09-27-82 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 27, 1982 NOW, THEREFORE, the Common Council of the City of South Bend, Indiana 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 Three Million Five Hundred Thousand and no /100 Dollars ($3,500,000.00) 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 and will comply with the purposes and provisions of the Act. 3. AMW, Inc. may proceed with the acquisition 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 and the City of South Bend, Indiana shall be limited solely to the good faith efforts to consumate such proceedings and issue such bonds, and the South Bend Economic Development Commission, South Bend Common Council and the City of South Bend, Indiana, their officers or 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 theCommon 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 representing the petitioner, indicated this $3,500,000 bond issue would be used to finance the acquisition of equipment, machinery and fixtures of the Avanti Corporation. He indicated they anticipated approximately thirty new positions. Council Member Szymkowiak made a motion to adopt this resolution, seconded by Council Member Zielinski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 994 -82 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA ADOPTING THE REDEVELOPMENT COMMISSION'S INTENTION TO INTEGRATE THE TARGETED JOBS PROGRAM INTO THE TAX ABATEMENT PROCESS. WHEREAS, the South Bend Redevelopment Commission passed Resolution No. 645 on September 25, 1981; and WHEREAS, the primary purpose of economic development activities undertaken by the City of South Bend through the Redevelopment Department is job creation and more specificially the creation of job opportunities for economically and socially disadvantag( persons; and WHEREAS, the granting of tax abatement for the furthering of economic development is beneficial to the company as well as to the City; and WHEREAS, the Targeted Jobs Program was established by the Redevelopment Commission for the purpose of linking publically assisted economic development activities and programs to job opportunities for economically and socially disadvantaged persons; and WHEREAS, the South Bend Common Council concurs with the Redevlopment Commission that tax abatement is an appropriate economic development program to which linkages to the Targeted Jobs Program should be made. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND AS FOLLOWS: SECTION I. The Common Council of the City of South Bend hereby formally adopts and concurs with Resolution 645 of the Redevelopment Commission which integrates the Targeted Jobs Program into the Tax Abatement Process. SECTION II. 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 resolution at this time. Council Member Voorde, indicated that Redevelopment had passed a resolution asking that those receiving tax abatement integrate hiring new employees into the Targeted Jobs Program. Jon Hunt, Director Redevelopment, spoke in favor of this resolution. Council Member Berge made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to combine public hearing on the next two resolutions, seconded by Council Member Beck. The motion carried.