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HomeMy WebLinkAboutInducement Resolution of the City of South Bend Mill Race, Indiana Limited Partnership Project RESOLUTION No . 1292 Passed by the Common Council of the City of South Bend, Indiana, May 28 , 19 85 . Attest: ° ��c e r City Clerk - 11111 Attest: , i . _ / President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana May 29 , 19 85 o K City Clerk Approved and signed by me 01 02 '1 19 O p S. 441 'MVO r RESOLUTION NO. laq , INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA MILL RACE, 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 and construction 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, Mill Race, an Indiana limited partnership ( "Company" ) , proposes to acquire and construct economic devel- opment 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 not to exceed Twenty Million and no/100 Dollars ($20 , 000 , 000 . 00) with the terms of repayment to be determined 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 and construct facilities for use as a multi-family housing facility located along the East Race of the St. Joseph River between Washington and Colfax Streets, East Bank Development Area parcels 3-3 and 3-4, South Bend, Indiana, which facility shall result initially in approximately eighty-four (84) new full-time jobs with an annual payroll of approximately Eight Hundred Forty Thousand Dollars ($840 ,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 not to exceed Twenty Million and no/100 Dollars ($20 , 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 and con- struction of the economic development facilities in reliance upon this resolution. -2- 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 . 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 AL., AN a_s•■ M-mber if FILED IN CLERK'S OFFICE MAY 2 21985 ;; . N, .3-- -Rf-lS IRENE GANIMt:..' . CITY CLERK, SO. BEN: , N NOT APPROVED ADOPTED 5 a 8 85 -3- BARNES et THORNBURG 600 1ST SOURCE BANK CENTER 1913 MERCHANTS BANK BUILDING FEDERAL BAR BUILDING II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET, N.W. D.0 INDIANAPOLIS, INDIANA 46204 SOUTH BEND, INDIANA 46801 WASHINGTON, 19171 638-1313 12191 233-1171 305 FIRST NATIONAL BANK BUILDING 301 SOUTH MAIN STREET TWX 810-341-3427 B&T LAW IND ELKHART,INDIANA 46516 12191293-0681 TELECOPIER 12191 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: Mill Race, an Indiana Limited Partnership Project: Proposed Inducement Resolution Dear Councilmen: The South Bend Economic Commission has received an ap- plication from Mill Race for an industrial revenue bond in the approximate principal amount of $20 ,000,000 . 00 for the acquisi- tion of land and construction of a 17-story multi-family housing facility to be located along the East Race of the St. Joseph River, between Washington and Colfax Streets. It is anticipated that the proposed economic develop- ment facility will result in the creation of eighty-four (84) new full time jobs, with an annual payroll of at least $840 ,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 28 , 1985 meeting. Very truly yours, BARNES ��& THORNBURG Mark C. Krcmaric Bond Counsel MCK:mcr Enclosures: City of South Bend Inducement Resolution (2 copies) cc: Kenneth P. Fedder, Esq.