HomeMy WebLinkAboutInducement Resolution relating to the Niles Avenue Partnership ProjectRESOLUTION
N0. 722 -79
Passed by the Common Council of the City of South Bend,
September 24 79
1Q
Attest: j� ""—' " ` City Clerk
,'L Liiy1/ President of Common Council
Presented by me to the Mayor of the City of South Bend, I
September 25 19 79
City Clerk
Approved and signed by me &.".) a s , 19_Q�
RESOLUTION No. 2,9.2- 297
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 will be an Indiana Limited Partner-
ship which will be formed to engage in the trade or business of acquiring of
real estate and holding for investment and development of unimproved or improved
real estate and is presently the intended purchaser 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
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 1. That approval is hereby given to the application of
Niles Avenue Partnership, or its assigns, relating to the purchase of land and
and the restoration, rehabilitation and development of such economic development
facilities under an arrangement whereby the cost of such land, 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 Seven Hundred Fifty Thousand ($750,000.00) 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 land purchase, 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 docu-
ments 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
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.
PRESENTED I'°�2 %9
NOT APPROVED
ADOPTED 9- � y 7/ Q
c�
Member of tfie C m n Council
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CITY 0LERlt, SOUTH 6E!�, Ik?.