HomeMy WebLinkAboutIndustrial Development Revenue Bonds - K & F Realty6529 -78
Passed by the Common Council of the City of South Bend, Indiana.
Attest:
December 11 rq 78
G
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
December 12 �9 78
x--.- A.,,
Clerk
Of Common Council
IRENE K. GAMMON
Approved and signed by me 1Q..Q 13 . 19 rI 8
Clerk
ORDINANCE NO
AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORT-
GAGE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO K & F
AN INDIANA PARTNERSHIP REALTY,
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
K & F REALTY, an Indiana 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 3, 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
NOTff, 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,
Mortgage and Trust Indenture and Industrial Development Revenue
Bonds pertaining to K & F REALTY, an Indiana Partnership, facilities
and the issuance of the Industrial Development Revenue Bond
pursuant thereto are hereby approved and adopted.
Section 2. Said forms of Loan Agreement, 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 Loan Agreement, Mortgage and Trust Inden-
ture 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 K & F
REALTY, an Indiana Partnership, facilities m
not to exceed Three Hundred Thousand ($300F000.001 ' be issued in amounts
period not exceeding fifteen (15)_ Dollars for a
installment due thereon, in accordance swith ethehtermssOfmsaidly
Loan Agreement, 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
effect from and after its
approved by the Mayor.
1st REAMING
PUBLIC FlE ,A. RING
2nd R =ADING
NOT APPROVED d
Ordinance shall be in full force and
Passage by the Common Council and
REFERRED
PASSED
FILED IN CURK'S OF 4Er
Irene Gammon
CITY CLERK, SOUTH BEND, i_,.
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
Members of the South
County -City Building
South Bend, Indiana
SOUTH BEND, INDIANA 46601
Bend Common Council
46601
RE: Revenue Bond Application
K & F REALTY, AN INDIANA PARTNERSHIP
Dear Gentlemen:
AREA CODE 219
234 -6061
OF COUNSEL:
WILLIAM O. JACKSON
Application of a Revenue Bond Issue for Three Hundred
Thousand ($300,000.00) Dollars, for and on behalf of K & F REALTY,
AN INDIANA PARTNERSHIP, for the acquisition of land and construction
Of facilities to be leased to K & F Manufacturing Co., Inc., an
Indiana Corporation at 12633 Industrial Park Drive, Granger,
Indiana. K & F Manufacturing Co., Inc. will manufacture equipment
for the graphic arts industry.
The new facility will initially employ approximately
fifteen (15) new jobs resulting in an increase in the annual
payroll of $165,000.00.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
KPF /gwo
tfully,
KFjNNETH P. FEDDER
ATTORNEY FOR THE ECONOMIC
DEVELOPMENT COMMISSION
FILED IN CLER, OFFICE
Irene rTUn ,
CITY CLERK, SUUiH