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RESOLUTION NO. 1337-8r
<br /> AN INDUCEMENT RESOLUTION RELATING
<br /> TO THE EAST RACE HOUSING PROJECT
<br /> WHEREAS, pursuant to I.C. 18-6-4.5, the Common Council of the City of South
<br /> Bend, Indiana created the South Bend Economic Development Commission, which
<br /> Commission, following an investigation and survey, has determined that a need
<br /> exists in the community for additional job opportunities and commercial and
<br /> industrial diversification. That in order to improve and promote job
<br /> opportunities, commercial diversification, and the general welfare of the
<br /> community, a financing agreement should be entered into with T. Brooks Brademas
<br /> or his assigns, relating to a project to be known as the "East Race Commercial
<br /> Project"; and
<br /> WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real
<br /> estate located on Niles Avenue, in South Bend, St. Joseph, County, Indiana, and
<br /> to acquire and rehabilitate buildings thereon, consisting of some 50,000 square
<br /> feet; and,
<br /> WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the
<br /> principal user of such Economic Development Facilities, the South Bend Common
<br /> Council desires to adopt this resolution; and,
<br /> WHEREAS, it is apparent that the development of the East Race Housing
<br /> Project will increase job opportunities and commercial diversification in St.
<br /> Joseph County, Indiana, resulting in benefit to the welfare of the public in the
<br /> City of South Bend and in St. Joseph County, Indiana.
<br /> NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as
<br /> follows:
<br /> SECTION 1 . That approval is hereby given to the application of T.
<br /> Brooks Brademas relating to the acquisition of such real estate and the
<br /> rehabilitation of the buildings thereon, wherein Industrial Revenue Bonds would
<br /> be issued by the City of South Bend, Indiana, for an amount not exceeding
<br /> $2,500,000.00 repayable with interest thereon over a period of time and with a
<br /> maturity date which does not extend beyond thirty (30) years after the issue
<br /> date.
<br /> SECTION 2. In order to encourage, induce and solicit such application
<br /> by T. Brooks Brademas for such Industrial Revenue Bond issue relating to the
<br /> acquisition and rehabilitation of such Economic Development Facilities, the
<br /> South Bend Common Council shall proceed to cooperate with and take such action
<br /> as may be necessary in the drafting of documents or the performance of such
<br /> other acts as will facilitate the issuance of such Industrial Revenue Bonds by
<br /> the City of South Bend, Indiana, to provide funds to be used toward the payment
<br /> of the costs of acquiring such real estate and the rehabilitation of such
<br /> Economic Development Facilities.
<br /> SECTION 3. Any costs or expenses incurred in connection with the East
<br /> Race Project shall be included in the project costs and reimbursed from the
<br /> proceeds of the Industrial Revenue Bonds to be issued with respect thereto.
<br /> SECTION 4. That the liability and obligation of the South Bend
<br /> Common Council and the City of South Bend, Indiana, shall be limited solely to
<br /> the good faith efforts to consummate such proceedings and issue such Bonds, and
<br /> neither the South Bend Common Council nor the City of South Bend, Indiana, or
<br /> its officers or agents, shall incur any liability whatsoever if for any reason
<br /> the proposed issuance of such Bonds is not consummated.
<br /> This resolution adopted by the South Bend Common Council of the City
<br /> of South Bend, Indiana, this day of , 1985.
<br /> SOUTH BEND COMMON COUNCIL
<br /> FILED IN CLERK'S OFIJC ,� _�, 1�
<br /> PRESENTED ,9- y_I,$- SEP tuber of the Comm/ . . cil
<br /> NOT APPROVE@ 4 1985
<br /> ADop,Ers �-9.. s,. IRENE GAMMON
<br /> CITY CLERK, SO. BEND, IN
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