Loading...
HomeMy WebLinkAboutRevenue Bonds Real Estate Ventures ProjectORDINANCE NO. 6289 -78 Passed by the Common Council of the City of South Bend, Indiana January T2, 19-78 IRENE K. GAMMON d - City Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Indiana January 13, �9 78 IRENE K. GAMMON Approved and signed by me 0 t� / 31 19_t— Clerk ORDINANCE NO . _ (( a K q- 7 8 AN ORDINANCE APPROVITTG THE FOR P-1 A1`!D TERT'-IS OF LEASE AND TRU711' INDENTURE AND INDUSTRIAL DEVFLOPi"Z171. F!7VENUE B011DS, AND .AUTFORIZi , ?G TT1R F,X� CL'TIOP1 THEREOF PERTAINING TO THE REAL ESTATE VENTURES PROJECT STATEMENT OF PURPOSE; OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic 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". HUGH T;:'. SILBER AIrl, 1.7ILLIA 7•1 R. P_OnCz00D.1 LEE R. RO ^1ZIEi AND JAr?ES N. FOSS, DOING BUSI'TESS AS REAL ESTATE jT _`�TTITRF,1S �1 PART 7F_mQ ?iP ('`REAL 51 ESTATE VENTURES"), has filed. an aprlicatior. with the Commission to finance the acquisition of certain real estate and the construction of certain improvements thereon which Will constitute econoric development facilities resulting in a substantial number of additional employees, as well as other benefits, with respect to an Industrial Development Revenue Fond issue in the amount of Two Hundred Thousand Dollars ( 2010,^0C.001), renavable with interest thereon at the rate of six and. ei-ht- tenths per cent (6.8�) per annum in installments over a fifteen (15) year period, as more particularly set forth in the proposed form of bond and proposed form of Lease and Trust Indenture submitted with such application. In connection with such application, the Commission has prepared and placed on file a report containing the subject matter as provided. in Section 16 of iC 18- 6- 4.5 -16 and has fort!arded copies thereof to the Chairman of the Area Plan Comni_ssion of St. Joseph County, Indiana, and to the Superintendant of the School Corporation, and has tir-ely received favorable reports from each, and the Commission held a public hearing- on the proposed financing of such economic development facitilies on i5c-CMg �/� /� 1977, after g 1vi= the reouired notice as provided for in Section 17 of IC 18- 6- 4.5 -17 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 and the proposed economic development facilities will not have an adverse competitive affect on similar facilities already constructed and operating in any part of St. Joseph County, Indiana, and Pursuant to such findings, the Commission adopted a resolution which. was transmitted to the Common Council of the City of South Lend, Indiana, approving the application of Real Estate Ventures, together with the terms of the Lease and Trust Indenture (financing agreement) and bond. NO? THEREFORE, BF IT ORDAINED by the Common Council of the City of South Lend, Indiana, that: Section 1. The form and terms of the Lease and Trust Indenture and the Industrial Development Revenue Bond or Bonds pertaining to the aforementioned application, being the Real Estate Ventures Project, and the issuance of the Industrial Development Revenue Bond or Bonds pursuant thereto, are hereby approved and adopted. Section 2. Said form of Lease and Trust Indenture, together with said form of Industrial Development Revenue Bond, 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 Lend, Indiana, and shall be kept on file by the City Clerk of South Bend., Indiana. Section 3. Said Lease and Trust Indenture shall be executed on behalf of the City of South. Bend, Indiana, and sealed with the corporate seal of such City. Section 4. The Industrial Development Revenue Eond or Bonds to be issued. pursuant to such Lease and 'Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, by the ",Iayor and the City Clerk of South Bend, Indiana, and shall be sealed ..,ith the corporate seal of said City and be payable fully and only from the revenues derived from such Real Estate Ventures Project pursuant to the aforementioned Lease and Trust Indenture for a bond issue of T,,,To Hundred Thousand Dollars ($200,000.00) repayable �,Tith interest thereon at the rate of six and ei97ht- tenths Per cent (6.8°') per annum, in installments over a fifteen (15) year period, as more Particularly set forth in the form of Lease and Trust Indenture and Bond as approved by this ordinance. Section 5. The Proceeds of this Industrial Develonment Revenue Bond issue shall be used and applied in accordance Tvrith the terms of such Lease and Trust Indenture. Section E. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. Memb�-/-/ of he Common Council 1 ist READiNIG 7-7, PUECUC IWEARING 2nd R TE A E) IN G; -2 NOT APPROVEP REFERRED PASSED -2p RIED 1jr,1 - C 3 7 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 c LAUGHLIN BRIAN J. MAY SOUTH BEND, INDIANA 46601 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 Two Hundred Thousand ($200,000.00) Dollars, for and on behalf of HUGH W. SILBERMAN, WILLIAM R. HOBGOOD, LEE R. ROTZIEN and JAMES N. FOSS, d /b /a REAL ESTATE VENTURES. The purpose of the proposed bond issue is to construct a 30,000 square foot manufacturing facility designed to accomodate four (4) firms. The property is located in the City of South Bend Airport Industrial Park, Phase I on Weyerhaeuser Co. lot number 6 which is approximately 3 acres. The lot is on the corner of Kenmore and Voorde Drives. 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. Very truly yours, lKenneth-P. 'fFedder Attorney for the Economic Development ,Commission FILED IN CLERK'S OFFICE 13 49?7 Irene Gammon CITY CLERK, SOUTH BEND, IND.