HomeMy WebLinkAboutInducement Resolution of the Common Council of the City of South Bend Relating to: Frank D. Darnell RESOLUTION
NO. 1363-85
Passed by the Common Council of the City of South Bend, Indiana,
October 28 , 19 gc .
Attest: 7"-c-P-'= -- < City Clerk
Attest: C4.2_z 4.._to__ - � � President of Common Council.
,51--Presented by me to the Mayor of the City of South Bend, Indiana
October 29, 19 85
y--c----Q__ l7 /J1t— =-=;-, City Clerk
Approved and signed by me L/( c: . 9 19&-r.
7 .��// Mayor
7-1
RESOLUTION NO. \ 3(0 *-Z.
AN INDUCEMENT RESOLUTION OF THE
COMMON COUNCIL OF THE CITY OF SOUTH BEND
RELATING TO: Frank D. Darnell
The South Bend Economic Development Commission has
investigated, studied, surveyed and reported to the Mayor and the
Common Council of the City of South Bend, Indiana, that a need exists
in the community for additional job opportunities and industrial
diversification within and near South Bend, Indiana and that to
improve and promote job opportunities and commercial diversification
within and near South Bend, Indiana certain contractual agreements
regarding financing should be executed with Frank D. Darnell (the
"Applicant") , relating to the construction of improvements on
property located in Lot 5 of the Landmark Business Park.
The Applicant desires to construct certain economic develop-
ment facilities to be based and located in South Bend, Indiana (the
"Project") .
To induce Applicant to proceed with such project, the Common
Council of the City of South Bend desires to adopt this resolution.
It is apparent that the project will increase job oppor-
tunities and industrial diversification in and near South Bend,
Indiana, resulting in a benefit to the welfare of the public in South
Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the
City of South Bend, Indiana, as follows:
SECTION I. The Common Council of the City of South Bend
approves the application of Frank D. Darnell to construct economic
development facilities to be located in South Bend, Indiana, under an
arrangement whereby a portion of the costs of such construction of
the Project would be paid from the proceeds of Industrial Development
Revenue Bonds issued by the City of South Bend, Indiana in an aggre-
gate principal amount of approximately Two Million Four Hundred
Thousand Dollars ($2, 400,000) , repayable at market rates.
SECTION II. In order to encourage, induce and solicit such
application by Applicant for such Industrial Development Bonds
relating to the construction of said Economic Development facilities,
the South Bend Economic Development Commission, and the Common
Council of the City of South Bend shall proceed to cooperate with and
take such action as may be necessary in drafting documents or the
performance of such other acts as will facilitate the issuance of
such Industrial Development Revenue Bonds by the City of South Bend,
Indiana, to provide funds to be used toward the payment of costs for
the construction of said economic development facilities.
SECTION III. All costs or expenses incurred in connection
with this project may be included in the project costs and reimbursed
from the proceeds of the Industrial Development Revenue Bonds to be
issued with respect thereto.
SECTION IV. The Applicant may proceed with the construction
constituting the economic development facility in reliance upon this
resolution.
SECTION V. The liability and obligation of the South Bend
Economic Development Commission, the South Bend 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 the South Bend Economic Development Commission, the South Bend
Common Council and the City of South Bend, Indiana, their officers or
agents, shall not incur any liability if for any reason the proposed
issuance of such Bonds is not consummated.
SECTION VI. This inducement resolution shall be in full
force and effect from and after its adoption by the Common Council
and approval by the Mayor.
DATED this kg day of ca_, 1985.
M ber of the Co n Council
PRESENTED I D a s scs RED IN CLERK'S OFFICE
NOT APPROVED
ADOPTED i O - a - OCT 1985
IRENE GAMMON
CITY Cl ARK. SO. PP'n 3,*I