HomeMy WebLinkAboutApproving the form & terms of lease Industrial Development Revenue Bonds Louis Baker & Eleanor BakerORDINANCE No. 6427 -78
Passed by the Common Council of the City of South Bend, Indiana
August 14 Z9 78
IRENE K. GAMMON
P,
Presented by me to the Mayor of the City of South Bend, Indiana
August 15 z9 78
Clerk
Of Common Council
City Clerk
IRENE K. GAMMON
Approved and signed by me 1� s9i
ORDINANCE NO. 4 S/ai-22'
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE, TRUST INDENTURE
AND MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHOR-
IZING THE EXECUTION THEREOF PERTAINING TO LOUIS BAKER AND ELEANOR
BAKER
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
LOUIS BAKER AND ELEANOR BAKER have 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 Corproation 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 August 4, 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
cosntructed 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, Trust Indenture
and Mortgage and Industrial Development Revenue Bonds pertaining to
LOUIS BAKER AND ELEANOR BAKER facilities and the issuance of the
Industrial Development Revenue Bond pursuant thereto are hereby
approved and adopted.
Section 2. Said forms of Lease, Trust Indenture and Mortgage
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, Trust Indenture and Mortgage 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
LOUIS BAKER AND ELEANOR BAKER facilities, may be issued in amounts
not to exceed Three Hundred Thirty Thousand ($330,000.00) Dollars
for a period not exceeding fifteen (15) years after the first
monthly installment due thereon, in accordance with the terms of
said Lease, Trust Indenture and Mortgage 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 said 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.
Membef of the Common ouncil
1st READING y/--
PUBLIC HEARING B• /Y -� 8
2nd READING
NOT APPROVED
REFERRED
PASSED �'- i y • 7 8' t Aw.��.K,p� ('� .�o
FILED IN CLERK'S OFFICE
AUG 81978
Irene Gammon
CM CUR& SOUTH ttq. IAip.
WILLIAM E.VOOR
GUY H. H
McMICAEL
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
August 4, 1978
Members of the South Bend Common Council
County -City Building
South Bend, Indiana
RE: Revenue Bond Application
Louis Baker and Eleanor Baker
Dear Gentlemen:
AREA CODE 219
234 -6061
OF COUNSEL:
WILLIAM 0. JACKSON
Application of a Revenue Bond Issue for Three Hundred Thirty
Thousand ($330,000.00) Dollars, for and on behalf of LOUIS BAKER
AND ELEANOR BAKER, for the proposed financing of improvements and
the construction of an addition to their facility located at 700
West Chippewa Avenue, South Bend, Indiana.
Baker Rubber's business consist of taking used rubber tires
and recycling them for various industrial uses. Because of the growth
of its business, the present facilities have become inadequate and there
is a need to expand the size of the building.
Baker Rubber presently employs 55 persons with an annual payroll
of $546,000.00. The expansion will increase the employment to 70
employees and increase the annual payroll to $150,000.00.
It is properly zoned and it will be a further expansion of
business here in our South Bend area.
pectfully,
9 K NNETH � FEDDER j�
PTORNEY FOR THE ECONOMAC'�ED IN CLERK'S OFFICE
DEVELOPMENT COMMISSION
AUG 81978
KPF /gwo
Irene Gammon
cm cam, SM11 AESo. ,�D
TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION
AND PROPOSED ORDINANCE FOR ADOPTION BY THE
SOUTH BEND COMMON COUNCIL AND APPROVAL BY
THE MAYOR PERTAINING TO THE FINANCING OF
FACILITIES FOR LOUIS BAKER AND ELEANOR BAKER
BY THE ISSUANCE BY THE CITY OF SOUTH BEND,
INDIANA, OF ITS INDUSTRIAL DEVELOPMENT REVENUE
BONDS.
TO: Irene K. Gammon, City Clerk
City of South Bend
South Bend, Indiana
The South Bend Economic Development Commission (Commission)
hereby transmits to you in accordance with 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 ";
1. A resolution adopted by the Commission as of August 4,
1978, as called for by the Act;
2. Proposed ordinance for adoption by the Common Council
of the City of South Bend, Indiana as called for by the Act.
You will note from a perusal of the body of these documents
the purpose thereof is to finance the acquisition of land and
erect improvements thereon for LOUIS BAKER AND ELEANOR BAKER,
by the execution of a Lease, Trust Indenture and Mortgage and
the issuance of Industrial Development Revenue Bonds in a total
amount not to exceed $330,000.00 repayable over a period not to
exceed Fifteen (15) years duration.
With respect to the ordinance, you are respectfully asked
to publish once in a newspaper in South Bend, Indiana, a
notice that such proposed ordinance has been filed with you
and present such ordinance to the Common Council of South Bend,
Indiana, for passage not earlier than ten (10) days from the
date of the publication of such notice.
Submitted this day of August, 1978.
FILED IN CLERK'S OFFICE
AUG 9 1978
Irene Gammon.
M CLERK, SOUTH BEND, iiw.
SOUTH BEND ECONOMIC DEVELOPMENT
COMMISSION