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HomeMy WebLinkAboutApprovng Industrial Development Revenue Bonds - River Glen Office Plaza Associates ProjectORDINANCE No. 6710 -79 Passed by the Common Council of the City of South Bend, Indiana_ d December 17 19 79 City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana December 18 19 79 4" 'k-- of Common Council IRENE K. GAMMON Approved and signed by me__ AQe /9 1029 Clerk BILL NO. ORDINANCE NO. 4o'710-7 AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- CUTION THEREOF, AND APPROVING RESOLUTION NO. 29 -79 OF THE SOUTH BEND ECONOMI DEVELOPMENT COMMISSION RELATING TO THE RIVER GLEN OFFICE PLAZA ASSOCIATES 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 the "Commission" pursuant to the provisions of Indiana Code 18- 6 -4.5, as amended, hereinafter referred to as the "Act "; and River Glen Office Plaza Associates, an Indiana partnership, has filed an application with the Commission to finance certain economic development facilities resulting in a substantial 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 Indiana Code 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 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 approve the form and terms of the Loan Agreement, Indenture of Trust, and Bonds, and further approve this form of Ordinance authorizing the execution thereof, and that such economic development facili- ties 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 Loan Agreement, Indenture of Trust, and Economic Development Revenue Bonds pertaining to River Glen Office Plaza Associates Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Indenture of Trust and Loan Agreement, to- gether with the Note and Mortgage attached as an exhibit thereto, and the Economic 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. Section 3. Said Loan Agreement and Indenture of Trust shall be exe- cuted 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 Economic Development Revenue Bonds, payable solely and only from the revenues derived from such River Glen Office Plaza Asso- ciates Project pursuant to the aforementioned Loan Agreement and Indenture of Trust will not be in any respect a general obligation of the City, nor may the Bonds be paid in any manner from funds raised by taxation, and may be issued in amounts not to exceed $1,428,000 repayable with interest thereon at the rate of 8 -3/4% per annum, over a term of 15 years, in accordance with the terms of said Loan Agreement and Indenture of Trust 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 sealed with the corporate seal of said City. Section 5. Resolution No. 29 -79 of the South Bend Economic Develop- ment Commission, passed on October 5, 1979, is hereby approved; and the Common Council of the City of South Bend, Indiana, 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 the Act. 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. Member of e Common Council 1st RE ADING PUILIC NEARING 2nd READING i OV c' I'� NOT APPRO REFERREQ ` Y PASSED CfTY CLERK, SCUM BUND, [NO, CITY of SOUTH BEND PETER J. NEMETH, Mayor SOUTH BEND, INDIANA 46601 Economic Development Commission 230 West Jefferson Boulevard (219) 234 -0051 Jerry Hammes, President Frank Horvath, Vice - President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application RIVER GLEN OFFICE PLAZA ASSOCIATES PROJECT Dear Councilmen: The South Bend Economic Development Commission has received an application from RIVER GLEN OFFICE PLAZA ASSOCIATES, for the issuance of a Revenue Bond in the amount of One Million Five Hundred Thousand ($1,500,000.00) Dollars, for the acquisition of land and the construction and equipping of an office building located at Columbia and Monroe Streets, South Bend, Indiana. The new facility will be used by RIVER GLEN OFFICE PLAZA ASSOCIATES in its operations, creating approximately 40 new jobs with an estimated payroll of approximately $600,000.00. Respectfully yours, ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT L F! Ls s aJ_ COMMISSION K PF /mb an gg CITY CLERK, SGUN JEi' +7, I ji ?.