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HomeMy WebLinkAboutInducement Resolution of City of South Bend, Central Associates, LTD. Limited Partnership Project RESOLUTION No . 1290 Passed by the Common Council of the City of South Bend, Indiana, May 28, 85 19 Attest: °'e""--""`O"`1 City Clerk Attest` („A e r �=G2 President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana_ May 29 , 19 85 City Clerk Approved and signed by me 19 S.C. 4,U44.7- Mayor RESOLUTION NO. /0300 - c INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA CENTRAL ASSOCIATES, LTD. , AN INDIANA LIMITED PARTNERSHIP PROJECT 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, construction and remodeling 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, Central Associates, Ltd. , an Indiana limited partnership ( "Company" ) , proposes to acquire, construct and remodel 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 the Company for the issu- ance of City of South Bend Economic Development Bonds in the approximate principal amount of Eight Million and no/100 Dol- lars ($8, 000 , 000 . 00) with the terms of repayment to be deter- mined by market conditions at the time the bonds are sold; and WHEREAS, the proceeds of the Bonds will be used by the Company to acquire, construct and remodel facilities for use as a congregate living facility for the elderly located in the Central High School Building at 317 W. Washington Street, South Bend, Indiana, which facility shall result initially in approx- imately thirty (30) new jobs with an annual payroll of approxi- mately Three Hundred Thousand Dollars ($300,000 . 00) . 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 Eight Million and no/100 Dollars ($8, 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, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3 . The Company may proceed with acquisition, con- struction and remodeling of the economic development facilities 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 . The South Bend Economic Development Com- mission 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 . SOUTH BEND COMMON COUNCIL A-PA M tuber FILED IN CLERK'S OFFICE MAY 2 2. 1985 IRENE GAMMON PRESENTED -ate. dd CITY CLERK, SO. BEND, IN NOT APPROVED; ADOPTED„ 3---03 8 8' -3- • BARNES & THORNBURG 600 1ST SOURCE BANK CENTER 1313 MERCHANTS BANK BUILDING FEDERAL BAR BUILDING it SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1813 H STREET, N.W. D.C. INDIANAPOLIS, INDIANA 46204 SOUTH BEND, INDIANA 46601 WASHINGTON,12021 955-4500 20006 13171 938-1313 1219) 233-1171 905 FIRST NATIONAL BANK BUILDING 301 SOUTH MAIN STREET TWX 810-341-3427 B&T LAW IND ELKHART, INDIANA 46516 12191293-0981 TELECOPIER 1219) 237-1125 MARK C. KRCMARIC May 20, 1985 HAND DELIVERED Members of the South Bend Common Council County-City Building South Bend, Indiana 46601 Re: Central Associates, Ltd. , an Indiana Limited Partnership Project: Proposed Inducement Resolution Dear Councilmen: The South Bend Economic Development Commission has re- ceived an application from Central Associates, Ltd. , for an in- dustrial revenue bond in the approximate principal amount of $8,000 ,000 .00 for the acquisition and rehabilitation of Central School, located at 317 West Washington Street, South Bend, Indiana, for use as a multi-family housing facility for the el- derly. It is anticipated that the proposed economic develop- ment facility will result in the creation of thirty (30) new full time jobs with an annual payroll of at least $300 ,000 . 00 . The Economic Development Commission unanimously passed an inducement resolution with respect to this Project on May 17, 1985. We ask that the enclosed City of South Bend Inducement Resolution be considered at your May 18, 1985 meeting. Very truly yours, BARNES & THORNBURG �'[l�'(iv /h�L/cam - ♦ c. Mark C. Krcmaric Bond Counsel MCK:mcr Enclosures: City of South Bend Inducement Resolution (2 copies) cc : Kenneth P. Fedder, Esq.