HomeMy WebLinkAboutAuthorizing the Execution & Delivery of Memo. of Intent between S. J. Enterprises Providing for Issuance of Economic Development Revenue Bonds RESOLUTION
NO. 1373-85
Passed by the Common Council of the City of South Bend, Indiana,
November 18, 19 85 .
Attest: Y""""" K 1 -"` `J City Clerk
Attest: ✓ � , _,, - .w '4 _,! President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
November 19, 19 85
1/44r> <_, , /C City Clerk
Approved and signed by me `ii G' ( 7 19 es-.
(y • Mayor
„' t
RESOLUTION NO. l a 7 3-$s
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM
OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND S . J. ENTERPRISES
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 insuf-
ficient diversification of industries, which conditions are harmful to
the economic stability and general welfare of the area and, if not rem-
edied, 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 develop-
ment 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 S . J. Enterprises, an
Indiana general partnership (the "Borrower") to purchase, improve and
equip real estate (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 and 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.
Memot( it
er of the C on` Council
FILED IN CLERK'S OFFICE
PRESENTED ti- /S-4d.
t- /S-4 NOV 1 31985
NOT APPROVED IRENE GAMMON
ADOPTED <l -a'81s CITY CLERK, SO, BEND, 3Nd