Loading...
HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Greenwood Realty CorporationORDINANCE No. 6770 -80 Passed by the Common Council of the City of South Bend, Indiana_ Anri l 29, 10 90 K_ /;""� IRENE K. GAMMON City Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Indiana April 2A, 19$0--- jr City Clerk IRENE K. GAMMON Approved and signed by me 3 U TO ed ORDINANCE NO . ` C, 7 7e , St AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 5 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE GREENWOOD REALTY CORPORATION PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Commis- sion, hereinafter 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 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and GREENWOOD REALTY CORPORATION, an Indiana corporation, has filed an application with the Commission to finance the con- struction of a supermarket building and improvements on real estate located at 2222 South Bend Avenue, South Bend, Indiana, which will constitute economic development facilities resulting in a substan- tial number of new jobs as well as other benefits, and in connec- tion 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 forwarded 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 re- ceived 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 after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and pro- visions 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 Trust Indenture and User Agreement, real estate mortgage and bonds, and further approved this form of Ordinance authorizing the execution thereof, and that such economic development facilitities will not have an adverse competitive 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 Trust Indenture and User Agreement, real estate mortgage and Industrial Development Revenue Bond attached as exhibits thereto pertaining to the issu- ance of the Industrial Development Revenue Bonds in accordance with the terms of the Trust Indenture and User Agreement pertaining to the application of Greenwood Realty Corporation, are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, real estate mortgage and Industrial Development Revenue Bond 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 Trust Indenture and User Agreement and Bond shall be executed on behalf of the City of South Bend, Indi- ana by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such Green- wood Realty Corporation Project pursuant to the aforementioned Trust Indenture and User 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 Nine Hundred Thousand Dollars ($900,000.00) repayable with interest thereon at a rate not to exceed nine per cent (9 %) per annum, payable in monthly installments over a period of ten (10) years after the date of such bonds, and that such Trust Indenture and User Agreement and such Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, -2- by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 5 -80 of the 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 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 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. V' ember o he Common Council FA�� � , 3 S OrFI E APR 9 ?c�^0 1st READING y—/ - PUBLIC HEARING y 2f�— �v Irene Gamm ®n 2n8 READING CITY CLERK, SOUTH BEND, IND. NOT APPROVED REFERRED —3— PASSED VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.v00R ATTORNEYS & COUNSELORS AT LAW GUY H. Mc MICHAEL LLOYD M. ALLEN 300 FIRST BANK BUILDING 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 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM 0. JACKSON RE: Revenue Bond Application Greenwood Realty Corporation Project Dear Councilmen: The South Bend Development Commission has received an application for a Revenue Bond issue in the amount of Nine Hundred Thousand Dollars ($900,000.00) for and on behalf of Greenwood Realty Corporation, for the construction of a supermarket building and improvements on real estate located at 2222 South Bend Avenue, South Bend, Indiana. The The new facility in addition to retaining the pres- ent employment of approximately twenty (20) jobs will create an additional twenty (20) jobs with an additional annual pay- roll of Two Hundred Twenty -Five Thousand Dollars($225,000.00). KPF: jk Respectfully, 127 'KENNETH P. WDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RIED IT 106 Irene Gammon CITY CLERK, SOUTH BEND, IND.