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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Dental Arts Building PartnershipPassed by the Common Council of the City of South Bend, Indiana December 11 19 78 City Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Ind*ana December 12 _19_28 IRENE K. GAMMON Approved and signed by me xM ORDINANCE NO (o r O -1 L_ AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE, MORTGAGE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO DENTAL STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission," pursuant to the provi- sions 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 -2, through IC 18- 6- 4.5 -28, hereinafter referred to as the "Act;" and Dental Arts Building Partnership has filed an application with the Commission to finance the acquisition of real estate and the construction thereof of an industrial and commercial building (facilities) 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 Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which the 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 facilities on November 17, 1978, after giving the required notice as provided for in Section 17 of IC 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and 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, Mortgage and Trust Indenture and Industrial Development Revenue Bonds pertaining to Dental Arts Building Partnership facilities and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease, Mortgage and Trust Indenture together with 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, Mortgage and Trust Indenture shall be executed 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 Industrial Development Revenue Bonds payable solely and only from the revenue derived from such Dental Arts Building Partnership facilities, may be issued in amounts not to exceed Nine Hundred Thousand ($900,000.00) Dollars for a period not exceeding twenty (20) years after the first monthly installment due thereon, in accordance with the terms of said Lease, Mortgage and Trust Indenture 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 shall be sealed with the corporate seal of such City. 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. 1st READING /xz-//• 7 d PU-EMC I',EA ING /.'�• / / —� 2nd READING NOT APPROVED REFERRED / PASSED � � '.ii • % � Q�,M� �� � -2- ommon c:ounc FILED ID CI EI3TS OFFICE DEC 51978 Irene Gammon CITY CLERK, SOUTH BEND, GNU. WILLIAM E.VOOR GUY H.McMICHAEL LLOYD M. ALLEN KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS BRIAN J. MAY VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application DENTAL ARTS BUILDING PARTNERSHIP Dear Gentlemen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond Issur for Nine Hundred Thousand ($900,000.00) Dollars, for and on behalf of DENTAL ARTS BUILDING PARTNERSHIP, for the purpose of land acquisition, a new building, and equipment to be located at 213 North Notre Dame Avenue, South Bend, Indiana. DENTAL ARTS BUILDING PARTNERSHIP is a dental specialties health care facility on Notre Dame Avenue, just south of LaSalle on the west side of the street. The new facility will employ approximately 11 new persons with a yearly payroll of approximately $147,600.00 It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /gwo Respectfully, AETH P. FEDDER SAT ORNEY FOR THE ECONOMIC ' \,DEVELOPMENT COMMISSION FILED IN CLEWS S OFFICE DEC 51978 Irene Gammon CITY CLERK, SOUTH BEND, IND.