HomeMy WebLinkAboutInducement Resolution Relating to Application by South Bend Orthopedic Associates Inc. & Tripods Partnership for Issuance of Revenue Bonds RESOLUTION
NO. 1380-85
Passed by the Common Council of the City of South Bend, Indiana,
December 2, 19 85 .
Attest: (- "--"-- City Clerk
Attest: ,`/_d"i�L`L /s.L i� '—/ _ President of Common Council.
/
Presented by me to the Mayor of the City of South Bend, Indiana
December 3, 19 R5 .
4,,L... !dam—,i City Clerk
Approved and signed by me D!2(Yji7Z/2 t 4 19 d .
/ 7, / v145 Mayor
RESOLUTION NO. L3ga-8'a'
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO APPLICATIONS BY
SOUTH BEND ORTHOPEDIC ASSOCIATES, INC. ,
AND TRIPODS PARTNERSHIP
FOR THE ISSUANCE OF
CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS
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 within the corporate limits of the City
pursuant to the provisions of Indiana Code 36-7-12 (the "Act") ;
and
WHEREAS, South Bend Orthopedic Associates, Inc. , an
Indiana corporation and/or Tripods Partnership, an Indiana
partnership (hereinafter collectively referred to as "Appli-
cant") 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 Applicant for the issuance
of City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of One Million Two Hundred Thou-
sand and no/100 Dollars ($1,200, 000. 00) with the terms of
repayment to be determined by the market rates at the time the
bonds are sold and the proceeds of the bonds will be used to
acquire real estate, construct improvements to real estate and
acquire equipment to be used as a medical facility located on
the South side of LaSalle immediately east of the St. Joseph
River in South Bend, Indiana, resulting in a minumum of three
(3) full-time jobs at the facility following completion of the
project with an annual payroll of approximately $60, 000. 00.
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 One Million Two Hundred Thousand and
no/100 Dollars ($1,200, 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 permit-
ted by the Act.
2 . The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act.
3 . The Applicant may proceed with acquisition and
construction of the economic development facility in reliance
upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
-2-
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 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. //
ML •er of the o t i on Council
Dated December 2, 1985
NI `CGN39 0S `N6 IJ AIiJ
NOWM5 O 3N3 jff
PRESENTED 1 'a ` F1Sf 9861 5 Z AON
NOT APPROVED
ekt+2'�7 1 Ssad; ,1
ADOPTED I a- a -g.s— �' �1'
—3—
BARNES a THORNBURG
1313 MERCHANTS BANK BUILDING 600 1ST SOURCE BANK CENTER FEDERAL BAR BUILDING
II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET,N.W.
INDIANAPOLIS, INDIANA 46209 WASHINGTON,D.C.20006
1317/63B-1313 SOUTH BEND, INDIANA 46601 (2021955-4500
(219) 233-1171
305 FIRST NATIONAL BANK BUILDING
301 SOUTH MAIN STREET
ELKHART. INDIANA 96516 TWX 810-341-3427 B&T LAW IND
12191293-0681 TELECOPIER 1219) 237-1125
MARK C. KRCMARIC
BY HAND DELIVERY
November 25, 1985
Mrs. Irene K. Gammon
City of South Bend City Clerk
County-City Building
South Bend, Indiana 46601
Re: $1,200, 000 City of South Bend Economic
Development Revenue Bonds (South Bend
Orthopedic Associates, Inc./Tripods
Partnership)
Dear Mrs. Gammon:
This letter outlines the project relating to the Ordi-
nances and Inducement Resolution which were filed with your
office on November 22, 1985.
The proposed project consists of the construction of a
medical office facility and the purchase of equipment to be
used therein. The South Bend Orthopedic Associates, Inc. , an
Indiana corporation, proposes to finance and purchase the
equipment, while a related partnership, Tripods Partnership,
proposes to acquire the real estate and construct the build-
ing. The proposed facility would be constructed on the south
side of LaSalle Street immediately east of the St. Joseph River.
It is presently anticipated that the proposed project
would result in a minimum of 3 full-time jobs with an annual
payroll of approximately $60, 000 . 00. Valley American Bank and
Trust Company has issued its commitment letter to purchase the
bonds to finance this project.
We respectfully request the Council ' s favorable action
with respect to this project, with first reading of the Ordi-
nances and passage of the Inducement Resolution on December 2,
with passage of the Ordinances on December 16.
Very truly yours,
BARNES & THORNBURG i
Mark C. Krcmaric
MCK/c ac