Loading...
HomeMy WebLinkAboutAuthorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates ProjectORDINANCE No 6769-80 Paused by the Common Council of the City of South Bend, Indiana_ April 28, 1980 � City Clerk IRENE K. GAMMON Attest: Presented by me to the Mayor of the City of South Bend, Indiana April 29 Approved and signed by Of Common Council :o IRENE K. GAMMON 19 8'd Clerk BILL NUMBER ORDINANCE NUMBER (® AN ORDINANCE AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT AND TRUST INDENTURE AND BONDS, AND APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT AND TRUST INDENTURE AND BOND AND AUTHORIZING ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS AND APPROVING RESOLUTION NO. 3 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE IRELAND /IRONWOOD ASSOCIATES PROJECT STATEMENT OF PURPOSE OF INTENT: The City of South Bend, Indiana, is a municipal corpora- tion and political subdivision of the State of Indiana and by virtue of I.C. 18 -6 -4.5 as amended is authorized and empowered to adopt this Ordinance and to carry out its provisions; and Ireland /Ironwood Associates is an Indiana Partnership duly organized and existing under and by virtue of the laws of Indiana and duly qualified to conduct business in the State of Indiana; and The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commis- sion pursuant to the provisions of the municipal Economic Develop- ment Act of 1965, as amended, and supplemented by I.C. 18- 6 -4.5; and The South Bend Economic Development Commission has found by a written resolution that because of insufficient employment opportunities, insufficient tax base and insufficient diversifi- cation of economic development facilities in the City of South Bend, the economic welfare of the City of South Bend, Indiana, would be benefited by the acquisition and leasing of certain econ- omic development facilities pursuant to a request made on February 1, 1980, by Ireland /Ironwood Associates, an Indiana Partnership, and that such proposed economic development facilities will not have an adverse competitive effect on similar facilities already constructed or operating in the City of South Bend, Indiana, and environs, and PAGE TWO has further found by Resolution that the proposed financing complies with the purposes and provisions of I.C. 18- 6 -4.5, as amended; and The South Bend Economic Development Commission has pre- pared a report estimating the public services which would be made necessary or desirable by the proposed project, the expenses thereof, and the total project costs of the proposed project and the number of jobs and estimated payroll on account of the acqui- sition and leasing of the proposed facilities relating to the pro- posed project, and such report having been submitted to the Director of the Area Plan Commission and the President of the Board of School Trustees for the South Bend School Corporation, and their written comments having been received by the South Bend Economic Development Commission and such reports and comments having been made a part of their records; and The South Bend Economic Development Commission has ap- proved the form and terms of the Loan Agreement and Trust Indenture and Bond and has further approved this form of Ordinance author- izing the execution of the Loan Agreement and Trust Indenture and Bond and the issuance of Economic Development Revenue Bonds in accordance therewith; and The South Bend Economic Development Commission has trans- mitted this form of Ordinance to the City Clerk of the City of South Bend for presentation to the Common Council of the City of South Bend, Indiana; and The Common Council of the City of South Bend, Indiana, finds that the proposed development will be of public benefit to the economic welfare of the City of South Bend, Indiana, by tend- ing to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facili- ties which would be required by the proposes project. PAGE THREE NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. The Common Council of the City of South Bend hereby finds and determines that the completion of the construction of a building in connection with the Ireland /Ironwood Associates Project to be constructed with the proceeds of the Economic Develop- ment Revenue Bond herein authorized are "Economic Development Facili- ties" as that phrase is used in the Act concerning the promotion of Economic Development, I.C. 18- 6 -4.5, as amended; that the completion of the construction of the Ireland /Ironwood Associates Project will increase employment opportunities and increase diversification of industry in and near the City of South Bend, will improve and promote the economic stability, development and welfare of the area in and near the City of South Bend and will encourage and promote the ex- pansion of industry, trade and commerce in the area in and near the City of South Bend, and that the public benefits to be accomplished by this Ordinance, intending to overcome insufficient employment opportunities and insufficient diversification of industry, are greater than the cost of public services as that phrase is defined in the Economic Development Act, I.C. 18- 6 -4.5 -1 as amended, which will be required by the Ireland /Ironwood Associates Project. Section 2. In order to pay the cost of completion of the construction of a commercial building which will constitute economic development facilities of the Ireland /Ironwood Associates Project, there are hereby authorized to be issued, sold and de- livered Ninety Five Thousand ($95,000.001 Dollars aggregate principal amount of Economic Department Revenue Bonds. Section 3. The form of the Loan Agreement and Trust Indenture and Industrial Revenue Bond are before the meeting and hereby incorporated by reference in this Bond Ordinance and the Clerk is hereby directed to insert them into the minutes of the Common Council and to keep them on file. Section 4. The Economic Development Revenue Bond, payable solely and only from the revenue derived from the economic facilities, PAGE FOUR may be issued in an amount or amounts not to exceed Ninety Five Thousand ($95,000.00) Dollars for a period not to exceed Eighteen (18) years duration from the date of the issuance of said Bond in accordance with the terms of the Loan Agreement and Trust Indenture and such Bond shall be issued on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk of the City of South Bend, Indiana, and shall be sealed with the corporate seal of the City. Section 5. The Loan Agreement and Trust Indenture and Economic Development Revenue•Bond shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk. The Economic Development Revenue Bond authorized by this Ordinance shall not be and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the City of South Bend, nor shall the Bonds be paid in any manner from funds raised by taxa- tion. The Bond shall be payable solely from revenues and receipts derived pursuant to the terms of the Loan Agreement and Trust Indenture. Section 6. Resolution Number 3 -80 of the City of South Bend Economic Development Commission passed on March 21, 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 Bond 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 supplanted. Section 7. The Mayor and the Clerk be and they each hereby are, authorized and directed, in the name of and on behalf of the City of South Bend to execute any and all instruments, per- form any and all acts, approve any and all matters and do any and all things deemed by them, or any of them, to be necessary or de- sirable in order to carry out the provisions of this Bond Ordinance. Section 8. This Bond Ordinance shall be in full force and effect from and after its passage, due attestation and approval by the Mayor as provided by law. tsr UEADING 'l- 151 ---f'd PUBLIC NEARING 2nd READING NOT APPROVED REFERRED PASSED -/__-'! >ej RET U �L. - , -''- f. ±1 r of the Common Counc VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM EXOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H. MCMICHAEL LLOYD M. ALLEN 300 FIRST BANK BUILDING KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS Members of the South County -City Building South Bend, Indiana April 8,,1980 Bend Common Council 46601 RE: Revenue Bond Application IRELAND /IRONWOOD ASSOCIATES, an Indiana Partnership 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 Ninety -Five Thousand Dollars ($95,000) for and on behalf of Ireland /Ironwood Associates, an Indiana Partner- ship to finance the construction of additional improvements on the property located at 2042 East Ireland Road, South Bend, Indiana. The improvements to complete the facility which was previously funded by the Economic Development bond will assure the anticipated employment of twenty -two (22) addi- tional persons with an estimated payroll of One Hundred Seventy - Six Thousand Dollars ($176,000.00). spectfully, V g NETH P. FEDDER FRED ��d ��� 4JI'S OFF 1. ORNEY FOR THE SOUTH BEND KPF:jk �NOMIC DEVELOPMENT COMMISSION P g�1so Irene Gammon CITY CLERK, SOUTH BEND, IND.