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HomeMy WebLinkAboutAuthorizing $2,300,000 Indiana Economic Development Revenue BondORDINANCE No. 7400 -84 Passed by the Common Council of the City of South Bend, Indiana. November 19, 10 84 Attest: City Clerk A IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana November 20, 19 84 � � (�—' City Clerk IRENE K. GAMMON Approved and signed by me w 19—N > tl ORDINANCE NO. 7 !Zed -- L j ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF ST. JOSEPH DEVELOPMENT AND INVESTMENT COMPANY, AN INDIANA PARTNERSHIP UNDER THE $2,300,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND (ST. JOSEPH DEVELOPMENT CO., INC.) TO COMBINED CAPITAL ASSOCIATES VII, AN INDIANA LIMITED PARTNERSHIP STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $2,300,000 City of South Bend, Indiana, Economic Development Revenue Bond (St. Joseph Development Co., Inc. Project 1975) (the "Bond ") pursuant to authority granted by Indiana law. The said Bond pursuant to the indenture of mortgage and trust and lease agreements were assigned by St. Joseph Development Co., Inc. to the owners of the said corporation being St. Joseph Development and Investment Company, an Indiana General Parntership on the 20th day of December 1976. Combined Capital Associates VII, an Indiana Limited Partnership, desires to assume the right, title, interest, duties, liabilities and responsibilities of St. Joseph Development and Investment Company, the Indiana partnership, under the bonds and under the mortgage and trust and lease agreements. Such assumption is consistent with the provision or preservation of employment opportunities and the other goals for which the Bond was originally issued. Such an assignment is allowed by law and by the terms of the Bonds and the instruments executed in connection therewith. The St. Joseph Investment and Development Company will remain liable on the bonds and under the terms and conditions of the indenture of mortgage and trust and lease agreements. The South Bend Economic Development Commission has assignment of the right, title, interest, duties, liabilities and responsibilities of St. Joseph Development and Investment Company under the terms and conditions of a document entitled "Indenture of Mortgage and Trust and Lease Agreement" executed on March 1, 1975, and all other documents executed in connection with the Bonds and of the transfer by St. Joseph Development and Investment Company, an Indiana Partnership, of its right, title, and interest to certain real property purchased in connection with said bond issue and certain of the property thereon to Combined Capital Associates VII or its assigns. Section 2. The Mayor and City Clerk are hereby authorized to execute a Consent to Assignment in the form presented to this Council, which form is hereby approved, and to execute any and all other documents necessary to consummate and evidence this assign- ment. Two (2) copies of this Consent to Assignment have been and are on file in the Office of the Clerk of the City of South Bend, Indiana, for public inspection pursuant to Indiana Code Section 36- 1 -5 -4. Section 3. To the extent the Bonds or the documents hereunder may be deemed to require amendment to consumate said assignment, the City of South Bend, Indiana hereby gives its consent. Section 4. The Common Council of the City of South Bend, Indiana, hereby finds that this assignment will advance the purposes for which the Bonds were orginally approved in Ordinance No.J_7� _7_ Section 5. This ordinance shall be effective immediately upon passage by the Common Council and approval by the Mayor. I- _/L s n /' Economic Development Commission Jerry Hammes, President Walter Szymkowiak, Vice President Walter A. Mucha, Secretary Kenneth P. Fedder, Councel Alice Neddo, Asst. Sec. Members of the Common County -City Building South Bend, IN 46601 CITY of SOUTH BEND ROGER O. PARENT, Mayor October 31, 1984 Council Alice Neddo Staff Administrator 230 W. Jefferson Boulevard P.O. Box 1677 South Bend, Indiana 46634 -1677 (2 19) 234 -0051 Re: Proposed Ordinance authorizing the Assignment of the interests of St. Joseph Development and Investment Company to Combined Capital Associates VII, an Indiana Limited Partnership Dear Councilmen: The South. Bend Economic Development Commission has received an application from the present owners, St. Joseph Development and Investment Company, an Indiana General Partnership, to assign their interests in a 1975 Economic Development Commission Bond Project to Combined Capital Associates VII, an Indiana Limited Partnership. The South Bend Economic Development Commission, as well as the Trustee and Bondholders, have consented to the Assignment. The property is located at 205 South St. Joseph Street in the City of South Bend, Indiana, and, in addition to others, presently houses the IBM Offices. Your favorable approval on the Proposed Ordinance is requested. ectfully, tNNE•I P. FEDDER ttor y for the South Bend conomi.c Development Commission KPF:ram FILED IN CLERK'S OFFICE Irene Gammon CITY CLERK, SOUTH BEND, IND.