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HomeMy WebLinkAboutThe matter of First Bank and Trust Company (2) RESOLUTION 310-72 Passed by the Common Council of the City of South Bend, Indiana, JUNE 26 19 72 Attest: /5 City Clerk Attest: �' �+ti President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana JUNE 29 19 72 (�. City Clerk Approved and signed by me 19 Mayor RESOLUTION NO. 310-72 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 #29-5094, THE OWNER OF SAID LAND TRUST BEING CITY DEVELOPMENT COMPANY, AN INDIANA. PARTNERSHIP . WHEREAS , the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5094 has submitted its intention to the Economic Development Commission of South Bend to build a new commercial building on the approximate 0. 129 acre tract located at the southwest corner of Michigan and Wayne Streets , South Bend, Indiana and said property is within the R-66 Urban Renewal Plan. WHEREAS , the First Bank and Trust Company of South Bend as Trustee for Land Trust #k29-5094 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 #29-5094 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 spplication 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 having 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 #29-5094 seeks approximately $235 , 000. 00 from an issue of revenue bonds of the Economic Development Commission of the City of South Bend to be signed by its Mayor and by its city clerk and further desires to enter into a lease of 20 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 , by virtue of the net net net lease, the First Bank and Trust Company of South Bend as Trustee for Land Trust #29-5094 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 that the statement of public service on the part of the Economic Development Commission of the Area Plan Commission and the South Bend City 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 #29-5094 , 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 #29-5094 , 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 properly 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. Nemeth, r sident South Bend City Council FILED IN CURK'S OFFIrF Irene Gammon CITY CLERK,SOUTH BEND, IT 1st & roc &- a 4- COMMITTE, uF THE WHOLE PUBLIC HEARINR 3rd READINQ 197'_ N0T APPAM RUE" PAM � -a 4. 7 a h SOUTH BEND COMMUNITY SCHOOL CORPORATION 635 SOUTH MAIN STREET SOUTH BEND, INDIANA 46623 Office of Superintendent May 26 , 19 7 2 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 Bend Community School Corporation endorses the issuance of revenue bonds to enable the purchase of land and construction of a new building on Parcel 8-3 in the Downtown Urban Renewal Project. The School Corporation does not consider that this project would cause any major change in school enrollments nor bring any burden upon the present school facilities. Sincerely, Howard Goodhew, President Board of School Trustees HG/mm Y ' � •C• -C SOUTH BEND COMMUNITY SCHOOL CORPORATION 635 SOUTH MAIN STREET SOUTH BEND, INDIANA 46623 Office o.Superintendent May 26, 19 7 2 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 Bend Community School Corporation endorses the issuance of revenue bonds to enable the purchase of land and construction of a new building on Parcel 8-3 in the Downtown Urban Renewal Project. The School Corporation does not consider that this project would cause any major change in school enrollments nor bring any burden upon the present school facilities. Sincerely, Howard Goodhew, President Board of School Trustees HG/mm Y. CITY OF SOUTH BEND South Bend, Indiana 46601 May 23, x1972 Jerry J. Miller Mayor ECONOMIC DEVELOPMENT COMMISSION OF SOUTH BEND Mr. Frank Miles, President Area Plan Commission County-City Building South Bend, Indiana Dear Mr. Miles: Our Commission has an application for issuance of revenue bonds to enable the purchase of land and construction of a new building on Parcel 8-3 in the Downtown Urban Renewal Project. Parcel 8-3 is at the southwest corner of Wayne and Michigan Streets and is approximately 85 by 66 feet. The plans for the building are on file with the Redevelopment Commission of the City of South Bend and the project will meet the desired use requirements of the Redevelopment Commission. In accordance with the Economic Development Act, State of Indiana, our Commission is to forward a statement of public service to the Area Plan Commission having jurisdiction of the area in which the proposed facility is located. The building will house five tenant stores with a combined employment of 25 to 40 people. The people so employed will be principally those currently living in the city. It is our understanding that the utilities necessary to service this facility are already available and therefore there is no -2_ additional cost to the city by virtue of this project. Likewise, police and fire service requirements would not be changed from present requirements. We recommend this application to you for your consideration and would appreciate your affirmative answer. Sincerely, Karl G. King, Jr. President Economic Development Commission of South Bend KGKJr. /nt cc: Jerry J. Miller, Mayor City of South Bend Fred Helmen, President South Bend Redevelopment Commission Lloyd Taylor, Executive Director South Bend Redevelopment Commission Peter J. Nemeth, President South Bend City Council Charles Sweeney, Jr. South Bend City Attorney Kenneth Fedder Attorney for Economic Development Commission of South Bend H. F. Glaser, Partner City Development Company CITY OF SOUTH BEND South Bend, Indiana 46601 Jerry J. Miller May 23, F1972 Mayor ECONOMIC DEVELOPMENT COMMISSION OF SOUTH BEND Mr. Howard Goodhew President South Bend School Board 635 South Main Street South Bend, Indiana Dear Mr. Goodhew: Our Commission has an application for the issuance of revenue bonds to enable the purchase of land and construction of a new building on Parcel 8-3 in the Downtown Urban Renewal Project. This parcel is the southwest corner of Michigan and Wayne Streets and is 85 feet by 66 feet. In accordance with the Economic Development Act, State of Indiana, our Commission is to forward a statement of public service to the School Corporation having jurisdiction of the area in which the proposed facility is to be built. The reason for this is to indicate the impact of employment by virtue of this facility on the school system. The occupancy of this building would be by approximately five stores as tenants, and a combined employment will probably range between 25 and 40 people. We believe the employment would be from people currently living in the city and therefore of no additional burden to the school system. In the way of additional statement, we are of the opinion that utilities necessary to serve this facility are already available and would result in no additional cost to the city by virtue of this project. Likewise, it is our opinion that there would be no additional burden on the police and fire services. r -2- We would appr eciate your affirmative reply on this application at your earliest convenience. We have received advice of a commit- ment by the First Bank and Trust Company to purchase the total bond issue on this project in the amount of $235, 000 and we, as a commission, believe this is a help to maintaining the city's tax base and property tax yield. Sincerely, Karl G. King, Jr. President Economic Development Commission of South Bend KGK Jr. /nt cc: Jerry J. Miller, Mayor City of South Bend Fred Helmen, President South Bend Redevelopment Commission Lloyd Taylor, Executive Director South Bend Redevelopment Commission Peter J. Nemeth, President South Bend City Council Charles Sweeney, Jr. South Bend City Attorney Kenneth Fedder Attorney for Economic Development Commission of South Bend H. F. Glaser, Partner City Development Company