08-25-86 Council Meeting Minutes

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WHEREAS, P.A.I. Properties, an Indiana partnership ( "Company "), proposes to acquire and construct 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 he Act; and WHEREAS, the South Bend Economic Development Commission has received an application by the Company for the issuance of City of South Bend Economic Development Bonds in the approximate principal amount of Nine Hundred Fifty Thousand and no /100 Dollars ($950,000.00) repayable upon terms governed by existing market rates at the time such bonds are issued; and WHEREAS, the proceeds of the Bonds will be used by the Company to acquire, construct, and equip a manufacturing and office facility for use by North American Signs, Inc. to be located at 1200 South Lafayette Street, South Bend, Indiana, which facility shall result in the addition of approximately thirty (30) new jobs to the payroll of the principal user within two (2) years after the completion of the project and shall increase such payroll of such principal user by approximately Five Hundred Seventy -five Thousand Dollars ($575,000.00) per annum. NOW, THEREFORE, the Common Council of the City of South Bend 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 Nine Hundred Fifty Thousand and no /100 Dollars ($950,000.00) 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, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3. The Company may proceed with acquisition and construction of the economic development facilities in reliance upon this resolution. 4. That the liability and obligation of the South bend Economic Development Commission, the South Bend Common Council of the City of South Bend, Indiana, shall be limited solely to good faith efforts to consummate such proceedings and issue such Bonds.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. Richard Morgan, attorney, indicated this project will consist of acquiring real estate and construction of an approximate 30,000 square foot manufacturing and office facility for North American Signs, Inc. He indicated a minimum of 30 employees will be hired by this firm. Council Member Taylor made a motion to adopt this resolution, seconded by Council Member Voorde. 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 Taylor made a motion to adjourn, seconded by Council Member Puzzello. The motion carried and the meeting was adjourned at 5:20 p.m. ATTEST: APPROVED: City Clerk President