07-08-85 Council Meeting Minutes

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REGULAR _MEETING JULY 8,.1.9.85. 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 the bond proceeds will be used to acquire and rehabilitate a facility at 604 S. Scott, and to purchase equipment for petroleum processing. He indicated the new facility would result in 19 new jobs being created. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution will be adopted by a roll call vote of nine ayes. RESOLUTION NO. 1306 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, RELATING TO AN APPLICATION BY TRIPODS PARTNERSHIP, AN INDIANA PARTNERSHIP, FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS. WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 36 -7 -12 (the "Act "); and WHEREAS, Tripods Partnership, an Indiana corporation ( "Industrial ") doing business in the City, proposes to acquire economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by the Partnership for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate amount of Seven Hundred Thousand and no /100 Dollars ($700,000.00) with the terms of repayment to be determined by the market rates at the time the bonds are sold and the proceeds of the bonds will be used to construct and equip a new medical office facility located at 328 North 3 Michigan Street, in the City of South Bend, Indiana, resulting in three new jobs with an annual payroll of approximately $60,000. 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 Seven Hundred Thousand and no /100 Dollars ($700,000.00) 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 rehabilitation 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 the bond issue will be utilized to construct and equip an addition to their existing medical office complex located at 328 North Michigan. He indicated three new jobs will be created. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Puzzello. The resolution was adopted by a roll call vote of nine ayes.