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HomeMy WebLinkAboutIndustrial Development Revenue Bonds Thomas S Dreisbach & Lorie DreisbachORDINANCE No. 6325 -78 Passed by the Common Council of the City of South Bend, Indiana_ APRIL 24 78 Attest:' '�� �' City Clerk IRENE K. GAMMON Attest: Z4f President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana APRIL 25 -19_18 IRENE K. GAMMON Approved and signed by me "y -' A l' d --0 . Clerk C_, ORDINANCE NO. fir' 7 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO THOMAS S. DREISBACH AND LORIE DREISBACH 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 THOMAS S. DREISBACH and LORIE DREISBACH 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 March 17th, 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 THOMAS S. DREISBACH and LORIE DREISBACH facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of together with Industrial Development file with the Commission are hereby into this Ordinance, and said forms minutes of the Common Council of the and shall be kept on file by the Cit Lease and Trust Indenture Revenue Bonds which are on incorporated by reference shall be inserted into the City of South Bend, Indiana v 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 THOMAS S. DREISBACH and LORIE DREISBACH facilities, may be issued in amounts not to exceed Five Hundred Twenty -five Thousand ($525,000.00) 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 '/—/0 — 71? PUBLIC HEARING 41-PY -2 V 2nd READING 0?y 2 NOT APPROVED REFERRED PASSED.. Member of the Common Council FILED IN CLERK'S DEFILE APR 41978 Irene Gammon D. ClU cam. sov_% MD. 111 -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. Mc MICHAEL LLOYD M. ALLEN SOUTH BEND, INDIANA 46601 WILLIAM E.VOOR,JR. KENNETH P. FEDDER GEORGE E. HERENDEEN April 3, 1978 MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS TIMOTHY P. Mc LAUGHLIN ' BRIAN J. MAY Members of the South Bend Common Council County -City Building South Bend, Indiana RE: Revenue Bond Application Dear Gentlemen, Application of a revenue bond issue for $525,000.00 for and on behalf of THOMAS S. DREISBACH and LORIE DREISBACH, has been made for the proposed financing of property and improvements to a facility located at 602 South Michigan, South Bend, Indiana, and leased to Navarre Cadillac /Oldsmobile, Inc. It is estimated that this new facility will result in the employment of approximately 10 -15 new jobs and will preserve 52 jobs with a gross annual payroll of $225,000.00. It is properly zoned and it will be a further expansion of business herein our South Bend area. Respectfully submitted, f KENNETH P. FEDDER ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION KPF/gwo FILED IN CLERK'S OFFICE APR 41978 Irene Gammon CWAN no @.END. IND. NOTICE OF FILING OF ORDINANCE Notice is hereby given that on the 4th day of April , 1978, the South Bend Economic Development Commission filed with the City Clerk of'-South Bend, Indiana, a proposed form of ordinance authorizing the execution of a Lease and Trust Indenture and the issuance of Industrial Development Revenue Bonds pertaining to facilities for THOMAS S. DREISBACH and LORIE DREISBACH. Such proposed Ordinance will be considered and heard at the regular meeting of the Common Council of the City of South Bend, Indiana, to be held at 7:00 o'clock P.M. on the day of , 1978, in the chambers of the Common Council of the City of South Bend, Indiana, in the County- City Building, South Bend, Indiana. Irene K. Gammon City Clerk South Bend, Indiana F11.ED IN CLERK's OFFICE APR 41978 Irene Gammon UM MOER& SOUTH BEND, IND.