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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - George, Robert C. & Richard C. Ross a PartnershipORDINANCE NO. 6550 -79 Passed by the Common Council of the City of South Bend, Indiana February 12 _10 79 Attest: '�``""�' �� City Clerk IRENE K. GAMMON Attest: Presented by me to the Mayor of the City of South Bend, Indiana February 13 Approved and signed by me , of Common Council 191-9— City Clerk IRENE K. GAMMON ORDINANCE NO. 4S Y0 .7A AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORI 'ZI'NG`THE EXECUTION THEREOF PERTAINING TO GEORGE E. ROSS, ROBERT C. ROSS AND RICHARD C. ROSS, A PARTNERSHIP 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 George E. Ross, Robert C. Ross and Richard C. Ross, a Partnership, has filed an application with the Commission to finance the acquisition of real estate and the construction there- of 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 December 15, 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 and Trust Indenture and Industrial Development Revenue Bonds pertaining to George E. Ross, Robert C. Ross and Richard C. Ross, a Partnership, facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease 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 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 George E. Ross, Robert C. Ross and Richard C. Ross, a Partnership, facilities, may be issued in amounts not to exceed Two Hundred Fifty Thousand ($250,000.00) Dollars for a period not exceeding twenty (20)_ years after the first monthly installment due thereon, in accordance with the terms of said Lease 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. ,_{ i2EADttvG /-.Q a-.? 9 ?nd READING .dCi APPROVER REFERRED PASSED .P -..44P - 7 !� Member of the Common Council -2- zl� CITY ERK: scwii BEND, IND. WILLIAM E.VOOR GUY H.M�MICHAEL 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 8 HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 Members of the South County -City Building South Bend, Indiana Bend Common Council 46601 RE: Revenue Bond Application GEORGE E. ROSS, ROBERT C. ROSS & RICHARD C. ROSS, A PARTNERSHIP Dear Gentlemen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond Issued for Two Hundred Fifty Thousand ($250,000.00) Dollars, for and on behalf of GEORGE E. ROSS, ROBERT C. ROSS & RICHARD C. ROSS, A PARTNERSHIP, for the purchase of land and the construction of a new building at the corner of Monroe and Columbia in South Bend, Indiana. The Bond issue will be used to accommodate the expansion of the business of Tire Service Center, Inc., a corporation in which the peti- tioners are the stockholders. The Tire Services Center is present - ly located at 601 S. Michigan Street, South Bend, Indiana. The new facility will initially employ approximately five people with a beginning payroll at approximately $60,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /mb ectfully, TONN�TH P. FEDDER ARNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION S,E..3��' Al 16 1-979 Irene G"= Mon 07y CLERK, SOUTH BEND, IND,.