HomeMy WebLinkAboutInductment Resolution of City of South Bend P.A.I. Properties RESOLUTION
NO. 1431-86
Passed by the Common Council of the City of South Bend, Indiana,
August 25, 19 86
Attest: r- City Clerk
Attest`,` / J-( _it e ( .---1 President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 2, 19 86
City Clerk
Approved and signed by me ,,, (i.-ILN. 19 cta, .
AG
RESOLUTION NO. I '43/-n
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
P.A. I . PROPERTIES, AN INDIANA PARTNERSHIP PROJECT
WHEREAS, at the present time there are insufficient
employment opportunities and insufficient diversification of
business, commerce and industry in and near the City of South
Bend, Indiana (the "City") ; and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition and construction of economic
development facilities in the corporate limits of the City pur-
suant to the provisions of Indiana Code 36-7-12 (the "Act) ; and
WHEREAS, P.A. I . Properties, an Indiana partnership
("Company") , proposes to acquire and construct economic
development facilities in South Bend, Indiana as defined in the
Act if the City will finance costs of such economic development
facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by the Company for the issu-
ance of City of South Bend Economic Development Bonds in the
approximate principal amount of Nine Hundred Fifty Thousand and
no/100 Dollars ($950, 000 . 00) repayable upon terms governed by
existing market rates at the time such bonds are issued; and
WHEREAS, the proceeds of the Bonds will be used by the
Company to acquire, construct, and equip a manufacturing and
office facility for use by North American Signs, Inc. to be
located at 1200 South Lafayette Street, South Bend, Indiana,
which facility shall result in the addition of approximately
thirty (30) new jobs to the payroll of the principal user
within two (2) years after the completion of the project and
shall increase such payroll of such principal user by approxi-
mately Five Hundred Seventy-five Thousand Dollars ($575, 000 . 00)
per annum.
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows :
1. The project constitutes economic development
facilities which shall be financed by the City through the
issuance of revenue bonds pursuant to the Act and the City is
willing, upon compliance with all provisions of Indiana law, to
authorize approximately Nine Hundred Fifty Thousand and no/100
Dollars ($950,000. 00) of its revenue bonds, which Bonds will
not be general obligations of the City but will be payable
solely from the limited sources authorized and permitted by the
Act.
2. The proposed financing will be of benefit to the
economic welfare of the City, will comply with the purposes and
provisions of the Act, and the proposed facility shall not have
an adverse competitive effect on other similar facilities in
the City.
3. The Company may proceed with acquisition and con-
struction of the economic development facilities in reliance
upon this resolution.
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4 . That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council of the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds. The South Bend Economic Development Com-
mission and the City of South Bend, Indiana, their officers and
agents, shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor .
SOUTH BEND COMMON COUNCIL
Member
A....H> .<2 5- 0'6
NOT APPROVEd
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