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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Claeys Realty, An Indiana PartnershipORDINANCE No. 6875 -81 Passed by the Common Council of the City of South Bend, Indiana January 12, X981 /"' r A "� Presented by me to the Mayor of the City of South Bend, January 13 1981 Clerk of Common Council IRENE K. GAMMON n Approved and signed by me Clerk ORDINANCE NO. (, Z -1 S-- 6I AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, INDENTURE OF TRUST, PROMISORY NOTE, MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 23 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO CLAEYS REALTY, AN INDIANA PARTNERSHIP, PROJECT. STATEMENT OF PURPOSE OF INTENT: The Common Council of the Citv of South Bend, Indiana, heretofore has created the South Bend Economic Development Com- mission, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the Gen- eral Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and Claeys Realty, an Indiana partnership has filed an application with the Commission to finance the acquisition of and the erection of improvements of a new manufacturina building addition, together with all of the equipment, machinery, tools and accessories necessary thereto for the purposes of manufactur- ing and the production of candy which will constitute 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 IC 18- 6- 4.5 -16 and has for- warded 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 Commission held a public hearing on the proposed financing of such economic develop- ment facilities in accordance with the Act, and adopted a resolu- tion finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds, including but not limited to the Act and approved the form and terms of the Loan Agreement, Indenture of Trust, Note, Mortgage, and Industrial Development Revenue Bonds, and further approved this form of ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitive effect on similar facilities already con- structed and operating 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, Note, Mortgage, and Industrial Development Revenue Bonds attached as exhibits thereto pertaining to the issuance of the Industrial Development Revenue Bonds in accord- ance with the terms of the Indenture of Trust and Loan Agreement pertaining to the application of Claeys Realty, an Indiana part- nership, are hereby approved and adopted. Section 2. Said forms of Loan Agreement, indenture of Trust, Note, Mortgage, and Industrial 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, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Indenture of Trust, Note, Mortgage, and Industrial Development Revenue Bonds shall be exe- cuted on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such Claeys Realty, an Indiana partnership, Project pursuant to the aforementioned Indenture of Trust and Loan Agreement shall not be in any respect a general obligation of the City, nor shall the bonds be paid in any manner from funds raised by taxation, and may be executed in amounts not to exceed Four Hundred Fifty -2- Thousand Dollars ($450,000.00), repayable with interest thereon at a rate not to exceed nine percent (9 %) per annum, payable in installments over a period not to exceed fifteen (15) years after the date of such bonds, and that such Indenture of Trust and Loan Agreement and such Industrial Development Revenue Bonds and shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such Citv. Section 5. Resolution No. 23 -80 of the South Bend Economic Development Commission passed on November 7, 1980, is hereby approved; and the Common Council of the City of South Bend 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 provisions of IC 18- 6 -4.5, as amended and supplanted. Section 6. 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 South Bend Common Counc'1 U: "n% MGi AP ?ROYE� rce� e;;zu� , � 1980 PASS�.D DEC —3— VOOR, ALLEN, FEDDER, HERENDEEN & KOWALS Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 Re: Revenue Bond Application Claeys Realty Dear Councilmen: AREA CODE 219 23 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL The South Bend Economic Development Commission has received an application from Claeys Realty for a Revenue Bond in the amount of Four Hundred Fifty Thousand Dollars ($450,000.00), to finance the expansion and remodeling of the partnership's facility located at 525 Taylor Street, South Bend, Indiana. It is anticipated that the new facility will create additional employment of approximately 5 jobs with an estimated payroll of $60,000.00 per year. It is properly zoned and it of business facilities of a long -time South Bend area. KPF /ces spectfully, will be a further expansion family business in our P. Fedder for the South Bend Development Commission wile THU GEC ,::1980 Irene "GaMM011 CM CLERK,SDUiH BEND,IND. 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 December 1, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 Re: Revenue Bond Application Claeys Realty Dear Councilmen: AREA CODE 219 23 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL The South Bend Economic Development Commission has received an application from Claeys Realty for a Revenue Bond in the amount of Four Hundred Fifty Thousand Dollars ($450,000.00), to finance the expansion and remodeling of the partnership's facility located at 525 Taylor Street, South Bend, Indiana. It is anticipated that the new facility will create additional employment of approximately 5 jobs with an estimated payroll of $60,000.00 per year. It is properly zoned and it of business facilities of a long -time South Bend area. KPF /ces spectfully, will be a further expansion family business in our P. Fedder for the South Bend Development Commission wile THU GEC ,::1980 Irene "GaMM011 CM CLERK,SDUiH BEND,IND. Tontmutee Report alo the Tommu (dounra of tilt Tttg of #Md4 wtnd: Your Committee of the Whole to whom was referred A BILL APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, INDENTURE OF TRUST, PROMISORY NOTE, MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 23 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO CLAEYS REALTY, AN INDIANA PARTNERSHIP PROJECT. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE TO THE COUNCIL FAVORABLE. JOHN VOORDE Chairman 'ACL !X@t! / •VBLIOXIN6 CO.