HomeMy WebLinkAboutResolution Relating to Application by John F. & Tracey S. Harrington for Economic Development Revenue Bonds RESOLUTION
NO. 1328-85
Passed by the Common Council of the City of South Bend, Indiana,
August 26, 19 85 .
Attest: ! "` if City Clerk
Attest: 5 f—Cti e1 • ' / 'resident of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
August 27 , 19 85 .
/< A , City Clerk
Approved and signed by me akCiltial '8 19 oci
!", - / / Mayor
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RESOLUTION NO. IZ E-K]
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
JOHN F. HARRINGTON AND TRACEY S. HARRINGTON,
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 of economic development facilities
in the corporate limits of the City pursuant to the provisions
of Indiana Code 36-7-12 (the "Act" ) ; and
WHEREAS, John F. Harrington and Tracey S. Harrington
(the "Harringtons" ) propose to acquire 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 Harringtons for the
issuance of City of South Bend Economic Development Revenue
Bonds in the approximate principal amount of Four Hundred
Thousand and no/100 Dollars ($400,000 .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 and make improvements to real estate for a
dental office and acquire certain equipment for the facility to
be constructed at the 348 Columbia Street, in the City of South
Bend, Indiana, resulting in the preservation of ten jobs and
the addition of two new jobs added to the Harringtons ' payroll
resulting in an annual payroll of approximately $300 , 000 for
the facility.
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 Four Hundred Thousand and no/100
Dollars ($400, 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 and will comply with the purposes
and provisions of the Act.
3 . The Company may proceed with acquisition and con-
struction 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
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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 .
ember of the Co Jr Council
Dated August , 1985
•
FILED IN CLERK'S OFFICE
AUG 2 1 1985
sEA �6 -8� IRENE GAMMON
ROT APPROVED CITY CLERK, SO. BEND, IN
ADOPTED 8-a 6- t1
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