10-28-85 Council Meeting Minutes

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REGULAR MEETING OCTOBER 28, 1985 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 Container Service Corporation, planned to build a facility in the Airport Industrial Park. He indicated they planned to relocate their operation from Michigan to South Bend. Council Member Voorde 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. 1365-85 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY THE O'BRIEN CORPORATION 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, The O'Brien Corporation, an Indiana corporation proposes to acquire economic development facilities in South Bend, Indiana as defined in the Act if the City will finance a portion of the costs of such economic development facilties pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by O'Brien for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of Two Million and no /100 Dollars ($2,000,000.00) 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 equipment and make improvements to real estate to be used in the manufacturing facility of O'Brien's at 2001 West Washington Street, South Bend, Indiana resulting in a minimum of nineteen (19( full -time new jobs added to O'Brien's payroll following completion of the project with an increase in the company's local annual payroll of approximately three hundred and thirty five thousand 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 Two Million and no /100 Dollars ($2,000,000.00) 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 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 this corporation planned to renovate their manufacturing facility and acquire laboratory equipment. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of nine ayes. Council Member Voorde made a motion to combine public hearing on resolutions G & H, seconded by Council Member Crone. The motion carried.