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HomeMy WebLinkAboutAuthorizing $175,000 Development revenue Bond (W & B Realty)ORDINANCE No 7249-83 Passed by the Common Council of the City of South Bend, Indiana September 26, Yq 83 Clerk IRENE K. GAMMON Of Common Council Presented by me to the Mayor of the City of South Bend, Indiana September 27, ,983 IRENE K. GAMMON Approved and signed by me Clerk ORDINANCE NO. 7,- ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF W & B REALTY, AN INDIANA PARTNERSHIP UNDER THE $175,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND (W & B REALTY) TO JANICE FAYE CORSON STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $175,000 City of South Bend, Indiana, Economic Development Revenue Bond (W & B Realty Partnership Project) (the "Bond ") pursuant to authority granted by Indiana law. W & B Realty Partnership is current in its payment under the bond issue. Janice Faye Corson desires to assume the right, title, interest, duties, liabilities, and responsibilities of W & B Realty Partnership under the bonds. 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 bond and the 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 W $ B Realty Partnership under the terms and con- ditions of a document entitled "Lease and Trust Indenture" executed on December 18, 1979, and all other documents executed in connection with the bonds and of the transfer by W & B Realty 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 Janice Faye Corson. 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 Indiana Code Section--3671-5--4. Section 3. To the extent the Bonds or the documents thereunder may be deemed to require amendment to consummate said assignment the City of South Bend, Indiana hereby gives its consent. In addition, the language of Section 3.7 of the said Lease and Trust Indenture is amended by adding the following sentence to the end of said Section 3.7, to -wit: "Said conveyance shall be by means of a good and sufficient Warranty Deed, showing good and marketable title in Lessor, without any liens or encumbrances except such as may be caused or occasioned by Lessee or Lessee's assigns." Section 4. The Common Council of South Bend, Indiana, hereby finds that this assignment will advance the purposes for which the bonds were originally approved in Ordinance No. Section S. 6633 -79 This ordinance shall be effective immediately upon passage by the Common Council and approval by the Mayor. 1st RFA.DII"JG 9 — / of —8H PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED.--' f _ e er of the C on Council 2- flit® CB���S 0�f10� �� , �a Du�Bfry ®0 Members of the South Bend Common Council County -City Building South Bend, IN 46601 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL Re: Proposed Ordinance authorizing the assignment of the interest of W &B Realty, an Indiana Partnership Dear Councilmen: The South Bend Economic Development Commission issued Industrial Revenue Bonds to W &B Realty Partnership and executed documents entitled Lease and Trust Indenture on December 18, 197. The amount of the Bond issued was for $175,000.00, which Bond is in a current status with an unpaid balance of $161,104.5?. It is the intent of this Ordinance to assume the right, title, interest, duties and liabilities of W &B Partnership of the Lease and Trust Indenture to Janice Faye Corson. The Assignors will remain liable on this obligation if the assignment is approved. The Assignee, who was not a party to the original 1979 Bond transaction_, will continue to operate the Koszegi Leather and _n the facility which was constructed iment Revenue Bond. KPF:ram FILED 13 CL�o �'S GTRIK 1a�3 rne Gammo oIe m . VOOR, ALLEN, FEDDER, HERENDEEN 8 KOWALS ATTORNEYS 8 COUNSELORS AT LAW WILLIAM E. VOOR 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS LARRY L.AMBLER FRED R.HAINS DAVID M. MCTIGUE September 7, 1983 Members of the South Bend Common Council County -City Building South Bend, IN 46601 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL Re: Proposed Ordinance authorizing the assignment of the interest of W &B Realty, an Indiana Partnership Dear Councilmen: The South Bend Economic Development Commission issued Industrial Revenue Bonds to W &B Realty Partnership and executed documents entitled Lease and Trust Indenture on December 18, 197. The amount of the Bond issued was for $175,000.00, which Bond is in a current status with an unpaid balance of $161,104.5?. It is the intent of this Ordinance to assume the right, title, interest, duties and liabilities of W &B Partnership of the Lease and Trust Indenture to Janice Faye Corson. The Assignors will remain liable on this obligation if the assignment is approved. The Assignee, who was not a party to the original 1979 Bond transaction_, will continue to operate the Koszegi Leather and _n the facility which was constructed iment Revenue Bond. KPF:ram FILED 13 CL�o �'S GTRIK 1a�3 rne Gammo oIe m . CONSENT TO ASSIGNMENT The South Bend Economic Development Commission and the City of South Bend hereby consent to the assignment of the right, title, interest, duties, liabilities, and responsibilities of W & B Realty, an Indiana partnership, under the terms and conditions of a document entitled "Lease and Trust Indenture" executed on December 18, 1979, and all other docu- ments executed in connection with a City of South Bend, Indiana Economic Development Bond, W & B Realty, an Indiana partnership, 1979 Project, and of the transfer of W & B Realty, 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 Janice Faye Corson. 1 SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION HIM CITY OF SOUTH BEND, INDIANA BY: Roger Parent, Mayor ATTEST: City Clerk TarAndtUr 39rVart Ma toe (lawman fdonnril of t4r (guy of oon# vrnk: Your Committee OF THE WHOLE to whom was referred 103 -83 A BILL AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF W &B REALTY, AN INDIANA PARTNERSHIP UNDER THE $175,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND (W &B REALTY) TO JANICE FAYE CORSON. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. RAYMOND C. ZIELINSKI Chairman FREE PRESS PUBLISHING CO.