10-28-85 Council Meeting Minutes

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REGULAR MEETING OCTOBER 28, 1985 take such action as may be necessary in drafting documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of costs for the construction of said economic development facilities. SECTION III. All costs or expenses incurred in connection with this project may be included in the project costs and reimbursed from the proceeds of the Industrial Development Revenue Bonds to be issued with respect thereto. SECTION IV. The applicant may proceed with the construction constituting the economic development facility in reliance upon this resolution. SECTION V. 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, 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 issuance of such Bonds is not consummated. SECTION VI. 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 South Bend Drug intended to build a new facility in the Landmark Business Park. He indicated that 27 new 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. 1364 -85 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY CONTAINER SERVICE CORPORATION AND HARRISON MANAGEMENT COMPANY 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 within the corporate limits of the City pursuant to the provisions of Indiana Code 36 -7 -12 (the "Act "); and WHEREAS, Container Service Corporation, a Michigan corporation and Harrison Management Company, an Indiana partnership (hereinafter collectively referred to as "Applicants ") propose 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 Applicants for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of One Million Five Hundred Thousand and no /100 Dollars ($1,500,000.00) 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 acquire real estate, make improvements to real estate and acquire equipment to be used as a manufacturing facility located in the Airport Industrial Park in South Bend, Indiana, resulting in a minimum of forty (40) full -time jobs at the facility following completion of the project with an annual payroll of approximately one million dollars per year. 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 One Million Five Hundred Thousand and no /100 Dollars ($1,500,000.00) 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 construction 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