HomeMy WebLinkAboutInducement Resolution relating to the Hablin Company, Inc. ProjectRESOLUTION
NO. 689 -79
Passed by the Common Council of the City of South Bend, Indiana
Attest:
Attest:
March 26
Presented by me to the Mayor of the City of South Bend, Indiana
March 27
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City Clerk
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Approved and signed by me ��'�') oc.& c.(_ a 91
of Common Council
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City Clerk
RESOLUTION NO. 'o g 9 - -?
AN INDUCEMENT RESOLUTION RELATING
TO THE HABLIN COMPANY, INC. 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 heretofore has 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 iiablin Company, Inc., or its assigns, relating to a project
to be known as the "Hablin Company, Inc. Project "; and
WHEREAS, Hablin Company, Inc. is an existing corporation
established in the trade or business of renting commercial and
office property and desires to expand substantially its operations
with the result that it will obtain a substantial number of new
tenants who will employ a substantial number of employees and be
the principal users for such purpose of a building on real estate
located in the City of South Bend, Indiana, which real estate is
now owned by parties commonly referred to as the Livingston heirs,
and which property comprises a 3 story building located on real
estate described as 42 feet in width north and south taken off of the
entire length of the north side of Lot 287 as shown on the original
Plat of the Town, now City of South Bend; and
WHEREAS, to induce Hablin Company, Inc., 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 Hablin
Company, Inc. Project will increase job opportunities and commercial
diversification in South Bend, Indiana, resulting in 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:
SECTION 1. That approval is hereby given to the application
of Hablin Company, Inc., or its assigns, relating to the acquisition
of such building and real estate located in South Bend, Indiana, and
the construction and reconstruction of the same wherein Industrial
Revenue Bonds would be issued by the City of South Bend, Indiana,
for an amount not exceeding Five Hundred Thirty Thousand ($530,000.00)
Dollars, 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 Hablin Company, Inc., or its assigns, for such
Industrial Revenue Bond issue relating to the acquisition and
construction and reconstruction of such Economic Development
Facilities, the South Bend Economic Development Commission on
behalf of the City of South Bend, Indiana, 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 for the acquisition and construction and reconstruction
of such Economic Development Facilities.
SECTION 3. Any costs or expenses incurred in connection
with said Hab in Company, Inc. Project shall be included in the
project costs and reimbursed from the proceeds of the Industrial
Revenue Bonds to be issued with respect thereto.
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 approval by the Mayor.
Member of the Common Council
FILED 1A, clup' 's gr m ra
MAR 2 ) 1979
Irene Gcirnmorl
CITY CLEP.K,SOUTH BEND,IND.
PRESENTEQ ' eZ �• - % Sr
X t xPFp-CM
ADOPTEEr! 3 ' a ?F
Hablin Company, Inc.
231 South Michigan Street • Mailing Address: Post Office Box 1022 • South Bend, Indiana 46601
March 21, 1979
South Bend Common Council
4th Floor
County -City Building
227 W. Jefferson
South Bend, Indiana 46601
Re: Project of Hablin Company, Inc.
for Economic Development
Commission Revenue Bond
Financing
Dear Council Members:
There has been submitted for your consideration
an Inducement Resolution for Hablin Company, Inc. of a
proposed Economic Development Commission Bond financing
which would be in the total amount of $530,000.00 for
the acquisition of the north 42 feet of property commonly
known as the Frances Shop building and the refurbishing
of that structure for purposes of leasing to tenants. The
corporation has previously purchased the south 24 feet of
the Frances Shop and, when completed, the entire structure
will then be owned by Hablin Company, Inc.
This matter is presented to the Council by way of
an Inducement Resolution so that the corporation may proceed
to negotiation for the purchase of the building while Economic
Development Commission financing is being completed.
Very truly yours,
HA IN COMPA , INC.
DLH:mc
avid Rumpf,
Controller