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HomeMy WebLinkAboutApproving Economic Development Revenue Bonds Park Center Associates ProjectORDINANCE No 7223 -83 Passed by the Common Council of the City of South Bend, Indiana Attest: my 25, Ig 83 City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind'ana July 26, X983 J, -,- � /I I � -- /-I- � � � of Common Council IRENE K. GAMMON Approved and signed by me �9 ff-3 City Clerk ORDINANCE NO. 7,;j?g-_ 4F AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- • -- CUTION THEREOF, AND APPROVING THE RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE PARK CENTER ASSOCIATES PROJECT. STATEMENT OF PURPOSE AND INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (hereinafter referred to as the "Commission ") pursuant to the provisions of Indiana Code 36 -7 -12, as amended (hereinafter referred to as the "Act "). Park Center Associates, an Indiana limited partnership, filed an application with the Commission to finance certain economic development facilities resulting in a substantial number of new jobs as well as other benefits, and in connection therewith, the Commission has prepared and placed on file a report containing the subject matter as specified in Section 23 of the Act and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely received favorable reports from each of them, and the Commis- sion held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Economic Development Revenue Bonds, including but not limited to the Act, and approving the form and terms of the Loan Agree- ment, Indenture of Trust, and Bonds, and further approving this form of Ordinance, authorizing the execution thereof, and further finding that such economic development facilities will not have an adverse competitive effect on similar facilities already constructed and opera- ting in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED BY THE Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Indenture of Trust, and Economic Development Revenue Bonds pertaining to the Park Center Associates Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Indenture of Trust and Loan Agreement, together with the Note and Mortgage attached as an exhibit thereto, and the Economic Development Revenue Bonds which are on file with the Commission, are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana. Section 3. Said Loan Agreement and Indenture of Trust shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate seal of such City, and dated August 1, 1983. Section 4. Said Economic Development Revenue Bonds, payable solely and only from the revenues derived from such Project pursuant to the aforementioned Loan Agreement and Indenture of Trust will not be in any respect a general obligation of the City, nor may the Bonds be paid in any manner from funds raised by taxation, and may be issued in an aggregate amount not to exceed $650,000, as registered bonds in denomina- tions of $1,000 or multiples thereof payable in lawful money of the United States of America at the principal office of lst Source Bank in the City of:South Bend, Indiana. Such Bonds shall be repayable with interest thereon at a rate not to exceed 11% per annum, over a term of not more than 30 years, and subject to redemption, all in accordance with the terms of said Bonds, Loan Agreement and Indenture of Trust. Such Bonds shall be dated as of the date of exe- cution and delivery, and shall be executed on behalf of the City of South Bend, Indiana, by the manual signatures of the Mayor and City Clerk of the City, and sealed with the corporate seal of the City, and executed and delivered to the purchasers of the Bonds on or before October 1, 1983. Section 5. The Mayor and City Clerk may approve changes and amend- ments to the Loan Agreement, Indenture of Trust, Economic Development Revenue Bonds, Note, Mortgage, and other related documents which do not affect terms contained in this Ordinance. Section 6. The Resolution of the South Bend Economic Development Commission, passed on July 1, 1983, is hereby approved, and the Common Council of the City of South Bend, Indiana, hereby finds that the proposed financing for the issuance of the Economic Development Revenue Bonds would be of benefit to the health and welfare of the City of South Bend, and that it complies with the purposes and pro- visions of the Act. Section 7. Pursuant to the provisions of IC 36- 1 -5 -4, two copies of all documents incorporated in this Ordinance by reference are on file in the office of the City Clerk for public inspection. Section 8. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1sT READING '7- / ' e3 PUBLIC HEARING 2nd READING\ NOT APPROVED '. REFERRED PASSED- Mem er of the Co n ouncil FILED ID CLEF IN'S OFFICE v 1Q (3J Irene Gammon CITY CLERK, SOUTH BEND, IND. Economic Development Commission Jerry Hammes, President Walter Szymkowiak, Vice President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel Alice Neddo, Asst. Sec. July 6, 1983 CITY of SOUTH BEND ROGER O. PARENT, Mayor Members of the South Bend Common Council County -City Building South Bend, IN 46601 Re: Park Center Associates - Proposed Ordinance Dear Councilmen: Alice Neddo Staff Administrator 230 W. Jefferson Boulevard P.O. Box 1677 South Bend, Indiana 46634.1677 (219) 234.0051 The South Bend Economic Development Commission, on July 1, 1983, by resolution, approved the application of Park Center Associates for the purchase of land and the construction and equipping of improvements on real estate located in the Monroe Park Urban Renewal Area, and the issuance of industrial bonds in the amount of $650,000.00 on a project which will cost approximately $820,000.00. This new 27,000 square -foot facility will provide office and light industrial warehousing space and will result in approximately 22 w jobs with an approximate annual payroll of $290,000.00. T s roject is a further development in the Monroe Park Urban en al Area in which several other bond issues have been approved. Respectfu KENNETH T. FEDDER KPF:ram AILED ID CLE111 Of FICE :�• 183 Irene Gammon CITY CIERK, SOUTH BEND, IND. (inmmutu Arvort Oa #4e Tau mu Mounril of tip (lity of OvW4 Stub: Your Committee OF THE WHOLE to whom was referred 72 -83 A BILL APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING THE RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE PARK CENTER ASSOCIATES PROJECT. Respectfully - report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. RAY ZIELINSKI Chairman FR6[ FREES FUSIISHING Co.