HomeMy WebLinkAbout10-21-85 Council Special Meeting Minutes3
SPECIAL MEETING OCTOBER 21, 1985
3 Be it remembered that the Common Council of the City of South Bend met in the
Council Chambers of the County -City Building on Monday, October 21, at 4:15 p.m.
The meeting was called to order and the Pledge to the Flag was given.
ROLL CALL Present: Council Members Serge, Braboy, Puzzello,
Taylor, Zakrzewski, Crone, Paszek, Voorde and
Beck
Absent: None
TO THE MEMBERS OF THE SOUTH BEND COMMON COUNCIL
NOTICE OF SPECIAL MEETING OF THE COMMON COUNCIL
You are hereby notified that there will be a special meeting of the South Bend
Common Council, in the Council informal meeting room, October 21, 1985, at 4:15
p.m., for the purposes outlined below.
To have public hearing on one resolution.
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND RELATING TO AN
ASSIGNMENT AND ASSUMPTION OF CITY OF SOUTH BEND INDUSTRIAL DEVELOPMENT REVENUE BOND
(BATH INSURANCE AGENCY, INC. PROJECT).
/s/ Thomas Zakrzewski
/s/ John Voorde
/s /Beverlie J. Beck
/s/ Ann Puzzello
/s/ Eugenia Braboy
ATTEST: /s/ Irene Gammon
The within call for a Special Council Meeting came to hand the 18th day of October,
1985, which I serve by reading the same to each Councilman upon the date designated.
/s/ Eugenia Braboy
/s /.Joseph T. Serge
/s/ Thomas Zakrzewski
/s/ John Voorde
or by leaving a certified copy thereof at the last and usual place of residence of
such members as I was able to find, as follows:
301 E. Donmoyer
4134 Coral Dr.
1630 E. Randolph
the South Bend
433 N. Hill St.
630 E. Angela
/s /Cpl. R. Karch Member of
Police Department
RESOLUTION NO. 1360 -85 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND RELATING TO AN ASSIGNMENT AND ASSUMPTION OF CITY
OF SOUTH BEND INDUSTRIAL DEVELOPMENT REVENUE BOND (BATH
INSURANCE AGENCY, INC. PROJECT.)
The south Bend Economic Development Commission investigated, studied, surveyed
and reported to the Mayor and the Common Council of the City of South Bend, Indiana,
that a need exists in the community for additional job opportunities and business
and commercial diversification within and near South Bend, Indiana; and
SPECIAL MEETING
OCTOBER 21, 1985
Richard J. Van Mele, as Trustee under a trust agreement dated April 25, 1984
( "Seller ") is the owner of a tract of land with improvements thereon located in the
City of South Bend ( "Property "); and
On March 30, 1979, Seller financed the acquisition of the Property by borrowing
the proceeds of Industrial Development Revenue Bonds (the "Bonds ") issued by the
City of South Bend (the "Issuer ") in the original principal amount of $700,000.00;
and
On March 30, 1079, American National Bank and Trust Company, now known as Valley
American Bank and Trust Company, a banking institution organized under the laws of
Indiana, entered into an Indenture of Trust with the Issuer to act as Bond Trustee;
and
Mastic Corporation ( "Purchaser ") has agreed to acquire the Property from the
Seller, to continue to operate the facility as an office building subject to the
approval of and appropriate official action by the Issuer and the Issuer's Economic
Development Commission, and to assume Seller's obligations with respect to the Bond;
and
To improve and promote job opportunities and commercial diversification within
and near South Bend, Indiana, said assignment should be approved; and
Valley American Bank and Trust Company as Trustee and as owner of the Bonds has
consented to the proposed transfer and assignment of the Bonds; and
By Resolution dated October 4, 1985, the South Bend Economic Development
Commission approved said assignment and assumption; and
To induce Purchaser and Seller to consummate the assignment and to evidence its
consent thereto, the South Bend Common Council desires to adopt this resolution; and
it is apparent that the assignment will increase and preserve job opportunities
and business diversification in and near South Bend, Indiana, resulting in a benefit
to the welfare of the public in South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
THAT:
SECTION 1. The South Bend Common Council approves the assignment from the
Seller to Purchaser and Purchaser's assumption of all Seller's obligations with
respect to the Bonds.
SECTION 2. The South Bend Common Council and the City of South Bend, Indiana,
their officers or agents, shall not incur any liability if for any reason the
proposed assignment of such Bonds is not consummated.
SECTION 3. This resolution shall be in full force and effect from and after its
adoption by the Common Council and approval by the Mayor.
/s/ Beverlie J. Beck
Member of the Common Council
A public hearing was held on the resolution at this time. Mr. Hines of Mastic
Corp., indicated they planned to move their corporate headquarters into this
building, which is located at Eddy and Jefferson. He indicated the building they
are presently using will be put up for sale. Richard Morgan, attorney, indicated
that the Bath Insurance Agency has signed a lease at One Michiana Square. Council
Member Voorde made a motion to adopt this resolution, seconded by Council Member
Taylor. The resolution was' adopted by a roll call vote of nine ayes.
There being no further business to come before the Council, unfinished or new,
Council Member Voorde made a motion to adjourn, seconded by Council Member Taylor.
The motion carried and the meeting was adjourned at 4:27 p.m.
ATTEST:
City Clerk
APPROVED:
r sident