Loading...
HomeMy WebLinkAboutFinding and adjudging the refinancing of facilities for R. Lee Fagen d/b/a Fagen EnterprisesRESOLUTION No. 444 -74 Passed by the Common Council of the City of South Bend, Indiana, OCTOBER 14, 19 74 Attest: q ^ " r City Clerk Attest: L`` = - /'�✓ �i r t P esiden of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana OCTOBER 15, 19 74 Approved and signed by me S44w�� /d 19 / City Clerk Mayor RESOLUTION NO. X/ ti y- '7 q A RESOLUTION FINDING AND ADJUDGING THAT THE REFINANCING OF FACILITIES FOR R. LEE FAGEN d /b /a FAGEN ENTERPRISES, BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO SUCH FACILITIES FOR SUCH ENTITY WILL BE OF BENEFIT TO THE HEALTH OR WELFARE OF THIS MUNICIPALITY, AND APPROVING THE REFINANCING THEREFOR. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supplemented or added to, including but not limited to the amendments, supplements or additions of P.L. 182, IC -1973, 18- 6 -4.5, or any other amendments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, R. Lee Fagen, d /b /a Fagen Enterprises, has filed an application with the Commission to refinance the acquisition of real estate and the construction thereon of an industrial and commercial facilities which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the City of South Bend, Indiana, has previously issued a bond to finance a project pursuant to Ordinance No. 5543 -73 in the amount of $240,000.00 but said amount is not sufficient to complete the project, it is necessary to issue an additional Economic Development Revenue Bond in the amount of $60,000.00 to complete the project. WHEREAS, in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 16, of P.L. 182, IC -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of Which the facilities will be located, and has received favorable reports from eaCb of them; and WHEREAS, the commission Tkeeld a public hearing on the proposed refinancing of such facilities on L-, 4/ , 1974, after giving the required notice as provided for in Section 16 of P.L. 182, IC -1973, 18- 6 -4.5,; and WHEREAS, THE COMMISSION at -such meeting by a duly adopted written resolution, incorporated herein by reference, found that the proposed refinancing complies with the purposes and provision: of the Act. and approved such refinancing, including, but not limited to, the forms and terms of the financing agreement consisting of the Lease financing Agreement and Trust Indenture and the Bond; and WHEREAS, THIS COMMON COUNCIL of the City of South Bend, Indiana now finds that the proposed refinancing of such facilities for R. Lee Fagen, d /b /a Fagen Enterprises, will be of benefit to the health or welfare of the City of South Bend, Indiana, and that, accordingly, this resolution should be adopted. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana that: Section 1. Such refinancing for R. Lee Fagen d /b /a Fagen Enterprises, under the Act be and the same is hereby approved. Section 2 . This resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. PRESENTED BY 4'1 Councilman U \_� Passed and adopte4by the Common Council of the City of South Bend, Indiana, on the iN Attest: City Clerk day of 0 1t;_� , 1974. 's P esident of C unci Presented by me to the Mayor of the City of South Bend, Indiana, on the /_sr,L day of hour of '/ : ct-z /-' . M. L07 -, -�— , 1974 at the City Clerk This resolution approved and signed by me on the day of �� , 1974, at the hour of 1--30 IP M. Attest: PRESENTED NOT APPROVED /o -/v --? y ADOPTED / 6- i ti - '7 q FILED IN CLERK'S OFFICE SEP301974 Irene Gammon CITY CLERK, SOUTH BEND IND.