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05-26-15 Agenda, Packet & Committee Meeting Notice
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05-26-15 Agenda, Packet & Committee Meeting Notice
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/26/2015
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RESOLUTION NO. 2015-01 <br />A RESOLUTION OF THE <br />SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION <br />AMENDING RESOLUTION NO. 2014-3 WHICH PROVIDED <br />PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE <br />PURPOSE OF FINANCING CERTAIN ECONOMIC DEVELOPMENT <br />FACILITIES FOR NOBLE AMERICAS SOUTH BEND ETHANOL, LLC <br />WHEREAS, the South Bend Economic Development Commission (the <br />"Commission ") is a commission operating and existing under and pursuant to the authority of <br />Indiana Code 36 -7 -11.9 and 12, as supplemented and amended (the "Act "); and <br />WHEREAS, the Commission is authorized by the Act to investigate, study, and <br />survey the need for job opportunities, industrial diversification, water services and pollution <br />control facilities in the City of South Bend, Indiana (the "City. "), and to recommend action to <br />improve or promote job opportunities, industrial diversification, water services and the availability <br />of pollution control facilities in the City; and <br />WHEREAS, the City may issue revenue bonds pursuant to the Act for the financing <br />of "economic development facilities" or "pollution control facilities" as each are defined by the <br />Act, the funds from said financing to be used for the acquisition, renovation, construction, <br />installation and equipping of said facilities, and said facilities to be either leased to another person <br />or directly owned by another person; and <br />WHEREAS, Noble Americas Corp:, on behalf of its subsidiary Noble Americas <br />South Bend Ethanol, LLC, (the "Applicant ") previously requested that the Commission give <br />preliminary approval to the issuance of economic development revenue bonds under the Act in an <br />aggregate principal amount not to exceed $25,000,000 which request includes the financing by the <br />Applicant of certain economic development facilities consisting of the acquisition, construction, <br />installation and equipping of, including, but not limited to, grain drying systems, process <br />technology upgrades, boilers, cooling towers; water treatment, tanks, piping systems, CIP system, <br />and any other facilities and equipment which may be financed through the issuance of economic <br />development revenue bonds (the "Project ") in conjunction with the Applicant's renovation of the <br />ethanol production facility located at 3201 West Calvert Street in the City; and <br />WHEREAS, on March 21, 2014, the Commission adopted Resolution 2014 -3 <br />entitled "A Resolution of the South Bend Economic Development Commission Providing <br />Preliminary Approval of the Issuance of Bonds for the Purpose of Financing Certain Economic <br />Development Facilities for Noble Americas South Bend Ethanol, LLC" (the "Inducement <br />Resolution'), which resolution provided preliminary approval for the issuance of economic <br />development revenue bonds of the City in the aggregate principal amount not to exceed <br />$25,000,000 under the Act to finance the acquisition and installation of the Project under a <br />financing agreement whereby the proceeds of such bonds would be utilized to acquire, construct <br />EXHIBIT A <br />US.56424951.01 <br />
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