HomeMy WebLinkAboutInducement Resolution Relating to Issuance of Economic Development Revenue Bonds to J & G Realty & Insurance Co. RESOLUTION
NO. 1153-84
Passed by the Common Council of the City of South Bend, Indiana,
June U. 19 84 .
Attest: c City Clerk
Attest: , / / • ! i—' ._� President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 12, 19 84 .
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(C. City Clerk
Approved and signed by me ,C ■ p 1 k 19 (P1 .
Mayor
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RESOLUTION NO. 1153-84
INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL
RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO
J & G REALTY & INSURANCE CO.
WHEREAS, the South Bend Economic Development Commission investigated,
studied, surveyed and reported to the Mayor and the Common Council of the City
of South Bend, Indiana, that a need exists in the community for additional job
opportunities and commercial diversification within the City of South Bend,
Indiana; and to improve and promote job opportunities and commercial
diversification within the City of South Bend, Indiana, a financing agreement
should be effected with J & G Realty & Insurance Co.; and
WHEREAS, J & G Realty & Insurance Co. desires to construct a new building on
land located in the Sample-Monroe Redevelopment Area, South Bend, Indiana, which
building will be leased to Slutsky Peltz Plumbing & Heating Co. , Inc.; and
WHEREAS, to induce J & G Realty & Insurance Co. to construct such economic
development facilities, the South Bend Economic Development Commission on
June 1, 1984 approved the application of J & G Realty & Insurance Co. for the
issuance of up to Five Hundred Fifty Thousand Dollars ($550,000) of Economic
Development Revenue Bonds payable with interest thereon at the market rate as of
the date of final approval of the bonds and also adopted an Inducement
Resolution relating to that bond issue; and
WHEREAS, it is apparent that J & G Realty & Insurance Co. , through its
leasing of the proposed facilities to Slutsky Peltz Plumbing & Heating Co. ,
Inc. , will preserve jobs and increase job opportunities and commercial
diversification in South Bend, Indiana, resulting in a benefit to the welfare of
the public in the City of South Bend, Indiana, and St. Joseph County, Indiana.
NOW, THEREFORE, BE IT RESOLVED, that in order to encourage, induce and
solicit the application by J & G Realty & Insurance Co. for an amount not
exceeding Five Hundred Fifty Thousand Dollars ($550,000) of Economic Development
Revenue Bonds to be issued by the City of South Bend, Indiana, repayable with
interest thereon at the rate of ten percent (10%) to be amortized over a period
of twelve (12) years after the issue date for the construction of such economic
development facilities, the City of South Bend shall proceed to cooperate with
and take any action as may be necessary in drafting of documents or the
performance of such other acts as will facilitate the issuance of such Economic
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Development Revenue Bonds by the City of South Bend, Indiana, to provide funds
to be used toward the payment of the costs for the acquisition and construction
of such economic development facilities; and
BE IT FURTHER RESOLVED, that any costs or expenses incurred in connection
with the J & G Realty & Insurance Co. Project shall be included in the project
costs and reimbursed from the proceeds of the Economic Development Revenue Bonds
to be issued with respect thereto; and
BE IT FURTHER RESOLVED, that the liability and obligation of the South Bend
Economic Development Commission 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 Economic Development Commission nor
the City of South Bend, Indiana, or its officers or agents, shall 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.
Memb=f of the Common Counc
FILED III CLEWS OFFICE
JUN 5 1984
Irene Gammon
ml C/5 CItt CLERK,SCREEN BEND,IND.
PRESENTED ‘^I/-ov f
NOT APPROVED
ADOPTED C -//- 87/