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RESOLUTION NO. /493 -?5
<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
<br /> South Bend, Indiana created the South Bend Economic Development Commission, which
<br /> Commission, following an investigation and survey, has determined that a need exists
<br /> in the community for additional job opportunities and commercial and job opportun-
<br /> ities, commercial diversification, and the general welfare of the community, a finan-
<br /> cing agreement should be entered into with T. Brooks Brademas, or his assigns,
<br /> relating to a project to be known as the "East Race Housing Project"; and
<br /> WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real estate
<br /> located on Niles Avenue in South Bend, St. Joseph County, Indiana, and to acquire and
<br /> rehabilitate buildings thereon, consisting of some 50,000 square feet; and,
<br /> WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the prin-
<br /> cipal user of such Economic Development Facilities, the South Bend Common Council
<br /> 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. Joseph
<br /> County, Indiana, resulting in benefit to the welfare of the public in the City of
<br /> South Bend and in St. Joseph County, Indiana.
<br /> NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows:
<br /> SECTION 1. That approval is hereby given to the application of T. Brooks
<br /> Brademas relating to the acquisition of such real estate and the rehabilitation of
<br /> the buildings thereon, wherein Industrial Revenue Bonds would be issued by the City
<br /> of South Bend, Indiana, for an amount not exceeding $985,000.00 repayable with
<br /> interest thereon over a period of time and with a maturity date which does not extend
<br /> beyond thirty (30) years after the issue date.
<br /> SECTION 2. In order to encourage, induce and solicit such application by
<br /> T. Brooks Brademas for such Industrial Revenue Bond issue relating to the acquisition
<br /> and rehabilitation of such Economic Development Facilities, the South Bend Common
<br /> Council shall proceed to cooperate with and take such action as may be necessary in
<br /> the drafting of documents or the performance of such other acts as will facilitate
<br /> the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to
<br /> provide funds to be used toward the payment of the costs of acquiring such real
<br /> estate and the rehabilitation of such Economic Development Facilities.
<br /> SECTION 3. Any costs or expenses incurred in connection with the East Race
<br /> Project shall be included in the project costs and reimbursed from the proceeds of
<br /> the Industrial Revenue Bonds to be issued with respect thereto.
<br /> SECTION 4. That the liability and obligation of the South Bend Common
<br /> Council and the City of South Bend, Indiana, shall be limited solely to the good
<br /> faith efforts to consummate such proceedings and issue such Bonds, and neither the
<br /> South Bend Common Council nor the City of South Bend, Indiana, or its officers or
<br /> agents, shall incur any liability whatsoever if for any reason the proposed issuance
<br /> of such Bonds is not consummated.
<br /> The resolution adopted by the South Bend Common Council of the City of
<br /> South Bend, Indiana, this day of , 1985.
<br /> SOUTH BEND COMMON COUNCIL
<br /> By:\ /-(/'cam L
<br /> Member of the Common uncil
<br /> FILED IN CLERK'S OFFICE
<br /> PRESENTED s z8 "Y
<br /> NOT APPROVED MAY 2 '_ 1985
<br /> ADOPTED $ a•P 0- IRENE GAMMON
<br /> CITY CLERK, SO. SEND, IN
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