HomeMy WebLinkAboutInducement Resloution Relating to the Cole Associates Inc. Project II RESOLUTION
NO. 1403-86
Passed by the Common Council of the City of South Bend, Indiana,
February 24 di? 86 ,
Attest: City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 25 119 86
City Clerk
Approved and signed by me C 1' l a.,al 19 €6
1/4-77774
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RESOLUTION NO 1 `403 -g
AN INDUCEMENT RESOLUTION RELATING
TO THE COLE ASSOCIATES INC. PROJECT II
WHEREAS , pursuant to I.C . 18-6-4 . 5 , the- Common Council
of the City of South Bend, Indiana, created the South Bend
Economic Development Commission, which Commission, following
an investigation and survey, has determined that a need
exists in the community for additional job opportunities and
commercial and industrial diversification. That in order to
improve and promote job opportunities , commercial diversi-
fication, and the general welfare of the community, a financing
agreement should be entered into with Cole Associates Inc. ,
relating to a project to be known as the "Cole Associates
Inc. Project II"; and
WHEREAS , Cole Associates Inc. proposes to construct and
equip an addition to, and remodel its existing office facility
at 2211 East Jefferson Blvd. , South Bend, Indiana 46615 ;
and,
WHEREAS , to induce Cole Associates Inc . , to become the
principal user of such Economic Development Facilities , the
South Bend Common Council desires to adopt this resolution;
and,
WHEREAS , it is apparent that the development of the Cole
Associates Inc. Project II will increase job opportunities
and commercial diversification in St. Joseph County, Indiana,
resulting in benefit to the welfare of the public in the City
of South Bend and in St. Joseph County, Indiana.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Common
Council as follows :
SECTION 1 : That approval is hereby given to the applica-
tion of Cole Associates Inc. relating to the construction and
equipping of an addition to, and the remodeling of its
existing office facilities , wherein Economic Development
Revenue Bonds would be issued by the City of South Bend,
Indiana, for an amount not exceeding $1 , 500 , 000 . 00 repayable
with interest thereon over a period of time with a maturity
date which does not exceed beyond thirty (30) years after the
issue date.
SECTION 2: In order to encourage, induce and solicit
such application by Cole Associates Inc. for such Economic
Development Revenue Bond issue relating to the construction,
equipping and remodeling of such Economic Development Facili-
ties , the South Bend Common Council shall proceed to cooperate
with and take such action as may be necessary in the drafting
of documents or the performance of such other acts as will
facilitate the issuance of such Economic Development Revenue
Bonds by the City of South Bend, Indiana, to provide funds to
be used toward the Cole Associates Inc. Project II.
SECTION 3 : Any costs or expenses incurred in connection
with the Cole Associates Inc. Project II shall be included in
the project costs and reimbursed from the proceeds of the
Economic Development Revenue Bonds to be issued with respect
thereto.
SECTION 4 : That the liability and obligation of the
South Bend Common Council and the City of South Bend, Indiana,
shall be limited solely to the good faith efforts to consuuwate
such proceedings and issue such Bonds , and neither the South
Bend Common Council nor the City of South Bend, Indiana, or
its officers or agents , shall incur any liability whatsoever
if for any reason the proposed issuance of such Bonds is not
consummated.
This resolution adopted by the South Bend Common Council
of the City of South Bend, Indiana, this 24th day of
February, 1986 .
SOUTH BEND COMMON COUNCIL
Mem.er o t e r •, on Counci
FLED IN CLERK'S OFFICE
FEB 191986
PRESENTED - a 4-V10
IRENE GAMMON
NOT APPROVED CITY CLERK, SO. BE M'
ADOPTED o/ -g 1/41 - gb