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tEGULARlEETIDiG - A per_ r81 -48
<br />ORDINANCE 7936 -86 AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A
<br />SCHEDULE OF DISCHARGE PERMIT FEES.
<br />This bill had second reading. Council Member Serge made a motion to pass this bill,
<br />seconded by Council Member Zakrzewski. The bill passed by a roll call vote of nine
<br />ayes.
<br />ORDINANCE 7937 -86
<br />AN ORDINANCE TRANSFERRING $510,314.00 AMONG VARIOUS ACCOUNTS
<br />WITHIN THE DIVISION OF COMMUNITY DEVELOPMENT.
<br />This bill had second reading. Council Member Braboy made a motion to pass this
<br />bill, seconded by Council Member Taylor. The bill passed by a roll call vote of
<br />nine ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 1412 -86 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
<br />A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND,
<br />INDIANA AND AE INC. AND /OR AE PISTONS, INC. PROVIDING
<br />FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC
<br />DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF
<br />INDIANA CODE, TITLE 36. ARTICLE 8, CHAPTER 12, AS
<br />AMENDED.
<br />The area still has insufficient employment opportunities and insufficient
<br />diversification of industries, which conditions are harmful to the economic
<br />stability and general welfare of the area and, if not remedied, will be detrimental
<br />to the development of such area.
<br />The City of South Bend, Indiana (the "City ") is authorized under the provisions
<br />of Indiana Code, Title 36, Article 7, Chapter 12, as amended (the "Act "), to
<br />acquire, construct and finance economic development projects for the users thereof
<br />and to provide for the issuance of revenue bonds in conjunction therewith.
<br />The City, in order to implement the public purposes enumerated in the Act and in
<br />furtherance thereof to induce AE Inc. and /or AE Pistons, Inc., a Delaware
<br />corporation (the "Borrower ") to purchase land and construct and equip a
<br />manufacturing facility (hereinafter collectively called the "Project ") within the
<br />limits of St. Joseph County, Indiana, has indicated its intent to issue its revenue
<br />bonds under and pursuant to the provisions of the Act and to apply the proceeds
<br />therefrom to the payment of the costs of the Project.
<br />The Borrower, after considering a number of possible locations within and
<br />outside the State of Indiana, and in reliance upon the intent of the City to finance
<br />the Project through the issuance of revenue bonds under the provisions of the Act,
<br />has determined to construct and Project within the limits of St. Joseph County,
<br />Indiana.
<br />It is now deemed advisable to authorize the execution and delivery by the City
<br />of a Memorandum of Intent expressing formally and in writing the understanding
<br />heretofore formally agreed upon by the City and the Borrower.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana as follows:
<br />SECTION 1 - The Mayor is hereby authorized and directed to execute a Memorandum
<br />of Intent by and between the City and the Borrower and the City Clerk is hereby
<br />authorized and directed to affix the seal of the City thereto and to attest the
<br />same; and said Mayor and City Clerk are hereby authorized and directed to cause said
<br />Memorandum of Intent to be delivered to, accepted, and executed by the Borrower,
<br />said Memorandum of Intent, which is hereby approved and incorporated by reference
<br />and made a part of this authorizing resolution, to be in substantially the form
<br />attached hereto.
<br />SECTION 2 - All resolutions and orders, or parts thereof, in conflict with the
<br />provisions of this resolution are, to the extent of such conflict, hereby repealed
<br />and this resolution shall be in immediate effect from and after its adoption.
<br />This inducement resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kevin Butler, attorney,
<br />indicated the resolution should be amended to add AE Inc., the parent company.
<br />Council Member Taylor made a motion to amend, seconded by Council Member
<br />Zakrzewski. The motion carried. He indicated A E Pistons, Inc., planned to
<br />purchase twenty -six acres of real estate in the Toll Road Industrial Park for the
<br />construction of a economic development facility to be used in the manufacturing and
<br />production of engine component parts. He indicated when the facility is in
<br />operation initially 75 new jobs will be created. He indicated this British company
<br />has chosen the South Bend Area as its first manufacturing investment project in the
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