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HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to Dixie Development PartnershipORDINANCE NO. 6216 -77 Passed by the Common Council of the City of South Bend, Indiana_ September 12 Ig 77 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind'ana September 13 �9 77 l� Clerk Of Common Council IRENE K. GAMMON Approved and signed by me 4 it ma-z:. _, G - - / 4A 19-2-7— City Clerk ORDINANCE NO. (,, 6, 1 � ` ;2-7 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO DIXIE DEVELOPMENT 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 DIXIE DEVELOPMENT 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 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 July 22, 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 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 DIXIE DEVELOPMENT 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 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 DIXIE DEVELOPMENT PARTNERSHIP facilities, may be issued in amounts not to exceed Two Hundred Thousand ($200,000.00) Dollars 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. 14 READING Y- a 9-'2 % PUBLIC HEARING 4 -1.? - 27 2nd READING 9-1;2 - 77 NOT APPROVED REFERRED PASSED 2 -2- h Member of the Common Council FILED IN NPq-7", Irene Gammon CITY CLERK, SOUTH BEND, IND. 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 SOUTH BEND, INDIANA 46601 WILLIAM E.VOOR,JR. KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P.BARNES August 16, 1977 JOHN B. RAMMING ANTHONY D. KOWALS TIMOTHY P. M c LAUGHLIN BRIAN J. MAY 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 DIXIE DEVELOPMENT PARTNERSHIP, has been made for the construction of a restaurant to be leased to Famous Fish of Stroh at approx- imately 52129 U.S. 31 North, South Bend, Indiana. It is estimated that this new facility will result in the employment of approximately 45 new employees with a gross annual payroll of in excess of $190,000.00. 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, 17 Ken 'neth P. Fe Te�r Attorney four the Economic Development Commission KPF /smn FILED 114 CLIEC %'S C RCE i Irene Gammon CITY CLERK, SOUTH BEND, IND.