Economic Development Revenue Bonds for Western Manor Community & Corby Homes Community

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RESOLUTION NO. 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 (WESTERN MANOR COMMUNITY AND CORBY HOMES COMMUNITY) 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, Western Manor Community, an Indiana Limited Partnership (Western Manor) and Corby Homes Community, an Indiana Limited Partnership (Corby), with principal offices located in South Bend, Indiana, at 425 N. Michigan Street, presently intends to finance the renovation of affordable residential apartment facilities which are located in the City of South Bend and to develop Daycare and Computer Learning facilities to serve the residents of such housing at both Western and Corby 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 seq., as amended (the "Act "); and WHEREAS, Western Manor and Corby currently provide 252 affordable housing facilities; and WHEREAS, there is a need to preserve affordable rental housing 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 St. 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 day of November, 1996. PRESENTED /1-d5-96 Member, So end Common Council NOT APPROVED ADOPTED