06-10-85 Council Meeting Minutes

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REGULAR MEETING JUNE 10,._.198.5 authorization of such additional bonds) and that the aforementioned purposes comply with the provisions of I.C. 36 -7 -12. 4. All costs of the Project incurred after the adoption of this inducement resolution, including reimbursement or repayment to the Applicant of moneys expended by the Applicant for planning, engineering, interest paid during construction, underwriting expenses, attorney and bond counsel fees, acquisition, construction and equipping of the Project will be permitted to be included as part of the bond issue to finance the Project, and the Issuer will sell or lease the same to the Applicant or loan the proceeds from the sale of the bonds to the Applicant for the same purposes. Also, certain direct expenses, including but not limited to planning, architectural work and engineering incurred prior to this inducement resolution will be permitted to be included as part of the bond issue to finance the Project. 5. 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 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 that Steel Warehouse intended to construct an addition to an existing building, purchase new machinery and equipment, and make ready other portions of an existing building to accommodate the new machinery and equipment. He indicated three existing jobs will be saved and 10 additional jobs will be created. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1297 -85 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, COMMONLY KNOWN AS 1818 COMMERCE DRIVE, SOUTH BEND, INDIANA, 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 1818 Commerce and more particularly described by a line drawn as follows: Those lines surrounding Lot 21, Airport Industrial Park, Phase II, containing 4.12 Acres, more or less. as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2 -5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. This 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