Economic Development Revenue Bonds for South Bend Heritage Foundation Inc., Greensprings Manor Apartment Project

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RESOLUTION NO. <9 y/6- 96 A RESOLUTION CONSENTING TO THE TRANSFER OF JURISDICTION TO ST. JOSEPH COUNTY, INDIANA REGARDING ECONOMIC DEVELOPMENT FACILITIES AND THE ISSUANCE OF ST. JOSEPH COUNTY ECONOMIC DEVELOPMENT REVENUE BONDS (SOUTH BEND HERITAGE FOUNDATION, INC., GREENSPRINGS MANOR APARTMENT PROJECT) TO FINANCE SAID FACILITIES STATEMENT OF PURPOSE AND INTENT WHEREAS, the City of South Bend, Indiana (the "City "), is a municipal corporation and political subdivision of the State of Indiana and by virtue of IND. CODE §36- 7 -12 -22 is authorized and empowered to adopt this Resolution; and WHEREAS, South Bend Heritage Foundation, Inc., ("SBHF"), an Indiana not - for - profit corporation with principal offices located in South Bend, Indiana, at 914 Lincolnway West, presently intends to finance affordable residential apartment facilities which are to be located in the City of South Bend and which comprise "economic development facilities" within the meaning of IND. CODE §36- 7 -11.9- 3 through the issuance of economic development revenue bonds pursuant to the provisions of IND. CODE 36 -7 -12 et sue., as amended (the "Act "); and WHEREAS, SBHF is experienced in the development of affordable residential facilities, having participated in the development of West Washington Homes and Heritage Homes Southeast projects; and WHEREAS, there is a need for affordable residential apartment units within St. Joseph County; and WHEREAS, due to the county -wide purposes served by said facilities, the Common Council of the City of South Bend wishes to transfer jurisdiction over said facilities and the financing thereof pursuant to the Act to South Joseph County. IND. CODE §36- 7-12-22(b) provides in relevant part that "...economic development facilities that are to be located within the corporate boundaries of a municipality may not be financed by a County without the consent of the fiscal body of the municipality..." NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT the Common Council consents, pursuant to the provisions of IND. CODE §36- 7- 12- 22(b), to the financing of said affordable residential apartment facilities by St. Joseph County, Indiana and its Economic Development Commission, and jurisdiction with respect thereto is hereby transferred to St. Joseph County, Indiana. This Resolution shall be in full force and effect immediately upon its adoption by the Common Council and approval by the Mayor. Dated this 14th day of October, 1996. PRESENTED lc `_N_ % NOT APPROVED ADOPTED /0. /y /� 72 C/ Member, South Bend C mmon Council Filed in Clerk's Office OCT — 8 1996 LOBETTA 4. DUDA CITY CLERK, SO. BEND, IPA.