HomeMy WebLinkAboutInducement Resolution Relating to Application by Stanz Realty Co. for Issuance of Revenue Bonds RESOLUTION
NO. 1268-85
Passed by the Common Council of the City of South Bend, Indiana,
March 11, 19 85 .
Attest: 7 y City Clerk
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Attest: ����` 4h ���__/ •resident of Common Council.
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Presented by me to the Mayor of the City of South Bend, Indiana
March 12, 19 85 .
4(e- l\-- 2 ,,` , City Clerk
Approved and signed by me - 19
/ 7 / N�� Mayor or
RESOLUTION NO. LQW46--
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
STANZ REALTY COMPANY,
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, Stanz Realty Company, an Indiana partnership
( "Stanz" ) doing business in the City, proposes 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 Stanz for the issuance of
City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of One Million Five Hundred Thou-
sand and no/100 Dollars ($1, 500,000 . 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
make improvements to real estate and acquire equipment at
Stanz ' s warehouse distribution facility located at 1840 North
Commerce Drive, in the City of South Bend, Indiana, resulting
in ten ( 10) full-time new jobs added to Stanz ' s payroll with an
increase in its annual payroll of approximately $250, 000 per
year .
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 One Million Five Hundred Thousand and
no/100 Dollars ($1 , 500 ,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 per-
mitted 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
Council and the City of South Bend, Indiana, shall be limited
-2-
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 .
i� i
Me her of the Comm/Council
Dated March , 1985
FILED IN CLERK'S OFFICE
MAR 51985
IRENE GAMMON
PRESENTED 3-/it CITY CLERK, SO. BEND, IN
NOT APPROVED
ADOPTED 3°I� �
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VOOR,ALLEN, FEDDER,HERENDEEN S KOWALS
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
WILLIAM E.VOOR 300 FIRST BANK BUILDING 234-6061
LLOYD M.ALLEN
KENNETH P.FEDDER 205 WEST JEFFERSON BLVD. OF COUNSEL:
GEORGE E.HERENDEEN SOUTH BEND, INDIANA 46601 WILLIAM O.JACKSON
ANTHONY D.KOWALS GUY H.McMICHAEL
LARRY L.AMBLER
FRED R.RAINS
DAVID M.McTIGUE
March 6 , 1985
Members of South Bend Common Council
County-City Building
South Bend, IN 46601
Re: Stanz Realty Company - Proposed Inducement Resolution
Dear Councilmen:
The South Bend Economic Development Commission has re-
ceived an application from Stanz Realty Company for a revenue bond
in the amount of $1,500, 000 to construct improvements to real estate
consisting of approximately 20, 000 square feet added to their fa-
cility at 1840 North Commerce Drive, South Bend, Indiana, and to
acquire certain equipment to be located therein.
It is anticipated that the expansion of the existing busi-
ness will create ten new jobs with an additional payroll of approx-
imately $250,000 .
r-spectfully,
44
/ e,- e . P. edder,
Attorn-y for South Bend
Econ- is Development Commission
KPF : jj
FILED IN CLERK'S OFFICE
MAR 61985
IRENE GAMMON
CITY CLERK, SO. BEND, iN