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REGULAR MEETING OCTOBER 8, 1979
<br />REGULAR MEETING RECONVENED (CONTINUED)
<br />NOW, THEREFORE, on the basis of such findings, and after such investigation duly made by
<br />this Common Council, BE IT HEREBY RESOLVED:
<br />1. That the above described downtown area of South Bend, Indiana, is declared
<br />a blighted area constituting a menace to the social and economic interest of
<br />the City of South Bend, Indiana and its inhabitants.
<br />2. That it will be of public utility and benefit to encourage redevelopment
<br />of the area through the provisions of I.C. §6 -1.1- 12.1 -1 through I.C. §§6 -1.1-
<br />12.1-6, inclusive.
<br />3. That such area so described is hereby declared and found to b an Urban
<br />Development Area for purposes of I.C. 96 -1.1- 12.1 -1 through I.C. 16 -1.1- 12.1 -6
<br />inclusive, which area in South Bend, Indiana is located within the following
<br />general boundaries as shown above.
<br />/s /Joseph T. Serge
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Charles Clark an employee of the
<br />Holladay Corporation, indicated they were planning to build an office facility in Block 6,
<br />which has been deemed an urban development area. He indicated that it was paramount that they
<br />receive tax abatement. He indicated that the purchase of their Economic Development Bonds de-
<br />pended upon receiving this abatement. He indicated they were in a construction bind and had to
<br />receive this abatement tonight. Mr. Carl Ellison indicated that the Redevelopment Commission
<br />supported the urban development area for this particular project. He said this abatement
<br />is essential to make the project work. Mr. Jim Cook, a partner in Anchor Realty, indicated
<br />that he would suggest that this resolution be adopted. He said their project could wait until
<br />next meeting, however, timing was critical in this situation due to weather. Council Member
<br />Horvath made a motion to amend this resolution by adding to the title "Relating to the River
<br />Glen Office Plaza Associates Project ", seconded by Council Member Dombrowski. The motion car-
<br />ried. Council Member Miller made a motion to adopt this resolution, seconded by Council Member
<br />Taylor. The resolution was adopted by a roll call vote of eight ayes.
<br />RESOLUTION NO. 727 -79
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO SOUTH BEND TOOL AND DIE, CO., INC.
<br />WHEREAS, at the present time there are insufficient employment opportunities and insufficeni
<br />diversification of business, commerce and industry in and near the City of South Bend, Indiana
<br />(the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition and con -
<br />struction of economic development facilities pursuant to the provisions of Indiana Code
<br />18 -6 -4.5 (the "Act:); and
<br />WHEREAS, South Bend Tool and Die Co., Inc., an Indiana corporation ( "Tool and Die ")
<br />proposed to acquire and construct economic development facilities as defined in the Act for
<br />the use of South Bend Fabricating Co., ( "Fabricating ") a wholly owned subsidiary of Tool and
<br />Die if the City will finance costs of such economic development facilities pursuant to the
<br />Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application by
<br />Tool and Die for the issuance of City of South Bend Economic Development Bonds in an amount
<br />not to exceed Six Hundred Thousand and no /100 Dollars ($600,000.00) repayable with interest
<br />thereon at a rate of eight and one -half percent (8 -1/2 %) per annum over a period of fifteen
<br />(15) years in order to construct a new industrial plant containing approximately 16,500 square
<br />feet resulting in an increase of approximately five (5) employees of Fabricating with an in-
<br />creased annual payroll of approximately Eighty Thousand and no /100 Dollars ($80,000.00) per
<br />year.
<br />NOW, THEREFORE, the Common Council of the CIty of South Bend, Indiana resolves as follows:
<br />1. The Project constitutes economic development facilities which shall be financed by
<br />the City through the issuance of revenue bonds pursuant to the Act and the City is willing,
<br />upon compliance with all provisions of Indiana law, to authorize approximately Six Hundred
<br />Thousand and no /100 Dollars ($600,000.00) of its revenue bonds, which bonds will not be
<br />general obligations of the City but will be payable solely from the limited sources authorized
<br />and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City and will
<br />comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with acquisition and construction of the economic development
<br />facilities in reliance upon this resolution.
<br />/s /Joseph T. Serge
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth. Fedder, attorney for the
<br />Economic Development Commission, indicated this was an inducement resolution for a $600,000
<br />bond issue to construct a new industrial plant. He said if this is approved by the Economic
<br />Development Commission, it will come back to the Council in ordinance form. Council Member
<br />Adams made a motion to adopt this resolution, seconded by Council Member Dombrowski. The
<br />resolution was adopted by a roll call vote of eight ayes.
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