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HomeMy WebLinkAboutInducement Resolution of the City of South Bend relating to Michiana Telecasting Corp.RESOLUTION Passed by the Common Council of the City of South Bend, Indiana Attest: 1-si11• : • HIM /C /--� -C (f "-- Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by Clerk Of Common Council 41-" - City Clerk kv 19-�T—) - RESOLUTION NO.`S?- INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO MICHIANA TELECASTING CORP. 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 investi- gation and survey, has determined that need exists in the community for additional job opportunities and commercial and industrial diversification. That in order to improve and pro- mote job opportunities, commercial diversification and the ' general welfare of the community, certain contractual agreements should be entered into with Michiana Telecasting Corp. relating and allowing it to construct and equip a building to be an ` economic development facility used to operate a radio and telecasting station at the northeast corner of Dorr Road and i U.S. 31 -33, St. Joseph County, Indiana. WHEREAS, the economic welfare of the City would be benefited i by the acquisition and building of economic development facilitie pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and I WHEREAS, Michiana Telecasting Corp., an Indiana corporation i� ( "Michiana ") purposes to acquire, build, and purchase equipment for an economic development facility as defined in the Act for the operation of a radio and telecasting station if the City will finance costs of such economic development facilities pur- suant to the Act and it is apparent that the development of this I ! project will increase job opportunities and commercial diversi- fication in the City of South Bend, and St. Joseph County, Indiana, resulting in benefit to the welfare of the public in the City of South Bend and St. Joseph County, Indiana; and j WHEREAS, to induce Michiana to develop this project and i become the principal user thereof, the South Bend Common Council i �� desires to adopt this resolution. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. Approval is hereby given to the application of Michiana relating to the acquisition of such economic development facili- ties, and the installment of other such facilities wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana for an amount not exceeding Three Million Dollars ($3,000,000.00), payable with interest thereon at a rate or rates to be determined prior to sale of said bonds over a term not to exceed twenty -five (25) years from and after the economic development facilities are all placed in use. 2. In order to encourage, induce and solicit such applica- tion by Michiana for such Industrial Revenue Bond issue relating to its acquisition and installation of such Economic Development j Facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary to cause such Industrial Revenue Bonds to be issued including 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 the purchase and building for an economic development facility. 3. Any costs or expenses incurred in connection with the said Michiana project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, shall be limited solely to good faith efforts to consummate such proceedings and issue such bonds, and neither the South Bend Common Council nor the City of South Bend, Indiana, or its officers or agents, shall incur any liability whatsoever if for any other reason the proposed issuance of such bonds is not consummated. - 2 - 5. Michiana may proceed with the acquisition and construc- Ition of the economic development facilities in reliance upon this resolution. 6. This resolution shall be in full force and effect from and after its passage by the Common Council of the City !of South Bend and approval by the ayor. Member of the Common Council PRESENTED /,I _b'- ed NOT APPROYED ADOPTED 1 a - - 3 - CCEfa9fi.�07 ClIY iitY, '�FH BcPeD, IND.