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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds H.T.W. PartnershipPassed by the Common Council of the City of South Bend, Indiana_ May 8 -1978 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind'ana May 9 -19_28 8 Approved and signed by me QAd 90 City Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. -� AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO H.T.W. 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 H.T.W. 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 and placed on file a report containing specified in Section 16 of IC 18 -6 -4.5 thereof to the Chairman of the Area Pl Superintendent of the School Corporat the facilities will be located, and ha reports from each of them; and Commission has prepared the subject matter as and has forwarded copies an Commission and to the on in the area of which s timely received favorable the Commission held a public hearing on the proposed financing of such facilities on,4AP11- lam, 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, Inidana; 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 H.T.W. 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. 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 H.T.W. PARTNERSHIP, facilities, may be issued in amounts not to exceed Five Hundred Thousand ($500,000.00) Dollars for a period not exceeding fifteen (15) years after the first monthly installment due thereon, in accordance with the terms of said Lease 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. Member of the Common Council FILED IPA . , ' Tf-nf APR 201978 �tn• CITY CLERK. ,u Li H 15t READING 41- y/_ f PUBLIC HEARING 2nd READING _ NOT APPROVE crS 7 REFERRED PASSED -2- VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E. VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 WILLIAM O. JACKSON 300 FIRST BANK BUILDING 234 -6061 GUY H.McMICHAEL LLOYD M.ALLEN WILLIAM E.VOOR,JR. KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS tIMOTHY P. M. LAUGHLIN BRIAN J. MAY SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council South Bend, Indiana 46601 RE: Revenue Bond Application H.T.W. Partnership Dear Gentlemen: /�1iA1 L .7-0( 17g, Application of a Revenue Bond Issue for Five Hundred Thousand ($500,000.00) Dollars, for and on behalf of H.T.W. PARTNERSHIP, an Indiana Partnership, compromised of James V. Wyllie, Robert W. Tennyson and J. Kenneth Harkleroad, for the acquisition of property and construction of the facility located on Block 6 Lot 5 of Phase III of the Airport Industrial Park. H.T.W. Partnership will lease this property and facility to Nyloncraft, Inc. This expansion will mean an increase in employment. It is estimated that this new facility will result in the employment of approximately 45 new jobs with an annual payroll of approximately $450,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /gwo Very truly yours, KEEN ETH P . FEDDER ITT RNEY FOR THE ECONOMIC LOPMENT COMMISSION n Eg It, CI RTS OFFICE APR 2 0 1978 Irene Gammon CITY CLERK, SUM BENU, MD. COMMISSION RESOLUTION NO.6- %f WHEREAS, the City of South Bend, Indiana, still has in- sufficient 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, H.T.W. PARTNERSHIP 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 financing agreement (Lease and Trust Indenture) and the Bonds in the principal amount not exceeding Five Hundred Thousand ($500,000.00) Dollars and bearing interest at a rate of Seven and one -half (7 -1 /2%) percent annum repayable over a term of 15 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 agree- ment (Lease and Trust Indenture) and the Bonds. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOP- MENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA THIS /71 DAY OF4X01L, 1978. 2 RESID VICE PRESIDENT SECRETARY FILED IN CI EF7 �'S OFFICE APR 201978 Irene , CITY CLERK,