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HomeMy WebLinkAboutEconomic Development Revenue Bonds William G York and Gloria J York ProjectORDINANCE No._686o-so Passed by the Common Council of the City of South Bend, Indiana ovember 24, 1980 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by November 25 19 80 City Clerk of Common Council City Clerk IRE 4E K. GAMMON in O ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT MORTGAGE AND NOTE, SECURITY AGREEMENT AND A TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION N0. 25-80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO THE WILLIAM G. YORK AND GLORIA J. YORK PROJECT. STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (Commission) pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as amended, being IC 18 -6 -4.5 (Act), and William G. York and Gloria J. York have filed an application with the Commission to finance the acquisition of an existing building, renovation of the building and the purchase of new equipment to leased to The Abstract and Title Corporation of South Bend for use in abstracting and preparation of title insurance (Facilities) which will result in the creation of a substantial number of jobs as well as other benefits, and The Commission has prepared and placed on file a report containing the subject matter as specified in section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the chairman of the Area Plan Commission and to the superin- tendent of the School Corporation in the area in which the Facilities will be located, and has received favorable reports from each of them, and The Commission held a public hearing on the proposed financing of such Facilities on November 7, 198Qtfter giving the required notice and did find that the proposed financing complies with the purposes and provisions of the appli- cable Indiana statutes, and the Commission did also find that the proposed faci- lity will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana, and The Common Council of South Bend, Indiana, hereby finds that the Facilities are economic development facilities as that phrase is used in the Act; and that the construction of the Facilities will increase employment oppor- tunities and increase diversification of business, commerce and industry in and near the city, will improve and promote the economic stability, development and welfare of the area in and near the city, and will encourage and promote the expansion of industry, trade and commerce in the area in and near the city, and the location of other new commercial and business facilities in such area. 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, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds pertaining to the William G. York and Gloria J. York project and the issuance of economic development revenue bonds pursuant thereto are hereby approved. Section 2. Said form of Loan Agreement, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The said Loan Agreement, Mortgage and Security Agreement, Note, a Trust Indenture and Bonds shall be executed on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said economic development revenue bonds, repayable solely by William G. York and Gloria J. York, the proceeds of which shall be used for the construction and acquisition of the Facilities, may be issued in a total sum of not to exceed $ 170,000 at an annual interest rate of ten percent (10 %) for a period not to exceed fifteen years duration from the date of the issuance of such bonds in accordance with the terms of said Loan Agreement, Mortgage and Security Agreement, Note, and Trust Indenture and that such bonds shall be exe- cuted on behalf of the Economic Development Commission of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said city. Section 5. Resolution No. 25-80 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 supplemented. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. i/ io- hLY'_� \�1�� PASSED // - C.? '/_ VV FILED Jil C1rl'I'S OFFICE , Irene Gagnon CITY CLERK, SOUTH BEND,IND. t:00 Member of South Bend Common Council WILLIAM E. VOOR LLOYD M. ALLEN .KENNETH P. FEDDER GEORGE E. HERENDEEN ANTHONY D. KOWALS VOOR, ALLEN, FEDDER, HERENDEEN 8 KOWALS ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING Members of the South County -City Building South Bend, Indiana SOUTH BEND, INDIANA 46601 November 5, 1980 Bend Common Council 46601 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL Re: Revenue Bond Application William G. York and Gloria J. York Proiect Dear Councilmen: The South Bend Economic Development Commission has received an application from WILLIAM G: YORK and GLORIA J. YORK PROJECT for a Revenue Bond in the amount of One Hundred Seventy Thousand Dollars ($170,000.00) to acquire and renovate an existing building located at 305 West Jefferson Boulevard, South Bend, Indiana and to house and expand their business operations. It is anticipated that the new facility will create additional employment of approximately 4 jobs with an estimated pavroll of $35,000.00 per _year. It is property zoned and it will be a further expan- sion of business facilities in our South Bend area. This facility is presently vacant and has remained vacant for a period of time and by this Bond issue, the facility will be put back into operation. KPF /cn ctfull th P. Fedder Y FOR THE SOUTH BEND C DEVELOPMENT COrSMISSION TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION AND PROPOSED ORDINANCE FOR ADOPTION BY THE SOUTH BEND COMMON COUNCIL AND APPROVAL BY THE MAYOR PERTAINING TO THE FINANCING FOR WILLIAM G. YORK AND GLORIA J. YORK FOR THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS TO: Mrs. Irene K. Gammon City Clerk City of South Bend County City Building South Bend, Indiana 46601 The South Bend Economic Development Commission (Commission) hereby transmits to you in accordance with the Public Law No. 182 of the Acts of the General 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 ": 1. A resolution adopted by the Commission as of Nov. 7, 1989 as called for by the Act; 2. Proposed ordinance for adoption by the Common Council of the City of South Bend, Indiana, as called for by the Act. You will note from a perusal of the body of these documents that the purpose thereof is to finance the purchase of land with an existing building thereon, renovation of the building and purchase of new equipment to be used by William G. York and Gloria J. York in their abstracting and title insurance company operation by the execution of a Loan Agreement, Mortgage and Security Agreement, Note, Financing Statements and Trust Indenture and the issuance of Economic Development Revenue Bonds in a total aggregate principal amount not to exceed One hundred seventy thousanddollars ($170,000 ), repayable over a period not to exceed fifteen (15) years after the date of such bonds. With respect to the ordinance, you are respectfully asked to publish once in a newspaper in South Bend, Indiana, a notice that such proposed ordi- nance has been filed with you and present such ordinance to the Common Council of South Bend, Indiana, for passage. Submitted this day of SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION By: Jerry Hammes By: Frank Horvath COMMISSION RESOLUTION NO. WHEREAS, the City of South Bend, Indiana, still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the prosperity, economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, William G. York and Gloria J. York have filed an application with the South Bend Economic Development Commission ( "Commission ") to finance the acquisition of real estate and the purchase of an existing building, renovation of this building and the purchase of new equipment, which will constitute econo- mic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the Commission has considered whether the proposed facilities may have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and WHEREAS, the Commission has prepared and placed on file a report as spe- cified in IC 18- 6- 4.5 -16, and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation where the facilities will be located, and has received favorable reports from each of them. NOW, THEREFORE, the South Bend Economic Development Commission at this meeting, being a public hearing on not less than five (5) days notice on such proposed financing of such facilities, does now find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commission; and BE IT FURTHER RESOLVED, by the South Bend Economic Development Commission that the proposed financing of the acquisition of the involved real estate, renovation of the building located thereon and the purchase of new equipment, and the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds in the principal amount not exceeding One hundred seventy thousand Dollars ($ 170,000 ) and bearing interest at a rate of 10% per annum repayable over a term of fifteen (15) years, and the issuance of the Bonds in accordance therewith, be, and the same are hereby approved, and the Secretary of the Commission be, and he is hereby, directed to transmit to the City of South Bend, Indiana, this resolution, together with a copy of the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS 7th DAY OF November , 1980. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION Jerry Hammes, President Frank Horvath, Vice President Walter Mucha, Secretary TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION AND PROPOSED ORDINANCE FOR ADOPTION BY THE SOUTH BEND COMMON COUNCIL AND APPROVAL BY THE MAYOR PERTAINING TO THE FINANCING FOR WILLIAM G. YORK AND GLORIA J. YORK FOR THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS TO: Mrs. Irene K. Gammon City Clerk City of South Bend County City Building South Bend, Indiana 46601 The South Bend Economic Development Commission (Commission) hereby transmits to you in accordance with the Public Law No. 182 of the Acts of the General 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 ": 1. A resolution adopted by the Commission as of Nov. 7, 1989 as called for by the Act; 2. Proposed ordinance for adoption by the Common Council of the City of South Bend, Indiana, as called for by the Act. You will note from a perusal of the body of these documents that the purpose thereof is to finance the purchase of land with an existing building thereon, renovation of the building and purchase of new equipment to be used by William G. York and Gloria J. York in their abstracting and title insurance company operation by the execution of a Loan Agreement, Mortgage and Security Agreement, Note, Financing Statements and Trust Indenture and the issuance of Economic Development Revenue Bonds in a total aggregate principal amount not to exceed One hundred seventy thousanddollars ($170,000 ), repayable over a period not to exceed fifteen (15) years after the date of such bonds. With respect to the ordinance, you are respectfully asked to publish once in a newspaper in South Bend, Indiana, a notice that such proposed ordi- nance has been filed with you and present such ordinance to the Common Council of South Bend, Indiana, for passage. Submitted this � -f day of AAV . j7150 SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION By: Frank Horvath COMMISSION RESOLUTION NO. pZS"80 WHEREAS, the City of South Bend, Indiana, still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the prosperity, economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, William G. York and Gloria J. York have filed an application with the South Bend Economic Development Commission ( "Commission ") to finance the acquisition of real estate and the purchase of an existing building, renovation of this building and the purchase of new equipment, which will constitute econo- mic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the Commission has considered whether the proposed facilities may have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and WHEREAS, the Commission has prepared and placed on file a report as spe- cified in IC 18- 6- 4.5 -16, and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation where the facilities will be located, and has received favorable reports from each of them. NOW, THEREFORE, the South Bend Economic Development Commission at this meeting, being a public hearing on not less than five (5) days notice on such proposed financing of such facilities, does now find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commission; and BE IT FURTHER RESOLVED, by the South Bend Economic Development Commission that the proposed financing of the acquisition of the involved real estate, renovation of the building located thereon and the purchase of new equipment, and the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds in the principal amount not exceeding One hundred seventy thousand Dollars ($ 170,000 ) and bearing interest at a rate of 10% per annum repayable over a term of fifteen (15) years, and the issuance of the Bonds in accordance therewith, be, and the same are hereby approved, and the Secretary of the Commission be, and he is hereby, directed to transmit to the City of South Bend, Indiana, this resolution, together.with a copy of the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS 7th DAY OF November , 1980. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION Je ry Hammgs� President Frank Horvath, Vice President f Trout# trr Attvart -!o tot (fommou (10uurit of Or (tug of #old# joruA: Your Committee o f t he Who 1 e to whom was referred A BILL APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT, MORTGAGE AND NOTE, SECURITY AGREEMENT AND A TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 25 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO THE WILLIAM G. YORK AND GLORIA J. YORK PROJECT. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. Walter M. Szymkowiak Chairman FREE PRESS PUBLISHING CO.