12-02-85 Council Meeting Minutes

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DECEMBER_ -2.r- ..19-85 Parcel V The vacated north -south alley lying between Lot Numbered 44 of College Grove Addition and Lots Numbered 1, 21 3, and 5 of Hosinski's Subdivision. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1, et seq.; and WHEREAS, the Redevelopment Commission has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6- 1.1- 12.1 -1, et seq., and has further prepared maps and plats showing the boundaries and such other information as required by law of the area in questions; and WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. That the Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution designating this area as an Economic Revitalization Area for purposes of personal property tax abatement. SECTION II. That this designation shall be limited to five (5) calendar years from the date of the adoption of this resolution by the Common Council. SECTION III. That the Common Council directs the City Clerk to cause notice of the adoption of this resolution to be published, said publication providing notice of the public hearing before the Common. Council on said declaration. SECTION IV. 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 resolutions at this time. Ernest Szarwark, attorney, indicated O'Brien Corporation was seeking both real and personal abatement for expansion of existing buildings and equipment which will add to the research, development and manufacturing capacity of the company. Council Member Zakrzewski made a motion to adopt Resolution No. 1377 -85, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of eight ayes. Council Member Taylor made a motion to adopt Resolution No. 1378 -85, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 1379 -85 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, RELATING TO AN APPLICATION BY ALLIED PRODUCTS 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 and rehabilitation 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, Allied Products Corporation ( "Applicant ") proposes to lease economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilties pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by Applicant for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of One Million Dollars ($1,000,000.00) 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 and make improvements to real estate to be used as a warehousing and manufacturing facility located at 701 S. Chapin Street, South Bend, Indiana, resulting in the preservation of approximately 10 jobs and the creation of approximately one hundred (100) jobs at the facility following completion of the project. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, resolves as follows: