HomeMy WebLinkAboutInducement Resolution Relating to The East Race Housing Project ($2,500,000.00) RESOLUTION
NO. 1337-85
Passed by the Common Council of the City of South Bend, Indiana,
September 9, 19 85 .
Attest: "' 71-44,....„, City Clerk
Attest: \ O/ r / -~ i�r 11 President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 10, 19 85 .
City Clerk
Approved and signed by me a..�Y��w.�tn � I94Si.
/t /� Mayor
RESOLUTION NO. 1337-8r
AN INDUCEMENT RESOLUTION RELATING
TO THE EAST RACE HOUSING PROJECT
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 diversification, and the general welfare of the
community, a financing agreement should be entered into with T. Brooks Brademas
or his assigns, relating to a project to be known as the "East Race Commercial
Project"; and
WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real
estate located on Niles Avenue, in South Bend, St. Joseph, County, Indiana, and
to acquire and rehabilitate buildings thereon, consisting of some 50,000 square
feet; and,
WHEREAS, to induce T. Brooks Brademas, or his assigns, 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 East Race Housing
Project 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 application of T.
Brooks Brademas relating to the acquisition of such real estate and the
rehabilitation of the buildings thereon, wherein Industrial Revenue Bonds would
be issued by the City of South Bend, Indiana, for an amount not exceeding
$2,500,000.00 repayable with interest thereon over a period of time and with a
maturity date which does not extend beyond thirty (30) years after the issue
date.
SECTION 2. In order to encourage, induce and solicit such application
by T. Brooks Brademas for such Industrial Revenue Bond issue relating to the
acquisition and rehabilitation of such Economic Development Facilities, the
South Bend Common Council shall proceed to cooperate with and take such action
as may be necessary in the drafting of documents or the performance of such
other acts as will facilitate the issuance of such Industrial Revenue Bonds by
the City of South Bend, Indiana, to provide funds to be used toward the payment
of the costs of acquiring such real estate and the rehabilitation of such
Economic Development Facilities.
SECTION 3. Any costs or expenses incurred in connection with the East
Race Project shall be included in the project costs and reimbursed from the
proceeds of the Industrial Revenue Bonds to be issued with respect thereto.
SECTION 4. That the liability and obligation of the South Bend
Common Council and the City of South Bend, Indiana, shall be limited solely to
the good faith efforts to consummate such proceedings and issue such Bonds, and
neither the South Bend Common Council nor the City of South Bend, Indiana, or
its officers or agents, shall incur any liability whatsoever if for any reason
the proposed issuance of such Bonds is not consummated.
This resolution adopted by the South Bend Common Council of the City
of South Bend, Indiana, this day of , 1985.
SOUTH BEND COMMON COUNCIL
FILED IN CLERK'S OFIJC ,� _�, 1�
PRESENTED ,9- y_I,$- SEP tuber of the Comm/ . . cil
NOT APPROVE@ 4 1985
ADop,Ers �-9.. s,. IRENE GAMMON
CITY CLERK, SO. BEND, IN