HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to Quo Vadis IncORDINANCE No. 6231 -77
Passed by the Common Council of the City of South Bend, Indiana_
October 11
/�- A
19 77
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Ind'ana
October 12 Tn 77
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me 0 131, ig2'Z
Clerk
ORDINANCE NO. � 9 161- 7 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 QUO VADIS, INC.
STATEMENT OF PURPOSE OF INTENT:
The Common Council of the City of South Bend, Indiana, hereto-
fore 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
QUO VADIS, INC. 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 September 20th , 1977, 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 ORDIANED 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 QUO VADIS, INC.
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 Bond, payable
solely and only from the revenue derived from such QUO VADIS, INC.
facilities, may be issued in amounts not to exceed $175,000.00 for
a period not exceeding Twenty (20) 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 9----'?6 - 7 2
PUBLIC HEARING id -moo , �,
2nd READING 16-11-72
NOT APPROVED
REFERRED
PASSED
Member of the Common Council
:vz
1977
Irene amn
VOOR:, JACKSON, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E. VOOR ATTORNEYS & COUNSELORS AT LAW AREA CODE 219
WILLIAM O. JACKSON 300 FIRST BANK BUILDING 234 -6061
GUY H. Mc MICHAEL
LLOYD M. ALLEN
WILLIAM E.VOOR,JR.
KENNETH P. FEDDER
GEORGE E.HERENDEEN
MICHAEL P. BARNES
JOHN B. RAMMING
ANTHONY D. KOWALS
TIMOTHY P. McLAUGHLIN
BRIAN J. MAY
SOUTH BEND, INDIANA 46601
September 20, 1977
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
Seventy -five Thousand ($175,000.00) Dollars, for and on
behalf of QUO VADIS, INC., has been made for the acquisition
of property and improvements to the former Mr. John's
Restaurant located at 1611 South Main Street, South Bend,
Indiana.
It is estimated that this new facility will result in
the employment of approximately 15 -20 new employees with a
gross annual payroll of approximately $150,000.00.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
Very trul yours,
Xennet4 P." Fedder
AttorneyIfor the Economic Development
Commission
FIRED --vy
KPF /gwo
„? 977
Irene Gammon
CITY CLZRk SUUTN BEND?, IND,