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HomeMy WebLinkAboutInducement Resolution relating to the Niles Avenue Partnership ProjectRESOLUTION NO. 822 -80 Passed by the Common Council of the City of South Bend, Indiana, OCTOBER 13, 19 80. Attest: �—K}- r City Clerk Attest: v ✓ President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana City Clerk Approved and signed by me l/ / ' 19 0- d Mayor RESOLUTION No. $ AN INDUCEMENT RESOLUTION RELATING TO THE NILES AVENUE PARTNERSHIP 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 has heretofore investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial and industrial diversification within the City of South Bend, Indiana, and in order to improve and promote job opportunities, commercial diversification and the general welfare of the area within the City of South Bend, Indiana, a financing agreement should be entered into with "NILES AVENUE PARTNERSHIP" or its assigns, relating to a project to be known as the "NILES AVENUE PARTNERSHIP PROJECT "; and WHEREAS, Niles Avenue Partnership is an Indiana Limited Partnership which was formed to engage in the trade or business of acquiring of real estate and holding for investment and development of improved or unimproved real estate and is presently the owner of land located on Jefferson Boulevard and Niles Avenue in the City of South Bend, Indiana, and desires to restore, rehabilitate and develop the present commercial buildings located thereon for mixed retail and /or office areas containing approximately Twenty -one Thousand (21,000) square feet and to lease said areas to commercial enterprises and tenants, which project is anticipated to create Twenty -five (25) new jobs; and, further, to retire and pay in full a prior Industrial Revenue Bond issue in the amount of Seven Hundred Fifty Thousand ($750,000.00) Dollars passed by the Common Council of the City of South Bend, Indiana, on December 3, 1979; and WHEREAS, to induce Niles Avenue Partnership, or its assigns, to become the principal user of such economic development facilities, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that the development of the "NILES AVENUE PARTNERSHIP PROJECT" will increase job opportunities and commercial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana, and in St. Joseph County, Indiana. NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. Section L. That approval is hereby given to the application of Niles Avenue Partnership, or its assigns, relating to the retirement and payment of the prior Industrial Revenue Bond issue of Seven Hundred Fifty Thousand ($750,000.00) Dollars, and the further restoration, rehabilitation and development of such economic development facilities under an arrangement whereby the cost of such prior Industrial Revenue Bond issue and restoration, rehabilitation and development would be paid from the proceeds of the Industrial Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding One Million ($1,000,000.00) Dollars, repayable with interest thereon over a period of time and with a maturity date which does not exceed beyond Twenty (20) Years after the issue date. 2. Section 2. In order to encourage, induce and solicit such application by Niles Avenue Partnership for such Industrial Revenue Bond issue relating to the retirement and payment of the prior Industrial Revenue Bond issue and restoration, rehabilitation and development of such economic development facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, shall proceed to cooperate with and take such action as may be necessary in the approval and drafting of documents or the performing of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend to provide funds to be used in the land purchase and restoration, rehabilitation and development of such economic development facilities. 3• Section 3. Any costs or expenses incurred in connection with said "NILES AVENUE PARTNERSHIP PROJECT" shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. PAGE TWO 4. Section 4. 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 approved by the Mayor. Member of the Common ouncil PRESENTED /c7 - /3 -S-& NOT APPROVED ADOPTED /p -/,3- 6:V -2- FILED IN CLE011 OFFICE OCT 8 1980 Irene Gammon CITY CLERK, SOUTH BEND, IND.