10-27-80 Council Meeting Minutes

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5 REGULAR MEETING OCTORFR 27, 1959 REGULAR MEETING RECONVENED (CONTINUED) NOW, THEREFORE, BE IT RESOLVED, that in order to encourage, induce and solicit the application of William G. York and Gloria J. York for an amount not exceeding One hundred seventy thousand dollars ($170,000) of Economic Development Revenue Bonds to be issued by the City of South Bend, Indiana, repayable with interest thereon at the market rate as of the date of final approval of the bonds over a period of fifteen (15) years after the iss date for the construction of such economic development facilities, the City of South Bend shall proceed to cooperate with and take any action as may be necessary in drafting of documents or the performance of such other acts as will facilitate the issuance of such Economic Development Revenue Bonds by the City of South BEnd; Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such economic development facilities; and BE IT FURTHER RESOLVED, that any costs or expenses incurred in connection with the William G. York and Gloria J. York.Project shall be included in the project costs and reimbursed from the proceeds of the Economic Development Revenue Bonds to be issued with respect thereto; and BE IT FURTHER RESOLVED, that the liability and obligation of the South Bend Economic Development Commission and the City of South Bend, Indiana, shall be limited solely to the goodfaith efforts to consummate such proceedings and issue such Bonds, and neither the South Bend Economic Development Commission nor the City of South Bend, Indiana, or its officers or agents, shall 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 /Lewis A. McGann Member of the Common Council A public hearing was held on the resolution at this time. Mr. Richard Mintz, attorney representing the petitioners, indicated they were requesting a $170,000 Economic Develop- ment Bond issue, to purchase and renovate an existing building at 305 W. Jefferson, which will be leased to the Abstract and Title Corporation. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Szymkowiak. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 830 -80 RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY AS URBAN DEVELOP- MENT AREAS FOR PURPOSES OF TAX ABATEMENT CONSIDERATION 305 WEST JEFFERSON PROJECT. WHEREAS, a petition for real property tax abatement consideration has been filed with the Common Council of the City of South Bend pursuant to Section 2 -76 (2) of the Municipal Code requesting that the area commonly known as 305 W. Jefferson, South Bend, Indiana, and legally described as: Part of Lot Numbered Three Hundred Ninety-six (396) as shown on the Original Plat of the Town, now City of South Bend, described as beginning at the Southeast corner of said Lot Numbered Three Hundred Ninety -six (396); running thence North on the East line of said lot, which is the West line of Lafayette Street, Forty -six (46) feet; thence West and parallel with the South line of said Lot Numbered Three Hundred Ninety -six (396), Seventy - two (72) feet to the East line of a private alley Twelve (12) feet wide; thence South Forty -six (46) feet to the South line of said lot; thence East Seventy -two (72) feet to the place of beginning. be designated as an Urban Development Area under the provisions of Indiana Code6- 1.1- 11.1 -] and that the public utility and benefit of the project be determined; and WHEREAS, the Redevelopment Commission has conducted an investigation pursuant to Section 2 -77 of the Municipal Code and prepared a report determining that the area qualifi( as an Urban Development Area under Indiana Code 6- 1.1- 12.1 -1 and has further prepared maps and plats showing the boundaries and such other information as required by law of the area in question; 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 Urban Development 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 Urban Development Area and hereby adopts a resolution designating this area as an Urban Development Area for purposes of real property tax abatement. SECTION II. That the Common Council directs the City Clerk, upon receipt of the report of the Area Plan Commission 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 ITI. That the Common Council requests the City Clerk to submit this Resolution along with supporting data to the Area Plan Commission for its written order approving or disapproving this resolution. 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 /John Voorde 11lfomhor ni' +ho onmmnn rr-mnri l