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<br />REGULAR MEETING OCTOBER 13, 1980
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />desires to adopt this resolution; and
<br />WHEREAS, it is apparent that the development of the "Niles Avenue Partnership
<br />Project" will increase job opportunities and commercial diversification in South Bend,
<br />Indiana, resulting in a benefit to the welfare of the public in the City of South Bend,
<br />Indiana, and in St. Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, as follows:
<br />1. Section I. That approval is hereby given to the application of Niles Avenue
<br />Partnership, or its assigns, relating to the retirement and payment of the prior Industrial
<br />Revenue Bond issue of Seven Hundred Fifty Thousand ($750,000.00) Dollars, and the further
<br />restoration,_ rehabilitation and development of such economic development facilities under
<br />an arrangement whereby the cost of such prior Industrial Revenue Bond issue and restoration,
<br />rehabilitation and development would be paid from the proceeds of the Industrial Revenue
<br />Bonds to be issued by the City of South Bend, Indiana, for an amount not exeeding One
<br />Million ($1,000,000.00) Dollars, repaymable with interest thereon over a period of time
<br />and with a maturity date which does not exceed beyond Twenty (20) Years after the issue
<br />date.
<br />2. Section 2. In order to encourage, induce and solicit such application by Niles
<br />Avenue Partnership for such Industrial Revenue Bond issue relating to the retirement and
<br />payment of the prior Industrial'Revenue Bond issue and restoration, rehabilitation and
<br />development of such economic development facilities, the South Bend Economic Development
<br />Commission on behalf of the City of South Bend, shall proceed to cooperate with and take
<br />such action as may be necessary in the approval and drafting of documents or the performing
<br />of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the
<br />City of South Bend to provide funds to be used in the land purchase and restoration, re-
<br />habilitation development of such economic development facilities.
<br />3. Section 3. Any costs or expenses incurred in connection with said "Niles Avenue
<br />Partnership Project" shall be included in the project costs and reimbursed from the proceed
<br />of the Industrial Revenue Bonds to be issued with respect.thereto.
<br />4. Section 4. This resolution shall be in full force and effect from and after its
<br />passage by the Common Council of the City of South Bend, and approved by the Mayor.
<br />/s /Lewis A. McGann
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr..Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated this $1,000,000 bond issue would be
<br />used to retire the $750,000 bond issued in December. He indicated that the developers
<br />intended to restore and rehabilitate a commercial building located at Jefferson and Niles
<br />Avenue. Council Member Serge made a motion to adopt this resolution, seconded by Council
<br />Member Dombrowski. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 823 -80 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO THE BREMEN IRON & METAL CO., INC.
<br />WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South Bend,
<br />Indiana, created the South Bend Economic Development Commission, which Commission, fol-
<br />lowing an investigation and survey, has dtermined that need exists in the community for
<br />additional job opportunities and commercial and industrial diversification. That, in order
<br />to improve and promote job opportunities, commercial diversification and the general welfare
<br />of the community certain contractual agreements should be entered into with Bremen Iron &
<br />Metal Co., Inc., relating to its acquisition, building, remodeling and purchase of equip-
<br />ment for an economic development facility located at 1120 West Sample Streeet in the City
<br />of South Bend, Indiana; and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition and
<br />remodeling of economic development facilities pursuant to the provisions of Indiana Code
<br />18 -6 -4.5 (the "Act "); and
<br />WHEREAS, Bremen Iron & Metal Co., Inc., an Indiana corporation ( "Bremen ") purposes
<br />to acquire, build, remodel and purchase equipment for an economic development facility as
<br />defined in the Act for metal waste processing and brokerage if the City will finance costs
<br />of such economic development facilities pursuant to theAct and it is apparent that the
<br />development of this project will increase job opportunities and commercial diversification
<br />in the City of South Bend, Indiana, resulting in benefit to the welfare of the public in
<br />the City of South Bend St. Joseph County, Indiana; and
<br />WHEREAS, to induce Bremen,.to develop this project and become the principal user
<br />thereof, the South Bend Common Council desires to adopt this.resolution.
<br />NOW, THEREFORE, the Common Council of the City of South Bend,. Indiana resolves as
<br />follows:
<br />1. Approval is hereby given to the application of Bremen relating to the acquisitiol
<br />of such economic development facilities, the remodeling of certain of those facilities and
<br />the installment of other such facilities wherein Industrial Revenue Bonds would be issued
<br />by the City of South Bend, Indiana for an amount not exceeding Four Million Dollars ($4,000
<br />000,000.00), payable with interest thereon at the rate not to exceed ten and one -half per-
<br />cent (10 1/2 %) per annum, over a term not to exceed fifteen (15) years from and after the
<br />economic.development facilities are all placed in use.
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