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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Niles Avenue Partnership ProjectORDINANCE No 6694 -79 Passed by the Common Council of the City of South Bend, I cember 3 19 79 City Clerk IRENE K. GAMMON 61-11'- of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana December 4 19--7-9— IRENE K. GAMMON Approved and signed by me X.Q -a.-r a „1Pia.,. 3S 192� City Clerk ORDINANCE NO. (,A(,914--79 AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, ANDPUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 28 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE NILES AVENUE 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 limited to IC 18- 6 -4.5 -1 through IC 18 -6- 4.5-30, hereinafter referred to as the "Act "; and NILES AVENUE PARTNERSHIP, an Indiana Partnership, has filed an application with the Commission to finance the restoration and rehabilitation of those buildings located at 411 East Jefferson Boulevard, and 121 South Niles Avenue, 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 Commisskn 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 are located, and has timely received favorable reports from each of the, 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 Trust Indenture and User Agreement, Real Estate Mortgage and Bonds, and further approved this form of Ordinance authorizing the execution thereof, and that such ecaDmic 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 Trust Indenture and User Agreement, Real Estate Mortgage 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 Trust Indenture and User Agreement pertaining to the application of NILES AVENUE PARTNERSHIP, a Partnership, are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, Real Estate 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 Trust Indenture and User Agreement and Real Estate Mortgage 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 NILES AVENUE PARTNERSHIP PROJECT pursuant to the aforementioned Trust Indenture and User Agreement, shall not be in any respect a general obligation of the City, nor shall thebonds be paid in any manner from funds raised by taxation, and may be executed in amounts not to exceed Seven Hundred Fifty Thousand ($750,000.00) Dollars, repayable with interest thereon at a rate not to exceed Nine (90) percent per annum, payable in monthly installments over a period of twenty (20) years after the date of such bonds, and that such Trust Indenture and User Agreement, Real Estate Mortgage 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. 28 -79 of the South Bend Economic Development Commission passed on October 22 , 1979, is MOM 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 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. 1st READNG fI —/Y-? I PUBLIC HEARING 1, ?-3- ?' ' 2nd READING NOT APPROVED REFERRED PASSED -3- No 1/1 � `- % F 1 ., C, tz ii 5 z' z�€ W, VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E XOOR 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 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Industrial Development Revenue Bond NILES AVENUE PARTNERSHIP PROJECT Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON The South Bend Economic Development Commission has received an application from NILES AVENUE PARTNERSHIP, an Indiana Limited Partnership, for the issuance of a revenue bond in the amount of Seven Hundred Fifty Thousand ($750,000.00) Dollars for the acquisition, improvement, remodeling and development of commercial bulldings located at 411 Esst Jefferson Boulevard and 121 South Niles Avenue, South Bend, Indiana. It is anticipated that approximately twenty -five (25) new jobs will be created, with a_payroll of approximately $250,000.00. KPF /mb Respectfully yours, TH P. FEDDER AT FOR THE SOUTH BEND CONOMIC DEVELOPMENT COMMISSION 4 4