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REGULAR MEETING <br />JULY 8, 1985 <br />Be it remembered that the Common Council of the City of South Bend met in the <br />Council Chambers of the County -City Building on Monday, July 8, 1985, at 7:00 p.m. <br />The meeting was called to order and the Pledge to the Flag was given. <br />ROLL CALL Present: Council Members Serge, Braboy, Puzzello, <br />Taylor, Zakrzewski, Crone, Paszek, Voorde and <br />Beck <br />Absent: None <br />REPORT FROM THE SUB - COMMITTEE ON MINUTES <br />To the Common Council of the City of South Bend: <br />Your sub - committee on the inspection and supervision of the minutes would <br />respectfully report that it has inspected the minutes of the June 24, 1985, meeting <br />of the Council and found them correct. <br />The sub - committee, therefore, recommends that the same be approved. <br />Beverlie J. Beck <br />Ann Puzzello <br />Thomas Zakrzewski <br />Council Member Serge made a motion that the minutes of the June 24, meeting of the <br />Council be accepted and placed on file, seconded by Council Member Zakrzewski. The <br />motion carried. <br />SPECIAL BUSINESS <br />Council Member Taylor made a motion to suspend the rules and have public hearing on <br />Resolutions C, D, and E on the Agenda, seconded by Council Member Puzzello. The <br />motion carried on a roll call vote of nine ayes. <br />RESOLUTION NO. 1305 <br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, <br />INDIANA, RELATING TO AN APPLICATION BY INDUSTRIAL FUELS <br />AND RESOURCES, INC., FOR THE ISSUANCE OF CITY OF SOUTH <br />BEND ECONOMIC DEVELOPMENT REVENUE BONDS. <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, Industrial Fuels and Resources, Inc., an Indiana corporation <br />( "Industrial ") doing business in the City, proposes to acquire economic development <br />facilities in South Bend, Indiana as defined in the Act if the City will finance <br />costs of such economic development facilities pursuant to the Act; and <br />WHEREAS, the South Bend Economic Development Commission has received an <br />application by Industrial for the issuance of City of South Bend Economic <br />Development Revenue Bonds in the approximate amount of Two Million and no /100 <br />Dollars ($2,000,000.00) with the terms of repayment to be determined by the market <br />rates at the time the bonds are sold and the proceeds of the bonds will be used to <br />acquire, rehabilitate and equip improvements to real estate at 604 South Scott <br />Street, in the City of South Bend, Indiana, for a petroleum processing and <br />distribution facility resulting in nineteen (19) full -time new jobs added to <br />Industrial's payroll with an increase in its annual payroll of approximately <br />$416,000 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 Two Million and no /100 Dollars ($2,000,000.00) of its <br />revenue bonds, which bonds will not be general obligations of the City but will be <br />payable solely from the limited sources authorized and 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 rehabilitation 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 />