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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Steel Warehouse of Indiana IncORDINANCE No 6693 -79 Passed by the Common Council of the City of South Bend, Indiana- A-- �f- Attest: December 3 �e 19 79 IRENE K. GAMMON City Clerk Of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana December 4 _19-22— IRENE K. GAMMON Approved and signed by me Clerk ORDINANCE NO. "QS- AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 37 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING -TO THE STEEL WAREHOUSE OF 'INDIANA, INC. 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 maybe amended from time to time, including but not limited to IC 18- 6- -4.5 -1 t4rougk IC 18- 6- 4.5 -30, hereinafter referred to as the "Act ",.and STEEL WAREHOUSE OF INDIANA, INC., has filed an application with the Commission to finance the acquisition of equipment and construction of industry on real estate located adjacent to 2900 West Tucker Drive, South Bend, Indiana, which will constitute 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 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 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 Lease and Trust Indenture and Bonds, and further approved this form of Ordinance authorizing the execution thereof, and that such economic development facilities 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 Lease and Trust Indenture and Industrial Development Revenue Bonds attached as exhibits thereto pertaining to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the Lease and Trust Indenture pertaining to the application of STEEL WAREHOUSE OF INDIANA, INC., are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture 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 Lease and Trust Indenture and 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 STEEL WAREHOUSE OF INDIANA, INC. Project 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 Six Hundred Forty -Eight Thousand ($648,000.00) Dollars, repayable with interest thereon at a rate not to exceed Eight and one -half (8 -1/20) percent per annum, payable in monthly installments over a period of twelve (12) years after the date of such Bonds, and that such Lease and Trust Indenture and such Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 37 -79 of the South Bend Economic Development Commission, passed on November 2,.1979, is hereby approved; and the Common Council of the City, of South Bend -2- 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 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. 15f REANNG L /l�`S 2i1Q PEALING `o "3 _i % •� NOT APPROVED Y /J REFERRED PASSED 7 9 MEMBER OF THEA65VTH BEND COMMON COUNCIL -3- ra Scum or'.) D °IUD. 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 County -City Building South Bend, Indiana Bend Common Council 46601 RE: Industrial Development Revenue Bonds Application - STEEL WAREHOUSE OF INDIANA, INC., PROJECT - $648,000.00 Dear Councilmen: 230 West Jefferson Boulevard (219) 234 -0051 The South Bend Economic Development Commission has received an application from STEEL WAREHOUSE OF INDIANA, INC., for Six Hundred Forty -Eight Thousand ($648,000.00) Dollars, for the purchase of equipment and construction of facilities located adjacent to 2900 W. Tucker Drive, South Bend, Indiana. The facilities will be used by STEEL WAREHOUSE OF INDIANA, INC., for their operation and it is anticipated that approximately five (5) new jobs will be created with an annual payroll of approximately Sixty -Five Thousand ($65,000.00) Dollars. KPF /mb The property is zoned Industrial. Ver.y truly yours, a TH P. FEDDER FOR THE SOUTH BEND DEVELOPMENT COMMISSION '? a ir, no n EiMCAE K, S"uLili BE% IND.