HomeMy WebLinkAboutInducement Resolution Relating to Application by Tripods Partnership for Economic Development Revenue Bonds RESOLUTION
NO. 1306-85
Passed by the Common Council of the City of South Bend, Indiana,
July 8, 19 85 .
Attest: �' e / °" City Clerk
Attest: /I &Le President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
July 9 . 19 85 .
0 Ce City Clerk
Approved and signed by me uL7 -/ 19 gJ
/ Mayor
RESOLUTION NO. L3nh .$-
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
TRIPODS PARTNERSHIP, AN
INDIANA PARTNERSHIP,
FOR THE ISSUANCE OF
CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS
WHEREAS, at the present time there are insufficient em-
ployment 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 bene-
fited 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, Tripods Partnership, an Indiana partnership
("Partnership" ) doing business in the City, proposes to construct
and equip 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 Commission
has received an application by the Partnership for the issuance of
City of South Bend Economic Development Revenue Bonds in the approx-
imate principal amount of Seven Hundred Thousand and no/100 Dollars
($700, 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 construct and equip a new medical office
facility located at 328 North Michigan Street, in the City of South
Bend, Indiana, resulting in three (3) new jobs with an annual pay-
roll 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 facil-
ities 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 approx-
imately Seven Hundred Thousand and no/100 Dollars ($700, 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 construction and equip-
ping 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 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.
PRESENTED 7-8-gs
NOT APPROVED
FILED IN CLERK's uff,ut —�� .� i � �/
ADOPTED 7-F- eiS'
M ber of the Co on Council
JUL 2 1985
Dated July 8, 1985.p IRENE GAMMON
E
CITY CLERK, SO. BEND, IN