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HomeMy WebLinkAboutAuthorizing $700,000.00 Economic Development Revenue Bond to Van Mele Realty TrustORDINANCE NO. 7321 -84 Passed by the Common Council of the City of South Bend, Indiana_ Attest: April 24, Iq 84 City Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana April 25 19 IRENE K. GAMMON Approved and signed by me 5 9 f I City Clerk ORDINANCE NO. 7J,,2Z- F -/ ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF BATH, VAN MELE AND ASSOCIATES, INC. UNDER THE $700,000.00 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND TO VAN MELE REALTY TRUST STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $700,000.00 City of South Bend, Indiana, Economic Development Revenue Bond ( "Bond ") for the purpose of acquisition of certain real estate by Bath Insurance Agency, Inc., an Indiana corporation. On the 25th day of February, 1982, the name of Bath Insurance Agency, Inc. was changed to Bath, Van Mele and Associates, Inc. Bath, Van Mele and Associates, Inc. is current in its payment under the bond issue. Van Mele Realty Trust desires to assume the right, title, interest, duties, liabilities and responsibilities of Bath, Van Mele and Associates, Inc. under the Bond. Such assumption is consistent with the intent and purpose of creating new job opportunities or preservation of existing job 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 Bond, the Trust Indenture, and other instruments executed in connection therewith. The South Bend Economic Development Commission has approved such assumption. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. The City of South Bend, Indiana, hereby consents to the assignment of the right, title, interest, duties, liabilities, and responsibilities of Bath, Van Mele and Associates, Inc., formerly Bath Insurance Agency, Inc., under the terms and conditions of a document entitled "Trust Indenture" executed on March 30, 1979, and all other documents executed in connection with the Bond and of the transfer by Bath, Van Mele and Associates, Inc. of its right, title and interest to certain real property purchased in connection with said Bond issue to Van Mele Realty Trust. 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 assignment. 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 I.C. 36- 1 -5 -4. Section 3. To the extent the Bond or the document thereunder may be deemed to require amendment to consummate said assignment the City of South Bend, Indiana does hereby give its consent. Section 4. The Common Council of South Bend, Indiana, hereby finds that this assignment will advance the purposes for which the Bonds was originally approved in Ordinance No. 6563 -79. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Member of the Comm ouncil 9- O i /—/-0? C/—,f el 2nd READING S/- a y Nar APPROVEL REFERRED PASSED PARKER, BRUNNER & HAMILTON ATTORNEYS AT LAW 1100 HAZLITT BUILDING ROBERT M. PARKER 120 WEST LASALLE AVENUE THOMAS J. BRUNNER, JR. TELEPHONE JOHN C. HAMILTON SOUTH BEND, INDIANA 46601 <219> 234 -4149 TIMOTHY J. HARTZER April 4, 1984 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 Re: Proposed Ordinance authorizing the assignment of the interest of Bath, Van Mele and Associates, Inc. successor to Bath Insurance Agency, Inc. Dear Councilmen: The South Bend Economic Development Commission issued Industrial Revenue Bonds to Bath Insurance Agency, Inc. and executed documents entitled Lease and Trust Indenture on March 30, 1979. On February 25, 1982 the name of Bath Insurance Agency, Inc. was duly changed to Bath, Van Mele and Associates, Inc. The amount of the Bond issued was for $700,000.00, which Bond is current in its payments and with an unpaid balance of $573,099.73. It is the intent of this Ordinance to assign the right, title, interest, duties and liabilities of Bath, Van Mele and Associates, Inc. under the Trust Indenture to Van Mele Realty Trust. The assignor will remain liable on this obligation if the assignment is approved. The Assignee, who was not a party to the original 1979 Bond issue, will continue to maintain and operate the office building located on the southwest corner of Jefferson Boulevard and Eddy Street in South Bend, Indiana and to lease space to tenants therein, this being the facility which was purchased by the 1979 Economic Development Revenue Bond. Respectfully, Bert .�rker RMP:ms CONSENT TO ASSIGNMENT The South Bend Economic Development Commission and the City of South Bend, Indiana, hereby consent to the assignment of the right, title, interest, duties, liabilities and responsibilities of Bath, Van Mele and Associates, Inc., an Indiana corporation, formerly Bath Insurance Agency, Inc., under the terms and conditions of a document entitled Trust Indenture executed on March 30, 1979, and all other documents executed in connection with a City of South Bend, Indiana, Economic Development Bond wherein Bath Insurance Agency, Inc. is user and American National Bank and Trust Company of South Bend, Indiana (now Valley American Bank) is Trustee, of its right, title, and interest to certain real property purchased in connection with said Bond issue to Van Mele Realty Trust. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION I¢ 1 Jerry Hammes BY Walter Szymkowiak BY Walter A. Mucha CITY OF SOUTH BEND BY Roger 0. Parent, Mayor ATTEST: Irene K. Gammon, City Clerk ToututtUrr Irvor# can #4e Tomumn coundl of t4e (9t#y of onu # send: Your Committee OF THE WHOLE to whom was referred 37 -84 A BILL AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF BATH, VAN MELE AND ASSOCIATES, INC., UNDER THE $700,000.00 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND TO VAN MELE REALTY TRUST. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. JOSEPH T. SERGE Chairman FREE PREBS PUBLISHING CO.