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

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BARNES et THORNBURG 600 1ST SOURCE BANK CENTER 1913 MERCHANTS BANK BUILDING FEDERAL BAR BUILDING II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET, N.W. D.0 INDIANAPOLIS, INDIANA 46204 SOUTH BEND, INDIANA 46801 WASHINGTON, 19171 638-1313 12191 233-1171 305 FIRST NATIONAL BANK BUILDING 301 SOUTH MAIN STREET TWX 810-341-3427 B&T LAW IND ELKHART,INDIANA 46516 12191293-0681 TELECOPIER 12191 237-1125 MARK C. KRCMARIC May 20, 1985 HAND DELIVERED Members of the South Bend Common Council County-City Building South Bend, Indiana 46601 Re: Mill Race, an Indiana Limited Partnership Project: Proposed Inducement Resolution Dear Councilmen: The South Bend Economic Commission has received an ap- plication from Mill Race for an industrial revenue bond in the approximate principal amount of $20 ,000,000 . 00 for the acquisi- tion of land and construction of a 17-story multi-family housing facility to be located along the East Race of the St. Joseph River, between Washington and Colfax Streets. It is anticipated that the proposed economic develop- ment facility will result in the creation of eighty-four (84) new full time jobs, with an annual payroll of at least $840 ,000 . 00 . The Economic Development Commission unanimously passed an inducement resolution with respect to this Project on May 17, 1985. We ask that the enclosed City of South Bend Inducement Resolution be considered at your May 28 , 1985 meeting. Very truly yours, BARNES ��& THORNBURG Mark C. Krcmaric Bond Counsel MCK:mcr Enclosures: City of South Bend Inducement Resolution (2 copies) cc: Kenneth P. Fedder, Esq.