Loading...
HomeMy WebLinkAboutApproving Economic Development Revenue Bonds - Thomas and Jane Kinnucan ProjectORDINANCE No 6774 -80 Passed by the Common Council of the City of South Bend, Indiana 1--i L, �r bQ C May 12, 19 80 City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind"ana Approved and signed by May 13, ig 80 J� !1 of Common Council IRENE K. GAMMON TA Clerk ORDINANCE NO. -90 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 NO. 9 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO THE THOMAS AND JANE KINNUCAN 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 Thomas and Jane Kinnucan have filed an application with the Commission to finance the construction of an additional building and the purchase of addi- tional equipment to be used for the manufacturing and warehousing of air tanks used in freight trailer brake systems (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 April 18, 1980 after 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 Thomas and Jane Kinnucan 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 Thomas and Jane Kinnucan, 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 $300,000 at an annual interest rate of ten percent (1O%) for a period not to exceed ten 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 executed 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. 9 -80 of the South Bend Economic Development Commission passed on April 18, 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 pur- poses 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. l r CKE LT S OFFICE 1st READING PUBLIC HEARING 2nd READING �?i;t1 NOT APPROVED Member of South Bend Common Council PASS Irene Gammon P;1, s�3"` l"1 CITY CLERK, SOUTH BEND, IND. VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN WILLIAM E.VOOR 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 April 23,.1980 Members of the South Bend Common Council County -City Building South Bend, Indiana '46601 RE Revenue Bond Application (THOMAS and JANE KINNUCAN ) Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON The South Bend Economic Development Commission has received an application from THOMAS and JANE KINNUCAN for a Revenue Bond in the amount of Three Hundred Thousand Dollars ($300,000.00), for the construction of an additional building and the purchase of additional equipment to be located at 2502 Lawton Street, South Bend, Indiana. It is anticipated that the new facility will create additional employment of approximately 8 to 10 jobs with an estimated payroll of $120,000.00 per year. It is properly zoned and it will be a further expan- sion of business facilities in our South Bend area. KPF:jk tfully, th P. Fedder ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION Fif A OR 23 0 Orene CITY QERK, SGa pop