10-21-85 Council Special Meeting Minutes

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SPECIAL MEETING OCTOBER 21, 1985 Richard J. Van Mele, as Trustee under a trust agreement dated April 25, 1984 ( "Seller ") is the owner of a tract of land with improvements thereon located in the City of South Bend ( "Property "); and On March 30, 1979, Seller financed the acquisition of the Property by borrowing the proceeds of Industrial Development Revenue Bonds (the "Bonds ") issued by the City of South Bend (the "Issuer ") in the original principal amount of $700,000.00; and On March 30, 1079, American National Bank and Trust Company, now known as Valley American Bank and Trust Company, a banking institution organized under the laws of Indiana, entered into an Indenture of Trust with the Issuer to act as Bond Trustee; and Mastic Corporation ( "Purchaser ") has agreed to acquire the Property from the Seller, to continue to operate the facility as an office building subject to the approval of and appropriate official action by the Issuer and the Issuer's Economic Development Commission, and to assume Seller's obligations with respect to the Bond; and To improve and promote job opportunities and commercial diversification within and near South Bend, Indiana, said assignment should be approved; and Valley American Bank and Trust Company as Trustee and as owner of the Bonds has consented to the proposed transfer and assignment of the Bonds; and By Resolution dated October 4, 1985, the South Bend Economic Development Commission approved said assignment and assumption; and To induce Purchaser and Seller to consummate the assignment and to evidence its consent thereto, the South Bend Common Council desires to adopt this resolution; and it is apparent that the assignment will increase and preserve job opportunities and business diversification in and near South Bend, Indiana, resulting in a benefit to the welfare of the public in South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND THAT: SECTION 1. The South Bend Common Council approves the assignment from the Seller to Purchaser and Purchaser's assumption of all Seller's obligations with respect to the Bonds. SECTION 2. The South Bend Common Council and the City of South Bend, Indiana, their officers or agents, shall not incur any liability if for any reason the proposed assignment of such Bonds is not consummated. SECTION 3. 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 A public hearing was held on the resolution at this time. Mr. Hines of Mastic Corp., indicated they planned to move their corporate headquarters into this building, which is located at Eddy and Jefferson. He indicated the building they are presently using will be put up for sale. Richard Morgan, attorney, indicated that the Bath Insurance Agency has signed a lease at One Michiana Square. Council Member Voorde made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was' adopted by a roll call vote of nine ayes. There being no further business to come before the Council, unfinished or new, Council Member Voorde made a motion to adjourn, seconded by Council Member Taylor. The motion carried and the meeting was adjourned at 4:27 p.m. ATTEST: City Clerk APPROVED: r sident