Approving Revenue Bonds Gates Realty Inc

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ORDINANCE NO. S 2 y e-,? y AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO GATES REALTY, INCORPORATED WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supplemented or added to, including but not limited to the amendments, supplements or additions of IC -1973, 18- 6 -4.5, or any other amend- ments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, Gates Realty, Incorporated has filed an application with the Commission to finance the acquisition of real estate and the construction thereon of an industrial and commercial building (facilities) which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, in connection therewith the Commissions has prepared and placed on file a report containing the subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which the facilities will be located, and has timely received favorable reports from each of them; and WHEREAS, the Commission held a public hearing on the pro- posed financing of such facilities on Q,,_,_g,_,J- 23, 1974, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, on the day of O c;ta -� , 1974, after Common Council of the City of South Bend, Indiana, adopted a resol- ution pursuant to which such financing of such facilities for Gates Realty, Incorporated under the Act was approved after a finding that such proposed financing for such entity would be of benefit to the health or welfare of the City of South Bend, Indiana.