HomeMy WebLinkAboutInducement Resolution Relating to Application by 3300 Sample Street Associates for Issuance of Economic Development Revenue Bonds RESOLUTION
NO. 1283-85
Passed by the Common Council of the City of South Bend, Indiana,
April 29 , 19 85 .
Attest: c'--e- < < 1 / City Clerk
AttestF e..UP `�� _4. A J President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April 30, 19 85 .
w 22-T c s c .v City Clerk
Approved and signed by me
Z O 19 BS
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1 � � — Mayor
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RESOLUTION NO. jaQ,3-
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
3300 SAMPLE STREET ASSOCIATES,
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, 3300 Sample Street Associates, an Indiana
limited partnership ( "Company" ) , proposes to acquire and
rehabilitate 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 Company for the issuance of
City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of Two Million and no/100 Dol-
lars ($2,000, 000 . 00) with the terms of repayment to be deter-
mined by the market rates at the time the bonds are sold and
the proceeds of the bonds will be used to acquire and make
improvements to real estate located at 3300 Sample Street, in
the City of South Bend, Indiana, for lease to industrial
tenants resulting in an anticipated two hundred (200) new jobs
by tenants with an anticipated annual payroll of approximately
$3 , 000,000 .
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 Two Million and no/100 Dollars
($2, 000, 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 acquisition and
rehabilitation 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
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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 .
l () 1<-4-aX /
ember of the on Council
Dated February , 1985
PRESENTED
ADT APPROVED
ADOPTED a-� y_ FRED IN CLERK'S OFFICE
APR 2 4 1985
IRENE GAMMON
CITY CLERK, SO. BEND, IN
-3-
date °
i '� rd dlUr !�+ 1
O•' �G ,101
f H. \` z CITY of SOUTH BEND
\PEACE'", 1 b r
t/ ,rna• ROGER O. PARENT, Mayor
-18667 de
Economic Development Commission Alice Neddo
Staff Administrator
Jerry Hammes. President 230 W. Jefferson Boulevard
Walter Szymkowiak. Vice President April 24, 1985 P.O.Box 1677
Waller A.Mucha.Secretary South Bend.Indiana
Kenneth P. Fodder.Counsel 46634-1677
Alice Neddo, Asst. Sec. (219) 234-0051
Members of the South Bend
Common Council
County-City Building
South Bend, IN 46601
Re : 3300 Sample Street Associates - Proposed Inducement Resolution
Dear Councilmen:
The South Bend .Economic Development Commission has received an
application from 3300 Sample Street Associates , an Indiana Limited
Partnership , for City of South Bend Economic Development Revenue'
Bonds in the amount of $2, 000,000. 00, for the acquisition and
rehabilitation of the former South Bend Toy Building located at
3300 Sample Street , South Bend, Indiana, for subsequent occupancy
and lease to other industrial tenants .
This is a utilization .and upgrading of partially vacant premises ,
the expansion of the economic base to be derived by the City of
South Bend. It is anticipated that upwards to 200 new jobs could
be involved when the total project is completed, with an estimated
payroll of approximately $300 , 000 . 00 . During the initial state of
the renovation, it is anticipated that approximately 10-15 new jobs
could be created.
We would appreciate your favorable action on the passage of the
Inducement Resolution.
Res' -ctfully,
, 44i
NN f H P . FEDDER • FILED IN CLERK'S OFFICE
Attorney for the South Bend
on'•mic Development Commission
APR 2 4 1985
KPF :ram IRENE GAMMON
CITY CLERK, SO. BEND, IN