. 7474 -85
<br />JUNE 10, 1985
<br />AN ORDINANCE APPROPRIATING $125,000.00 FROM THE GENERAL
<br />FUND OF THE CITY OF SOUTH BEND, INDIANA TO PROVIDE
<br />TECHNICAL ASSISTANCE IN CONNECTION WITH CERTAIN
<br />ECONOMIC DEVELOPMENT ACTIVITIES IN THE INNER CORE AND
<br />OTHER AREAS OF THE CITY OF SOUTH BEND, INDIANA.
<br />This bill had second reading. Council Member Serge made a motion to pass this bill,
<br />seconded by Council Member Puzzello. The bill passed by a roll call vote of nine
<br />ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 1296 -85
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA RELATING TO AN APPLICATION BY STEEL WAREHOUSE
<br />CO., INC., AN INDIANA CORPORATION, FOR THE ISSUANCE OF
<br />CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS.
<br />The City of South Bend, Indiana (the "Issuer ") is authorized by IC 36 -7 -12 (the
<br />"Act ") to issue revenue bonds for the financing of economic development facilities,
<br />the funds from said financing to be used for the acquisition, construction and
<br />equipping of said facilities, and said facilities to be either sold or leased by a
<br />company or directly owned by a company; and
<br />Steel Warehouse Co., Inc., an Indiana Corporation, (the "applicant ") has advised
<br />the South Bend Economic Development Commission (the "Commission ") and the Issuer
<br />that it proposes that the Issuer either acquire, construct and equip an economic
<br />development facility and sell or lease the same to the Applicant or loan proceeds of
<br />an economic development financing to the Applicant for the same, said economic
<br />development facility to consist of the construction of an addition to an existing
<br />building, the purchase of new machinery and equipment, and "make ready" other
<br />portions of existing buildings to accommodate said machinery and equipment, so that
<br />the Applicant may expand its business in cutting and treating flat rolled low - carbon
<br />steel, slitting, levelling, shearing, pickling and storing such steel, said existing
<br />facility being located at 2722 W. Tucker Drive, South Bend, Indiana, on an
<br />approximate 22 acre tract of land (the "Project "); and,
<br />The diversification of industry and increase in job opportunities (3 jobs saved
<br />and 6 to 10 new jobs) to be achieved by the construction and equipping of the
<br />Project will be of public benefit to the health, safety and general welfare of the
<br />Issuer and its citizens; and,
<br />Having received the advise of the South Bend Economic Development Commission, it
<br />would appear that the financing of the Project would be of public benefit to the
<br />health, safety and general welfare of the Issuer and its citizens; and,
<br />It is preliminarily found that the construction of the addition to an existing
<br />building will not have an adverse competitive effect on any similar facility already
<br />constructed or operating in South Bend, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />as follows:
<br />1. The Common Council of the City of South Bend finds, determines, ratifies and
<br />confirms that the promotion of diversification of economic development and job
<br />opportunities in and near South Bend, Indiana, is desirable to preserve the
<br />health, safety and general welfare of the citizens of the Issuer, and that it is
<br />in the public interst that the Commission and the Issuer take such action as
<br />they lawfully may to encourage economic development, diversification of industry
<br />and promotion of job opportunities in and near the Issuer.
<br />2. The Common Council of the City of South Bend approves, determines, ratifies
<br />and confirms that the issuance and sale of economic development revenue bonds in
<br />an amount of approximately $1,350,000 of the Issuer under the Act for the
<br />acquisition, construction and equipping of the Project and the sale or leasing
<br />of the project to the Applicant or the loan of the proceeds of the revenue bonds
<br />to the Applicant will serve the public purposes referred to above, in accordance
<br />with the Act.
<br />3. In order to induce the Applicant to proceed with the construction and
<br />equipping of the Project, the Common Council of the City of South Bend hereby
<br />approves, determines, ratifies and confirms that (i) it will take or cause to be
<br />taken such actions pursuant to the Act as may be required to implement the
<br />aforesaid financing, or as it may deem appropriate in pursuance thereof;
<br />provided that all of the foregoing shall be mutually acceptable to the Issuer
<br />and the Applicant; and (ii) it will adopt such ordinances and resolutions
<br />and authorize the execution and delivery of such instruments and the taking
<br />of such action as may be necessary and advisable for the authorization,
<br />issuance and sale of said economic development revenue bonds; and (iii) it
<br />will use its best efforts at the request of Applicant to authorize the
<br />issuance of additional bonds and refunding and refinancing the outstanding
<br />principal amount of the bonds for completion of the Project and for
<br />additions to the Project, including the cost of issuance (providing that
<br />the financing of such addition or additions to the Project is found to have
<br />a public purpose (as defined in I.C. 36- 7 -12 -1) at the time or
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