HomeMy WebLinkAboutInducement Resolution Relating to an Application By Murphy Motor Freight Lines Inc. for Economic Development Revenue Bonds RESOLUTION
NO. 1262-85
Passed by the Common Council of the City of South Bend, Indiana,
February 25. 19 85 .
Attest: ` -e.∎ < •..""'`°"i City Clerk
Attest 0--eic-14---QI- President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 26 , 19 85 .
ei < City Clerk
Approved and signed by me IN--R v_C0_, , 7-__(-.0 19 .
` �.
�jl'�A Mayor
RESOLUTION NO. tar0Q41'
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
MURPHY MOTOR FREIGHT LINES, INC. ,
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, Murphy Motor Freight Lines, Inc . , a Minnesota
corporation ( "Murphy" ) doing business in the City, proposes to
acquire 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 Murphy 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 make improvements to
real estate and acquire equipment at Murphy' s freight terminal
facility located at 1503 South Olive Street, in the City of
South Bend, Indiana, resulting in fifty (50) to sixty ( 60)
full-time new jobs added to Murphy' s payroll with an increase
in its annual payroll of approximately $2, 000 ,000 to $2.,500 , 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 con-
struction 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
-2-
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 .
Ate
- •. fe..._ .
Member of the Co /. . Council
Dated February .s"-, 1985
FILER IN CLERK'S OFFICE
FEB 2 0 1985
PRESEN"!ED o°l- .q�5"-f
NOT APPROVED IRENE GAMMON
CITY CLERK, SO. BEND, IN
ADOPTED j—07,5•-- 8`cr
-3-
VOOR,ALLEN, FEDDER,HERENDEEN 8 KOWALS
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
WILLIAM E.VOOR 300 FIRST BANK BUILDING 234-6061
LLOYD M.ALLEN
KENNETH P.FEDDER 205 WEST JEFFERSON BLVD. OF COUNSEL:
GEORGE E.HERENDEEN SOUTH BEND, INDIANA 46601 WILLIAM O.JACKSON
ANTHONY D.KOWALS GUY H.McMICHAEL
LARRY L.AMBLER
FRED R.MAINS
DAVID M.McTIGUE
February 20, 1985
Members of the South Bend
Common Council
County-City Building
South Bend, IN 46601
Re : Murphy Motor Freight Lines , Inc . - Proposed Inducement Resolution
Dear Councilmen :
The South Bend Economic Development Commission has received an
application from Murphy Motor Freight Lines , Inc . , for a Revenue
Bond in the amount of $2 , 000 , 000 . 00, to construct improvements
to real estate consisting of an approximate 18 , 000 square foot
garage and improvement of certain existing facilities at 1530 South
Olive Street in the City, and to acquire certain equipment to be
located at the facility.
This is the expansion of an existing business enterprise in the
community with an anticipated 50-60 new jobs to be created within
the next three (3) years , with a $2 , 500, 000 . 00 additional payroll .
Re-‘ectfully,
NNETH P . FEDDER
ittorn- for the South Bend
o • • ic Development Commision
KPF :ram
FILED IN CLERK'S OFFICE
FEB201985
IRENE GAMMON
CITY CLERK, SO. BEND, ;N