Indecement Resolution Relating to the Center City Housing Project

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RESOLUTION NO. I O Qa-43 AN INDUCEMENT RESOLUTION RELATING TO THE CENTER CITY HOUSING PROJECT WHEREAS, pursuant to I.C. 18-6-4.5, the Common Council of the City of South Bend, Indiana created the South Bend Economic Development Commission, which Commission, following an investigation and survey, has determined that a need exists in the community for additional job opportunities and commercial and job opportunities, commercial diversi- fication, and the general welfare of the community, a financing agree- ment should be entered into with T. Brooks Brademas, or his assigns, relating to a project to be known as the "Center City Housing Project"; and WHEREAS, T. Brooks Brademas proposes to acquire parcels of real estate located on Colfax Avenue, Washington Street and Jefferson Blvd. , in South Bend, St. Joseph County, Indiana, and to acquire and rehabilitate buildings thereon, consisting of some 70,000 square feet; and, WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the principal user of such Economic Development Facilities, the South Bend Common Council desires to adopt this resolution; and, WHEREAS, it is apparent that the development of the Center City Housing Project will increase job opportunities and commercial diversification in St. Joseph County, Indiana, resulting in benefit to the welfare of the public in the City of South Bend and in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows: SECTION 1. That approval is hereby given to the application of T. Brooks Brademas relating to the acquisition of such real estate and the rehabilation of the buildings thereon, wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana, for an amount not exceeding $1,250,000 repayable with interest thereon over a period of time and with a maturity date which does not extend beyond thirty (30) years after the issue date. SECTION 2. In order to encourage, induce and solicit such application by T. Brooks Brademas for such Industrial Revenue Bond issue relating to the acquisition and rehabilitation of such Economic Development Facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquiring such real estate and the rehabilitation of such Economic Development Facilities. 4 Ttr