Loading...
HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Timberline Trace ProjectORDINANCE No 6784 -80 Passed by the Common Council of the City of South Bend, Indiana Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by May 28, 1980 Clerk of Common Council IRENE K. GAMMON O o City Clerk ORDINANCE NO. (, 7ZV - &t) AN ORDINANCE APPROVING THE FORM MORTGAGE AND INDENTURE OF TRUST INDUSTRIAL DEVELOPMENT REVENUE EXECUTION THEREOF AND APPROVING SOUTH BEND ECONOMIC DEVELOPMENT TIMBERLINE TRACE AND TERMS OF LOAN AGREEMENT, AND GUARANTY AGREEMENT AND 3ONDS, AND AUTHORIZING THE RESOLUTION NO. 7 -80 OF THE COMMISSION RELATING TO THE PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission herein- after referred to as "Commission ", pursuant to the provisions of 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 -2, through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and Timberline Trace, an Indiana partnership, has filed an application with the Commission to finance the construction of a commercial building located on real estate in St. Joseph County, Indiana, (facilities) 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 Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which the 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 facilities on April 8, 1980, after giving the required notice as provided for in Section 17 of IC 18 -6 -4.5 and did 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 Commis- sion and the Commission finds that the proposed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and the St. Joseph County Council has adopted a resolution approving the proposed financing; and 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 Indenture of Trust, Guaranty Agreement and Industrial Development Revenue Bonds pertaining to Timberline Trace facilities and the issuance of the Industrial Development Revenue Bonds pur- suant thereto are hereby approved and adopted. Section 2. Said form of Loan Agreement, Mortgage and Indenture of Trust and Guaranty Agreement together with 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, Mortgage and Indenture of Trust shall be executed on behalf 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 Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such Timber- line Trace facilities, may be issued in amounts not to exceed Five Hundred Thousand and no /100 Dollars ($500,000.00) for a period not exceeding twenty (20) years after the first monthly installment due thereon, in accordance with the terms of said Loan Agreement, Mortgage and Indenture of Trust and that such Bonds shall be exe- cuted on behalf 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 such City. -2- Section 5. The Issuer hereby elects to have the pro- visions as to the limit in Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended, apply to the Bonds; and the Mayor and the City Clerk of the Issuer be and they are hereby authorized, empowered and directed to take any and all further action which may be required to implement and effectuate such election, including without limitation the preparation and filing of such statement or statements or other document or documents as may be deemed by them to be necessary or advisable in order to comply with the procedure set forth in Section 1.103- 10(b)(2)(vi) of the Income Tax Regulations (26 CFR Part 1) under Section 103 of the Internal Revenue Code of 1954, as amended, and all acts hereto- fore taken by them in this connection are hereby ratified and con- firmed. Section 6. Resolution No. 7 -80 of the South Bend Economic Development Commission and the Common Council the proposed financing Revenue Bonds would be City of South Bend and visions of IC 18 -6 -4.5 passed on April 8, 1980, is hereby approved; of the City of South Bend hereby finds that for the issuance of the Economic Development of benefit to the health and welfare of the that it complies with the purposes and pro- , as amended and supplemented. Section 7. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. 1st READING %.57-,/a -j' PUBLIC NEARING,S 2nd READING NOT APPROVED REFERRED PASUD A Member of the Common Council -3- I'VA Y 7 1980 Irene Gagnon CITY CLERK, SOUTH BEND, IND. VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN WILLIAM E.VOOR ATTORNEYS & COUNSELORS AT LAW GUY H. McMICHAEL 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN ANTHONY D. KOWALS - .May_ .7 , .19 8 0 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application TIMBERLINE TRACE PARTNERSHIP, an Indiana Partnership, Dear Councilmen: AREA CODE 21g 234-6061 OF COUNSEL: WILLIAM 0. JACKSON The South Bend Economic Development Commission has received an application for A Revenue Bond issue in the amount of Five Hundred Thousand Dollars ($500,000.00) for and on behalf of Timberline Trace Partnership for the con- struction of commercial retail facilities to be located near the intersection of State Road 23 and Bittersweet Roads, St. Joseph County, Indiana. This new facility when completed will create approx- imately thirty -five (35) full and part time employees with an estimated payroll of approximately $350,000 to $400,000. KPF: jk 4 Respectfully, TH P. FEDDER `7�_TTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION