HomeMy WebLinkAboutInducement Resolution of Common Council Relating to GEM Partnership RESOLUTION
1303-85
Passed by the Common Council of the City of South Bend, Indiana,
June 24, 85
19 .
Attest: �` City Clerk
Attest: `\L� . P.4..--C��-- •----- President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 25, 85
19
∎-r` ,...cam <- Va-- n--.-.c.nc/ City Clerk
Approved and signed by me c c 19 o S.
bC7/t/y " d Mayor
RESOLUTION NO. /303'83
AN INDUCEMENT RESOLUTION OF THE
COMMON COUNCIL OF THE CITY OF SOUTH BEND
RELATING TO: GEM Partnership
The South Bend Economic Development Commission has
investigated, studied, surveyed and reported to the Mayor and
the Common Council of the City of South Bend, Indiana, that a
need exists in the community for additional job opportunities
and industrial diversification within and near South Bend,
Indiana and that to improve and promote job opportunities and
commercial diversification within and near South Bend, Indiana
certain contractual agreements regarding financing should be
executed with GEM Partnership an Indiana partnership (the
"Applicant" ) , relating to the acquisition and improvement of
property located at 2920 W. Sample Street.
The Applicant desires to acquire and rehabilitate
certain economic development facilities to be based and located
in South Bend, Indiana (the "Project" ) .
To induce Applicant to proceed with such project, the
Common Council of the City of South Bend desires to adopt this
resolution.
It is apparent that the project will increase job
opportunities and industrial diversification in and near South
Bend, Indiana, resulting in a benefit to the welfare of the
public in South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council
of the City of South Bend, Indiana, as follows:
SECTION I. The Common Council of the City of South
Bend approves the application of GEM Partnership to acquire
economic development facilities to be located in South Bend,
Indiana, under an arrangement whereby a portion of the costs of
such acquisition and rehabilitation of the Project would be paid
from the proceeds of Industrial Development Revenue Bonds issued
by the City of South Bend, Indiana in an aggregate principal
amount of approximately One Million and no/100 Dollars
($1,000,000. 00 ) , repayable at market rates.
SECTION II. In order to encourage, induce and solicit
such application by Applicant for such Industrial Development
Bonds relating to the acquisition of said Economic Development
facilities, the South Bend Economic Development Commission, and
the Common Council of the City of South Bend shall proceed to
cooperate with and take such action as may be necessary in
drafting documents or the performance of such other acts as will
facilitate the issuance of such Industrial Development Revenue
Bonds by the City of South Bend, Indiana, to provide funds to be
used toward the payment of costs for the acquisition and
rehabilitation of said economic development facilities.
SECTION III. All costs or expenses incurred in
connection with this project may be included in the project
costs and reimbursed from the proceeds of the Industrial
Development Revenue Bonds to be issued with respect thereto.
SECTION IV. The Applicant may proceed with the
acquisition constituting the economic development facility in
reliance upon this resolution.
SECTION V. 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, the South Bend Common Council and the City of South
Bend, Indiana, their officers or agents, shall not incur any
liability if for any reason the proposed issuance of such Bonds
is not consummated.
SECTION VI. This inducement resolution shall be in
full force and effect from and after its adoption by the Common
Council and approval by the Mayor.
DATED this day ofe 1 5.
- ber of the Co Council
FILED IN CLERK'S OFFICE
JUN 1 a 1985
y ,bs Irene Gammon
PRESENTED CITY CLERK,SOUTH BEND,Urn.
NOT APPROVED
A OPTED (o-a)y- ST