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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds James & Theresa SharpePassed by the Common Council of the City of South Bend, Indiana August 14 19 78 "-0-94-) City Clerk IRENE K. GAMMON President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana August 15 z9 78 /tom Approved and signed by me i. WA& A 1s —city Clerk IRENE K. GAMMON ORDINANCE NO. (w jRJ--) $ AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO JAMES AND THERESA SHARPE 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 JAMES AND THERESA SHARPE 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 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 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 JAMES AND THERESA SHARPE 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 JAMES AND THERESA SHARPE,facilities, may be issued in amounts not to exceed One Hundred Twenty -five Thousand ($125,000.00) Dollars for a period not exceeding ten (10) 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 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. 1st READING e - l 7"- 2 P' PUBLIC HEARING s 2nd READING $ 14 > Tr NOT APPROVED REFERRED PASSED q A."" -2- emb of the Common Council FILED IN CLERK'S OFFICE AUG 8 19781 Irene Gammon CITY CLERK, SOUTH BEND, IND. f 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 I VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 300 FIRST BANK BUILDING 234-6061 SOUTH BEND, INDIANA 46601 OF COUNSEL: WILLIAM O. JACKSON July 28, 1978 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: Application of a Revenue Bond Issue for One Hundred Twenty -five Thousand ($125,000.00) Dollars, for and on behalf of JAMES AND THERESA SHARPE, has been made for the construction and equipping of a facility on the property located on a site on the south side of Edison Road, 891 feet east of Hickory Road, South Bend, Indiana This expansion will mean an increase in employment. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /smn V gpy truly yovrs, Kenneth P. Fedder Attorn for;the Economic Development C,dmmission FILED IN CLERK'S OFFICE AUG 8 1978 Irene Gammon CITY CLERK, SOUTH BEND, IND. 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 JAMES AND THERESA SHARPE 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 County -City Building South Bend, Indiana 46601 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 JAMES AND THERESA SHARPE, by the execution of a Lease and Trust Indenture and the issuance of Industrial Development Revenue Bonds in a total amount not to exceed $125,000.00 repayable over a period not to exceed ten (10) 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 1978. SOUT BEND ECONOMIC DEVELOPMENT COMMISSION FILED IN CLERK'S OFFICE By AUG 8 1978 Irene Gammon CITY CLERK, SOUTH BEND, IND. By: COMMISSION RESOLUTION NO. WHEREAS, the City of South Bend, Indiana still has insufficient employment opportunities and insufficient diversification_ of industries, which conditions are harmful to the prosperity, economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, JAMES AND THERESA SHARPE, have filed an application with the South Bend Economic Development Commission ( "Commission ") to finance the acquisition of real estate and the construction thereof of an industrial and commercial building which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the Commission has considered whether the proposed facilities may have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and WHEREAS, Commission has prepared and placed on file a report as specified in IC 18- 6- 4.5 -16, and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation where the facilities will be located, and has received favorable reports from each of them. NOW, THEREFORE, the South Bend Economic Development Commission at this meeting, being a public hearing on not less than five (5) days' notice on such proposed financing of such facilities, does now 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 BE IT FURTHER RESOLVED, by the South Bend Economic Development Commission that the proposed financing of the acquisition of the involved real estate and erection of an industrial and commercial building thereon, and the form and terms of "the fI aAcing agreement (Lease and Trust Indenture) and the Bonds in the 4 f t principal amount not exceeding One Hundred Twenty -five Thousand ($125,000.00) Dollars and bearing interest at a rate of 8 -1/2 annum repayable over a term of ten (10) years, and the issuance of the Bonds in accordance therewith, be and the same hereby are approved, and the Secretary of the Commission be and he is hereby directed to transmit to the City of South Bend, Indiana, this resolution, together with a copy of the form and terms of the financing agreement (Lease and Trust Indenture) and the Bonds. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS 4TH DAY OF AUGUST, .1978. r d Alht Vice President Secretary f uo IN C OFFICE AUG 8 1978 Irene Gammon CAN CLERK, SOUTH BEND, IND.