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HomeMy WebLinkAboutApproval of Issuance of Bonds to Finance SGW Realty, LLC (Blackthorn Development Area)RESOLUTION NO. 2638 -98 Passed by the Common Council of the City of South Bend. Indiana June 22, I9 98 Clerk Attest: President of Common Council. Presented by me to the Mayor of the City of South Bend. June 23, W. Approved and signed by me June 24, City Clerk Mayor RESOLUTION NO. U" 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 SGW Realty, LLC (Blackthorn Development Area) STATEMENT OF PURPOSE AND INTENT SGW Realty LLC, an Indiana limited liability company (the "Applicant ") desires to finance the acquisition, construction and equipping of an approximate 100,000 square foot manufacturing facility located in the Blackthorn Development Area on Nimtz Parkway, for lease to Schafer Gear Works, Inc. 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 approximately $4,200,000, including reimbursements of costs of the project paid prior to the issuance of the bonds. 3. 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. 5. The liability and obligation of the 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. PASSED AND ADOPTED by the Common Council of the City of South Bend, Indiana, this o(o/ — day of June, 1998. SBD=MCK MAA PRESENTED 6'Z-1 NOT APPROVED �/ Q ADOPTED G -)`� l U COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common Council Filed in Clerk's Office JUN 1 1 1998 LOAETTAJ. DUDA WYCLERK, BD. BEND, IN. KENNETH P. FEDDER GEORGEE.HERENDEEN ANTHONY D. KOWALS LARRY L. AMBLER DAVID M. M�TIGUE MARKS.LENYO PERRY L. FLAUGH CLAUDIAJ. BUGH June 11, 1998 ALLEN, FEDDER, HERENDEEN & KOWALS ATTORNEYS AND COUNSELORS AT LAW SUITE 606 LLOYD M. ALLEN 206 W. JEFFERSON BLVD. (1919 -1989) SOUTH BEND, INDIANA 46601 TELEPHONE (219) 234 -6061 FAX NO. (219) 234 -0712 Ms. Loretta J. Duda, City Clerk Room 455, County -City Building South Bend, IN 46601 Re: SGW Realty, LLC - Inducement Resolution Dear Ms. Duda: Enclosed are an original and several copies of a proposed Inducement Resolution, which I would request that you place on the Agenda for the South Bend Common Council Meeting of Monday, June 22, 1998. Should you have any questions, please feel free to call me. Respectfully, &41_4ovzz TH P. FEDDER KPF:ram enc. Filed in Clerk's Office JUN 1 11998 LORETTAJ. DUDA CITYCLERK, 8O. BEND, IN.