Inducement Resolution of the City of South Bend Mill Race, Indiana Limited Partnership Project

Home Browse Search

WHEREAS, the proceeds of the Bonds will be used by the Company to acquire and construct facilities for use as a multi-family housing facility located along the East Race of the St. Joseph River between Washington and Colfax Streets, East Bank Development Area parcels 3-3 and 3-4, South Bend, Indiana, which facility shall result initially in approximately eighty-four (84) new full-time jobs with an annual payroll of approximately Eight Hundred Forty Thousand Dollars ($840 ,000 . 00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize not to exceed Twenty Million and no/100 Dollars ($20 , 000 , 000 . 00) of its revenue bonds, which Bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act . 2 . The proposed financing will be of benefit to the economic welfare of the City, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3 . The Company may proceed with acquisition and con- struction of the economic development facilities in reliance upon this resolution. -2-