HomeMy WebLinkAboutThe matter of First Bank and Trust Company RESOLUTION
331-72
Passed by the Common Council of the City of South Bend, Indiana,
SEPTEMBER 25 '
19
Attest: "" � � -�"`�'""�'--� City Clerk
1
Attest: 't President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
SEPTEMBER 26 19 72
� Z City Clerk
Approved and signed by me
Mayor
U Q
S
RESOLUTION NO. 331-72
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN THE MATTER
OF FIRST BANK AND TRUST COMPANY OF SOUTH BEND, INDIANA
TRUSTEE FOR LAND TRUST #29-5121 , THE OWNER OF SAID LAND
TRUST BEING A .G.A. REALTY COMPANY OF SOUTH BEND, AN
INDIANA PARTNERSHIP .
WHEREAS , the First Bank and Trust Company of South Bend as Trustee for
Land Trust #29-5121 has submitted its intention to the Economic Development
Commission of South Bend to build a new commercial building on the approximate
0. 170 acre tract located on the north side of the 100 block of West Washington
Street, South Bend, Indiana and said property is within the R-66 Urban Renewal
Plan.
WHEREAS , the Economic Development Commission, pursuant to the statute,
has found by written resolution that there exists insufficient employment opportunities
and that the economic welfare of the City of South Bend, Indiana would be benefited
and the purpose of the statute would be accomplished by the acquisition and leasing
of the above described property to the First Bank and Trust Company of South Bend as
Trustee for Land Trust #29-5121 , and
WHEREAS , the First Bank and Trust Company of South Bend as Trustee for
Land Trust #29-5121 has submitted a statement of public service to the above Economic
Development Commission of the City of South Bend and said Commission has forwarded
this statement of public service with their approval and comments to the South Bend
School Corporation, a copy of which is attached, and
WHEREAS , the affirmative response and analysis of the South Bend School
Corporation has been received as presented to the Clerk of the City of South Bend
and attached, and
WHEREAS , the statement of public service by First Bank and Trust Company of
South Bend as Trustee for Land Trust #29-5121 and the Economic Development Commission
of the City of South Bend have been submitted for approval and comments to the Area
Plan Commission of St. Joseph County and the affirmative action and comments of the
Area Plan Commission have been received by the Clerk of the City of South Bend as
attached, and
WHEREAS , the requirements of the application as described in the "Municipal
Economic Development Act of 1965 of the State of Indiana" as amended have therefore
been met to this point, including a projection of the number of jobs created, the
estimated payroll created and the approximation of the cost of the land and construction,
and the impact on utilities and fire and police facilities of the City of South Bend with
the approvals of the school corporation and the Area Plan Commission have jurisdiction
of the area in which the proposed facility is to be built, and
WHEREAS , the plan meets the desire of the Redevelopment Commission of the
City of South Bend, and
WHEREAS , now the First Bank and Trust Company of South Bend as Trustee for
Land Trust #29-5121 seeks an amount of $1 . 6 million and not to exceed $2 . 2 million
from an issue of industrial revenue bonds of the Economic Development Commission of
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the City of South Bend to be signed by its Mayor and by its city clerk and further
desires to enter into a lease not to exceed 22 years duration to be known as a net
net net lease sufficient to pay the principal and interest of these bonds and obtain
title at the end of the lease, and
WHEREAS , the exact amount of industrial revenue bonds is to be determined
by the cost of the project. The cost of the project is to include the existing mortgage
on the JMS Building, additional remodeling to the existing JMS Building, purchase of
real estate adjacent to the JMS Building and erection of a new building on said
adjacent land, and
WHEREAS , by virtue of the net net net lease , the First Bank and Trust
Company of South Bend as Trustee for Land Trust #29-5121 indicates its intention
to pay all expenses of the operation, maintenance, insurance, property taxes ,
whatever of the facility,
THEREFORE, be it resolved by the Common Council of the City of South
Bend, Indiana that the resolution and findings of the Economic Development Commission
pertaining to this project be approved and incorporated in this resolution, and
THEREFORE , be it resolved by the Common Council of the City of South
Bend, Indiana that the statement of public service on the part of the Economic
Development commission, of the Area Plan Commission and of the South Bend
School Corporation be accepted and approved, and
THEREFORE, be it resolved that the South Bend City Common Council
authorize the Economic Development Commission of the City of South Bend to proceed
to make preliminary agreements with the proposed lessee, the First Bank and Trust
Company of South Bend as Trustee for Land Trust #29-5121 , in the nature of a
conditional commitment to enter into a lease with the First Bank and Trust Company
of South Bend as Trustee for Land Trust #29-5121 , and
THEREFORE, be it resolved that the Economic Development Commission
of the City of South Bend shall, as soon as the new lease form is property prepared,
submit the same to the Clerk of the City of South Bend to be prepared by a member
of the Common Council as a proposed ordinance for the acceptance of same and
issuance of revenue bonds to cover the amount of money needed.
Peter J. Nemet , Presi(feht
South Bend Cit Common Council
FILED to CLEWS OMCH
Irene Gammon
CITY CLERK.SDOTN"a,IND.
ist E zrW RMIN 9 s-
CoMmEE OF THE
31d REANN "SEP 2 0 1972
xaT AMON
REFS M
PASSM q a 5--7
A RESOLUTION SETTING FORTH THE NEED FOR ECONOMIC DEVELOPMENT
RESOLUTION NO. 14-72
WHEREAS: The City of South Bend is still experiencing a high
unemployment situation, and
WHEREAS: By virtue of the need for additional industrial and
economic development, and
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Commission that because of insufficient employment
opportunities and insufficient diversification of
industry, the economic welfare of the city would be
benefited by approving the application of Land
Trust No. 29-5121, the owner of said land trust
being A.G.A. Realty Company, for the acquisition
and construction of a building in the Downtown
Urban Renewal Project, South Bend, Indiana.
THIS RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT
COMMISSION OF THE CIVIL CITY OF SOUTH BEND, INDIANA,
THIS 1st DAY OF September 1972.
PRESIDENT - KARL G: N , JR.
VICE PRESIDENT - FRED
-7( ajt�j:�
SE TARY - WAL R HA
REPORT OF CITY OF SOUTH BEND
ECONOMIC DEVELOPMENT COD2,4ISSION
MAKING CERTAIN ESTIMATES
Pursuant to the Municipal Economic Development Act of 1965
as amended, the City of South Bend Economic Development Commission is
required to make certain estimates in regard to the proposed
acquisition of an industrial project by the city of South Bend which
is to be leased to Land Trust Igo. 29-5121 , the owner of said land
trust being A.G.A. Realty Company of South Bend and Indiana
Partnership. The estimates are as follows :
(1) The number of public services or facilities, including
streets, sidewalks, schools , sewers, street lights, fire and
police protection which would be made additionally necessary or
desirable on account of the proposed acquisition are none and
the expenses therefore arc none.
(2) The total project cost of the proposed facilities,
including all necessary financial costs , will be in the amount of
$1.6 million and not to exceed 52 . 2 million. The actual dollar
amount is unascertainable it tl;is moment, pending conclusion of
negotiations with potential lessees .
(3) The number of jot's to be created by the proposed
acquisition, construction and leasing thereof will be approximately
50, ranging upwards to a possible high of 75, and the estimated
annual payroll will be from $250,000 to $375,000.
The completion of the JMS Buildinl- and the addition of the new section
on the land recently bid and purchased from the Redevelopment Commission
will all be in compliance with R-ob , the plan for the redevelopment
of South Bend, and we are sure that this will be a handsome addition
to the city and provide a welcome increase in the tax base.
CITY OF SOUTH BEND
South Bend, Indiana 46601
Jerry J. Miller
Mayor
ECONOMIC DEVELOPMENT COMMISSION
OF SOUTH BEND
September 8, 1972
Mr. Frank Miles, President
Area Plan Commission
County-City Building
South Bend, Indiana 46601
Dear Mr. Miles:
Pursuant to the Municipal Economic Development Act of 1965 as amended,
I am enclosing a copy of the report of the City of South Bend's
Economic Development Commission making certain estimates pertaining to
the application of A.G.A. Realty Company of South Bend and Indiana
/ Partnership.
I would appreciate your immediate attention and indication of your
approval.
Sincerely,
i
KARL G. KING, JR.
' President
t Economic Development Commission
KGK:ks
Enc.
cc: Jerry J. Miller, Mayor, City of South Bend
P ter Nemeth, President, South Bend City Council
enneth Fedder, Economic Development Commission, Attorney
Mr. Allen Schrager, A.G.A. Realty Company
CITY OF SOUTH BEND
South Bend, Indiana 46601
Jerry J. Miller
Mayor
ECONOMIC DEVELOPMENT COMMISSION
OF SOUTH BEND
September 8, 1972
Mr. Aaron H. Huguenard, President
Board of School Trustees
South Bend Community School Corporation
635 South Main Street
South Bend, Indiana
Dear Mr. Huguenard:
Pursuant to the Municipal Economic Development Act of 1965 as amended,
I am enclosing a copy of the report of the City of South Bend's
Economic Development Commission making certain estimates pertaining to
»» the application of A.G.A. Realty Company of South Bend and Indiana
Partnership.
I would appreciate your immediate attention and indication of your
approval.
Sincerely,
KARL C-. KING, JR.
President
Economic Development Commission
KGK:ks
Enc.
cc: Jerry J. Miller, Mayor, City of South Bend
M3,,' Peter Nemeth, President, South Bend City Council
.fir• Kenneth Fedder, Economic Development Commission, Attorney
Mr. Allen Schrager, A.G.A. Realty Company
SOUTH BEND COMMUNITY SCHOOL CORPORATION
635 SOUTH MAIN STREET SOUTH BEND, INDIANA 46623
1
Office of Superintendent September 19 , 1972
Mr. Karl King, President
Economic Development Commission
of South Bend
County-City Building
South Bend, Indiana 46601
Dear Mr. King:
The Board of School Trustees for the South Fend Community School Corporation
endorses wholeheartedly the completion of the JMS Building and the addition
of the new section on the land recently bid and purchased from the Redevelop-
ment Commission by the A.G.A. Realty Company of South Bend and Indiana
Partnership. i
The School Corporation does not consicer that this project would cause any
major change in school enrollments nor :bring any burden upon present school
facilities.
A
Sincerely
Aaron H. Huguenard, P sident
Toard of School Trust
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Cf ty of sloth plane
Realty Ompi�,ny of GS044th Band
mar mr.,..King:
PUase be advised that the TecOhnical Staff Of the
A rea Plan -W=iesion has reviewed this proposal and' finds
it to be mnsi3tent with the Central Downtown Urban Renewal
Project and the ^rea wide Comprehensive Plan for City
Iery truly q s,
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. . F��rrtive �ir�caor
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