HomeMy WebLinkAboutInducement Resolution Relating to The East Race Housing Project ($985,000.00) RESOLUTION
No. 1293
Passed by the Common Council of the City of South Bend, Indiana,
May 28, 19 85 .
Attest: " —'.-e /2` r"Y City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
May 29 , 19 85
hCity Clerk
Approved and signed by me �r d 9 19 g .7/i t 74,611\-- Mayor
RESOLUTION NO. /493 -?5
AN INDUCEMENT RESOLUTION RELATING
TO THE EAST RACE HOUSING PROJECT
WHEREAS, pursuant to I.C. 18-6-4.5, the Common Council of the City of
South Bend, Indiana created the South Bend Economic Development Commission, which
Commission, following an investigation and survey, has determined that a need exists
in the community for additional job opportunities and commercial and job opportun-
ities, commercial diversification, and the general welfare of the community, a finan-
cing agreement should be entered into with T. Brooks Brademas, or his assigns,
relating to a project to be known as the "East Race Housing Project"; and
WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real estate
located on Niles Avenue in South Bend, St. Joseph County, Indiana, and to acquire and
rehabilitate buildings thereon, consisting of some 50,000 square feet; and,
WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the prin-
cipal user of such Economic Development Facilities, the South Bend Common Council
desires to adopt this resolution; and
WHEREAS, it is apparent that the development of the East Race Housing
Project will increase job opportunities and commercial diversification in St. Joseph
County, Indiana, resulting in benefit to the welfare of the public in the City of
South Bend and in St. Joseph County, Indiana.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows:
SECTION 1. That approval is hereby given to the application of T. Brooks
Brademas relating to the acquisition of such real estate and the rehabilitation of
the buildings thereon, wherein Industrial Revenue Bonds would be issued by the City
of South Bend, Indiana, for an amount not exceeding $985,000.00 repayable with
interest thereon over a period of time and with a maturity date which does not extend
beyond thirty (30) years after the issue date.
SECTION 2. In order to encourage, induce and solicit such application by
T. Brooks Brademas for such Industrial Revenue Bond issue relating to the acquisition
and rehabilitation of such Economic Development Facilities, the South Bend Common
Council shall proceed to cooperate with and take such action as may be necessary in
the drafting of documents or the performance of such other acts as will facilitate
the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to
provide funds to be used toward the payment of the costs of acquiring such real
estate and the rehabilitation of such Economic Development Facilities.
SECTION 3. Any costs or expenses incurred in connection with the East Race
Project shall be included in the project costs and reimbursed from the proceeds of
the Industrial Revenue Bonds to be issued with respect thereto.
SECTION 4. That the liability and obligation of 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 neither the
South Bend Common Council nor the City of South Bend, Indiana, or its officers or
agents, shall incur any liability whatsoever if for any reason the proposed issuance
of such Bonds is not consummated.
The resolution adopted by the South Bend Common Council of the City of
South Bend, Indiana, this day of , 1985.
SOUTH BEND COMMON COUNCIL
By:\ /-(/'cam L
Member of the Common uncil
FILED IN CLERK'S OFFICE
PRESENTED s z8 "Y
NOT APPROVED MAY 2 '_ 1985
ADOPTED $ a•P 0- IRENE GAMMON
CITY CLERK, SO. SEND, IN