HomeMy WebLinkAboutAuthorizing the Execution & Delivery of Memorandum between City of South Bend and Matthew R. & Lynn H. Dee for Issuance Economic Development Bonds RESOLUTION
NO. 1344-85
Passed by the Common Council of the City of South Bend, Indiana,
September 23, 1985 .
Attest: '74" -,-c- X-- < a„i City Clerk
III
Attest: /C: if ' esident of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 24, 19 85
1_ e -c- r ea- a--c— City Clerk
Approved and signed by me ,�{i.46L- 07 `-f 19 OS .
'
s , /_,A�ii Mayor
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RESOLUTION NO. IS 4{-��
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM
OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND MATTHEW R. AND
LYNN H. DEE PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC
DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE,
TITLE 36 , ARTICLE 7, CHAPTER 12 , AS AMENDED.
The area still has insufficient employment opportunities and
insufficient diversification of industries, which conditions are
harmful to the economic stability and general welfare of the area
and, if not remedied, will be detrimental to the development of
such area.
The City of South Bend, Indiana (the "City") is authorized under
the provisions of Indiana Code, Title 36 , Article 7 , Chapter 12 , as
amended (the "Act") , to acquire, construct and finance economic de-
velopment projects for the users thereof and to provide for the
issuance of revenue bonds in conjunction therewith.
The City, in order to implement the public purposes enumerated
in the Act and in furtherance thereof to induce Matthew R. and Lynn
H. Dee (the "Borrower") to purchase land and improvements and con-
struct and equip additional improvements on real estate to be pur-
chased (hereinafter collectively called the "Project") within the
limits of South Bend, Indiana, has indicated its intent to issue its
revenue bonds under and pursuant to the provisions of the Act and to
apply the proceeds therefrom to the payment of the costs of the Project.
The Borrower, after considering a number of possible locations
within and outside the State of Indiana, and in reliance upon the intent
of the City to finance the Project through the issuance of revenue bonds
under the provisions of the Act, has determined to construct the Project
within the limits of South Bend, Indiana.
It is now deemed advisable to authorize the execution and delivery
by the City of a Memorandum of Intent expressing formally and in writing
the understanding heretofore formally agreed upon by the City and the
Borrower.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City
of South Bend, Indiana as follows:
SECTION 1 - The Mayor is hereby authorized and directed to execute
a Memorandum of Intent by and between the City and the Borrower and the
City Clerk is hereby authorized and directed to affix the seal of the
City thereto and to attest the same; and said Mayor and City Clerk are
hereby authorized and directed to cause said Memorandum of Intent to be
delivered to, accepted, and executed by the Borrower, said Memorandum
of Intent, which is hereby approved and incorporated by reference and
made a part of this authorizing resolution, to be in substantially the
form attached hereto.
SECTION 2 - All resolutions and orders, or parts thereof, in con-
flict with the provisions of this resolution are, to the extent of such
conflict, hereby repealed and this resolution shall be in immediate
effect from and after its adoption.
This inducement resolution shall be in full force and effect from
and after its adoption by the Common Council and approval by the Mayor.
" l L7 a--
Member of the on Council
-� -��' FILED IN CLERK'S OFFICE
PRESENTED 9
NOT APPROVED SEP 1 8 1985
ADOPTED 9- 3 -Se
i IRENE GAMMON
CITY CLERK, SO. BEND, IN