Approving Economic Development Revenue Bonds $20,000,000.00 Southfield Village, Inc.

Home Browse Search

RESOLUTION NO. J2 '6 - 1 1 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE FINDING OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WITH RESPECT TO THE ISSUANCE OF NEW MONEY REVENUE BONDS IN THE AMOUNT NOT TO EXCEED TWENTY MILLION AND 00 /100 DOLLARS ($20,000,000.00) FOR THE FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES TO BE UNDERTAKEN BY SOUTHFIELD VILLAGE, INC., AND AUTHORIZING AND COMMITTING THE CITY OF SOUTH BEND, INDIANA, TO PROCEED WITH SUCH PROJECT, SUBJECT TO FINAL ACTION BY THIS COMMON COUNCIL WITH RESPECT TO THE TERMS AND CONDITIONS OF SUCH FINANCING WHEREAS, the City of South Bend, Indiana (the "City ") is authorized by IC 36 -7 -11.9 and 12 (the "Act ") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction, installation and equipping of said facilities; and WHEREAS, Southfield Village, Inc. ( "Southfield "), has advised the City that there is under consideration a proposal of Southfield for the acquisition, construction, installation and equipping of a senior living facility consisting of a sixty (60) bed skilled nursing facility and sixty- four (64) assisted living units located near the intersection of Miami and Kern Roads in the City (the "Project "); and WHEREAS, the total cost of the Project is presently estimated to be approximately Twenty Million and 00 /100 Dollars ($20,000,000.00), plus incidental costs of issuance of economic development revenue bonds; and