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Authorizing submission of application for grant and loan assistance and repayment of industrial development fund
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Authorizing submission of application for grant and loan assistance and repayment of industrial development fund
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Last modified
5/15/2009 2:14:42 PM
Creation date
10/27/2008 2:33:19 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/23/2000
Ord-Res Number
9154-00
Bill Number
95-00
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ORDINANCE NO. ~ I ~ ~ - b D <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AUTHORIZING THE <br />SUBMISSION OF AN APPLICATION FOR GRANT AND <br />LOAN ASSISTANCE THROUGH THE INDUSTRIAL <br />DEVELOPMENT FUND AND PLEDGING CERTAIN <br />REVENUES TO THE REPAYMENT THEREOF (ROBERT <br />BOSCH CORPORATION RETENTION PROJECT) <br />STATEMENT OF PURPOSE AND INTENT: <br />The City of South Bend, Indiana (the "City") has previously determined to offer <br />certain assistance to Robert Bosch Corporation ("Bosch") in order to induce Bosch to retain and <br />expand its facility in the City. Accordingly, the City and Bosch have agreed to undertake certain <br />activities in connection with the acquisition, demolition, construction, rehabilitation, and <br />environmental remediation of certain Property (the "Site") which Bosch formerly leased from <br />Honeywell (formerly known as Allied Signal), including infrastructure and other site improvements <br />(the "Project") and have memorialized their intentions in an Agreement for the Use and <br />RehabilitationofReai Property (the "Agreement")and Real Property Lease Agreement (the "Lease") <br />(the "Agreement" and the "Lease" sometimes collectively referred to herein as the "Project <br />Documents"). The Agreement provides that the City and Bosch will undertake the Project in return <br />for Bosch's commitment to meet certain levels of employment. In addition, the City has acquired <br />the Site and the City and Bosch have entered into the Lease pursuant to which Bosch will lease the <br />Site from the City. <br />Under the terms of the Agreement, Bosch will repay to City a portion of the funds <br />which the City has committed to the Project (the "Bosch Funds"). In addition, the City intends to <br />H:\Wpdata\PLEDGERE. WPD <br />
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