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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Bruno Eidietismilli Passed by the Common Council of the City of South Bend, Indiana. Mav 8 ,, 1978 City Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana M 9 z9__7 8 Clerk IRENE K. GAMMON Approved and signed by me l 9 i9 7 S ORDINANCE NO. ` ;3 96-2_y AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BRUNO EIDIETIS 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 provisions 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 BRUNO EIDIETIS 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 April 14, 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 pertianing to BRUNO EIDIETIS 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 BRUNO EIDIETIS facilities, may be issued in amounts not to exceed One Hundred Fifty Thousand ($150,000.00) Dollars for a period not exceeding fifteen (15) 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 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. �r r of the Common Counc E`''� OFFICE APR 201978 zr✓�� �r�rGd —,'n c Irene r y;\ �'� e� j( �*.� -Q,�� 1TY CLERK s t i NOT ull i ti 15c vC, REFERRE© VEA 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. Mc LAUGHLIN BRIAN J. MAY Members of the South Common Council County -City Building South Bend, Indiana SOUTH BEND, INDIANA 46601 Bend 46601 RE: Revenue Bond Application Bruno Eidietis Dear Gentlemen: le�eolf / t-- ;Lo I ,f 7 X Application for a Revenue Bond Issue for One Hundred Fifty Thousand ($150,000.00) Dollars, for and on behalf of BRUNO EIDIETIS, has been made for the acquisition of property and construction of a facility located at 401 north Michigan Street, South Bend, Indiana. Mr. Eidietis will lease the property and facility to Audio Specialists, an Indiana Partnership. The new and larger facility will permit an expansion of our business which is the retail sale and service of electronic equipment. They specialize in component stereo equipment and micro- computer equipment. This expansion will mean an increase in employment. It is estimated that this new facility will result in the employment of approximately four (4) new jobs and bring an annual payroll increase of $40,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /gwo Very truly yours, KE ETH P. EDDER Attorney f r the Economic Development Commission i C bra �--�_5 f^9 i g t- APR 201978 G17Y CLERK, S11111H BLI j., ;toll.