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HomeMy WebLinkAboutApproving Industrial Revenue Bonds - Marion W. DunnORDINANCE No. 6768 -80 Passed by the Common Council of the City of South Bend, Indiana ril 28, _ 1980 City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by ident of Common Council April 28, 19 80 IRENE K. GAMMON 7 /l J Clerk ORDINANCE NO. ( 16g < -90 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORTGAGE AND NOTE, SECURITY AGREEMENT AND FINANCING STATEMENTS, ASSIGNMENT OF LEASES AND RENTS AND A TRUST INDENTURE AND IN- DUSTRIAL REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 10 -80.OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO MARION W. DUNN STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission hereinafter referred to as "Commission°, pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General As- sembly of Indiana for 1973, as such may be amended from time to time, including but not limited to T.C. 18- 6- 4.5 -2, through I.C. 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and MARION W. DUNN has filed an application with the Com- mission to finance the acquisition of real estate, the improve- ment of a commercial building located thereon and the purchase and installation of certain equipment (facilities) which will constitute economic development facilities resulting in a sub - stantial 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 I.C. 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 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 I.C. 18 -6 -4.5 and did find that the proposed fi- nancing complies with the purposes and provisions of the appli- cable Indiana statutes governing the issuance of Industrial De- velopment Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse com- petitive effect on similar facilities already constructed 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, Mortgage and Note, Security Agreement and Financing Statements, Assignment of Leases and Rents and a Trust Indenture and Indus- trial Development Revenue Bonds pertaining to Marion W. Dunn facilities and issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Loan-Agreement, Mortgage and Note, Security Agreement and Financing Statements, Assignment of Leases and Rents and a Trust Indenture 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 Coun- cil 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 Note, Se- curity Agreement and Financing Statements, Assignment of Leases and Rents and a Trust Indenture 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 Marion W. Dunn facilities, may be issued in amounts not to exceed Three Hundred Thousand Dollars ($300,000.00) for a period not exceeding twenty (2.0). years after the first monthly installment due thereon, in accordance with the terms of said Loan Agreement, Mortgage and Note, Security Agreement and Financing Statements, Assignment of Leases and Rents and a Trust Indenture and that such Bonds shall be executed 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. Section 5. Resolution No. 10 -.80 of the South Bend Economic Development Commission passed on April 8, 1980, is hereby approved; and the Common Council of the City of South -2-� 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 T.C. 18- 6 -4.5, as amended and supplemented. Section 6. This Oridnance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. 1st REAMING PUBLIC HEARING 2nd READING cl`� NOT APPROVED REFERRED PASSED _3_ FILED mclt6'11A saffic, APR 91°Z`' CITY rene G a mO o. VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS S COUNSELORS AT LAW GUY H. Mc MICHAEL 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS April 8, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application MARION W. DUNN PROJECT Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON The South Bend Economic Development Commission has received an application for a Revenue Bond issue in the amount of Three Hundred Thousand Dollars ($300,000.00) for and on behalf of Marion W. Dunn to finance the acquisition of land and improvement of a commercial building with fac- ilities located at the South East corner of Jefferson Avenue and William Streets in South Bend, Indiana. This new facility will initially employ approxim- ately four (4) new employees with an increase in the annual payroll of approximately Thirty Thousand ($30,000.00) to Forty Thousand ($40,000.00) Dollars. KPF:jk Respectfully, r P. FEDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILED III CLI 11 OFFICE APR 9 19PH Irene Gammon CITY CLERK, SOUTH BEND,IND.