HomeMy WebLinkAboutApproval of ithe Issuance of Economic Development Revenue Bonds to Finance certain Economic Development FacilitiesRESOLUTION
NO. 2774 -99
Passed by the Common Council of the City of South Band, Indiana
July 26, 19 99
Presented by me to the Mayor of the City of South Bend,
July 27, 1999
Clerk
;dent of Common Council.
City Clerk
Approved and signed by me July 27, _ 19 99 _.
Mayor
RESOLUTION NO. 21 1 1
A RESOLUTION OF THE CITY OF SOUTH BEND COMMON
COUNCIL, PROVIDING PRELIMINARY APPROVAL OF
THE ISSUANCE OF ECONOMIC DEVELOPMENT
REVENUE BONDS TO FINANCE CERTAIN ECONOMIC
DEVELOPMENT FACILITIES
WHEREAS, Dynamic R.E.H.C., Inc., an Indiana corporation (the "Applicant ") desires to
finance the acquisition, construction and equipping of an approximate 50,000 square foot
manufacturing facility located on Lots 7 and 8 in the U.S. 31 Industrial Park on the west side of
Ameritech Drive approximately 910 feet north of Brick Road in South Bend, Indiana, for lease to
Dynamic Industries, Inc. d/b /a Bud's Machine Co., for use in its business as a machine shop in the
manufacture of machine tool components and related products.
WHEREAS, to induce Applicant to proceed with such project, the Common Council desires
to adopt this resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, AS FOLLOWS:
1. It is apparent that said project will increase job opportunities and industrial
diversification in and near the City of South Bend, resulting in a benefit to the welfare of the public
in the City.
2. In order to encourage and induce Applicant to undertake such project, the City shall
cooperate with and take such action as may be necessary to finance the cost of such project from the
proceeds of economic development revenue bonds issued by the City in an aggregate principal
amount of not to exceed $1,495,000, including reimbursements of costs of the project paid prior to
the issuance of the bonds.
The City shall proceed to cooperate with and take such action as may be necessary
in drafting documents or in the performance of such other acts as will facilitate the issuance of such
bonds to provide funds for such purpose.
4. The Applicant may proceed with such project in reliance upon this resolution.
The liability and obligation ofthe South Bend Economic Development Commission,
the Common Council, and the City of South Bend, Indiana, shall be limited solely to the good faith
efforts to consummate such proceedings and issue such bonds, and such entities and their officers
and agents shall not incur any liability if for any reason the proposed issuance of such bonds is not
consummated; and the bonds shall be special, limited obligations of the City, payable solely from
the funds provided therefor as described in the documents authorizing the issuance of the bonds, and
shall not constitute an indebtedness of the City or a loan of the credit thereof.
6. This Resolution shall be in full force and effect from and after its adoption and
approval by the Mayor.
PRESENTED -1-V -- "`
NOT APPROVED
ADOPTED 7 -2.b Jq
&V"Oaz�
Member, South Bend Common Council
Filed In Clerk's Office o
J � �. 1 � 1999 E
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CITY CLERK. SC. SEND, ft
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