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HomeMy WebLinkAboutApprovng Industrial Development Revenue Bonds - R & C RealtyORDINANCE No. 6709 -79 Passed by the Common Council of the City of South Bend, Indiana_ December 17 19 79 A0; +.. CII—L IRENE K. GAMMON President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana December 18 ig 79 IRENE K. GAMMON Approved and signed by me CQ-+- C--, &4-0 19 at �9-4— Clerk ORDINANCE NO. & 70 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 39 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE R & C REALTY, AN INDIANA PARTNERSHIP, 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, 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 limtied to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and R & C Realty, an Indiana partnership, comprised of Donald L. Rohan and David L. Collier, has filed an application with the Commis- sion to finance the aquisition of real estate and construction of a commercial building located on the northwest corner of Lincolnway East and Sample Streets within the City of South Bend (facilities) which will constitute economic development facilities resulting in the addition of two to five jobs being added to the payroll of D. L. Rohan, Inc., who will lease the facility from R & C Realty, as well as other benefits, and in connection therewith the Commission has pre -. pared 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 Corpo- ration, being the area in which the proposed 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 economic development 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 provisions 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 Loan Agreement, Trust Indenture and Mortgage and Industrial Development Revenue Bonds, and further approved this form of ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitve 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 Trust Indenture and Industrial Development Revenue Bonds attached as exhibits thereto pertaining to the issuance of the In- dustrial Development Revenue Bonds in accordance with the terms of the Trust Indenture, Mortgage and Loan Agreement pertaining to the appli- cation of R & C Realty, an Indiana partnership, are hereby approved and adopted. Section 2. Said forms of Loan Agreement, Trust Indenture, Mortgage and 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, Trust Indenture, Mortgage and Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, Payable solely and only from the revenues derived from such R & C Realty Project pursuant to the aforementioned Trust Indenture and Loan 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 Five Hundred Thousand Dollars ($500,000.00), repayable with interest thereon at a rate not to exceed eight percent (8 %) per annum, payable in monthly installments over a period of fifteen (15) years after the date of such bonds, and that such Trust Indenture, Mortgage and Loan Agreement and such Industrial Development Revenue Bonds shall be executed on behalf fo the City of South Bend, Indiana, by the Mayor and Clerk and -2- sealed with the corporate seal of such City. Section 5. Resolution No. 39 -79 of the South Bend Economic Development Commission passed on November 16, 1979, 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 pro- visions of I.C. 18- 6 -4.5, as amended and supplanted. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. tst READING /.?— -3 ° 7 9 PUKIC NEARING 2nd READING NOT APPROVED REFERRED PASSED -3- ,•l South Be ommon Council i C�- L6"9fa PV CBtI 2 C' IS,I Economic Development Commission Jerry Hammes, President Frank Horvath, Vice - President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel CITY of SOUTH BEND PETER J. NEMETH, Mayor SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application R & C REALTY, an Indiana Partnership Dear Councilmen: 230 West Jefferson Boulevard (219) 234 -0051 The South Bend Economic Development Commission has received an application from R & C REALTY, an Indiana Partnership, for the issuance of a Revenue Bond issue in the amount of ($500,000.00), for the acquisition of real estate and construction of a commercial building located on the northeast corner of Lincolnway East and Sample Streets in South Bend, Indiana. The new facility, containing approximately 6,000 square feet, will be leased to D. L. Rohan, Inc., creating approximately 5 new jobs with an estimated payroll of approximately $60,000.00. Respectfully yours, ETY'-p: FEDDER A�T,"ORNEY FOR THE SOUTH BEND COMMIOSSIONEVELOPMENT nF F KPF /mb [40V 2 < <S: ,. City CLERK, SOU MI BEtiD, if1ID.