HomeMy WebLinkAboutInducement Resolution relating to East Bank Center Partnership ProjectRESOLUTION
NO. 813 -80
Passed by the Common Council of the City of South Bend, Indiana,
September 15, 19 80 .
Attest: �-c� -K r- /t— City Clerk
L` � /
Attest: ., president of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 16, 19 80
7
City Clerk
Approved and signed by me 1 19 F0.
D�-
Mayor
RESOLUTION NO. 813 -80
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: East Bank Center Partnership Project
WHEREAS, at the present time there are insufficient em-
ployment opportunities and insufficient diversification of business,
commerce and industry in and near the City of South Bend, Indiana
(the "City "); and
WHEREAS, the economic welfare of the City would be bene-
fited by the acquisition and construction of economic development
facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the
"Act "); and
WHEREAS, East Bank Center Partnership, an Indiana partner-
ship, comprised of Thomas J. Suddes, Donald C. Bullock, Michael G.
Suddes, David L. Foster, William B. Beedie and James Yoder, ( "East
Bank Center ") proposes to acquire and construct economic develop-
ment facilities as defined in the Act if the City will finance
costs of such economic development facilities pursuant to the Act;
and
WHEREAS, the South Bend Economic Development Commission
has received an application by East Bank Center for the issuance
of City of South Bend Economic Development Bonds in an amount of
approximately Three Million Five Hundred Thousand and no /100 Dol-
lars ($3,500,000.00), which bonds would bear interest thereon at
the prevailing market rates at the time of issuance over a period
not to exceed twenty -five (25) years in order to purchase and
renovate the former Indiana and Michigan Electric Company service
building located at 401 East Colfax Street, South Bend, Indiana,
for use as an office and commercial building.
NOW, THEREFORE, the Common Council of the City of South
Bend, Indiana resolves as follows:
1. The project constitutes economic development facil-
ities which shall be financed by the City through the issuance of
economic development revenue bonds pursuant to the act and the
City is willing, upon compliance with all provisions of Indiana
law, to authorize approximately Three Million Five Hundred Thou-
sand and no /100 Dollars ($3,500,000.00). of its revenue bonds,
which bonds will not be general obligations of the City but will
be payable solely from the limited sources authorized and permit-
ted by the Act.
2. The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act.
3. The Partnership may proceed with acquisition and
construction of the economic development facilities in reliance
upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to.the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission, and the City of South Bend, Indiana, their officers
or agents, shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and ap-
proval by the Mayor.
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Member of the Common Council
Cl
Irene Gammon
CITY CLERK, SOUTH BEND,IND.
PRESENTED O "
NOT APPROVED
ADOPTED 9 - /s "-�