HomeMy WebLinkAboutInducement Resolution Relating to Issuance of Economic Development Revenue Bonds to Maple Lane Associates, Phase VIII RESOLUTION
NO. 1178-84
Passed by the Common Council of the City of South Bend, Indiana,
July 23 , 19 84 .
Attest: \-4-i2--...c.c. < -+�-c—L-a ) City Clerk
Attest: �� ����' �/ i ��I - President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
July 24, 19 84 ,
4-" City Clerk
Approved and signed by me 9A.00A1 L.V 19_kl.
/ 7 , //9rz .evu
i-_______ Mayor
RESOLUTION NO. 89
INDUCEMENT RESOLUTION OF THE SOUTH BEND
COMMON COUNCIL RELATING TO THE ISSUANCE
OF ECONOMIC DEVELOPMENT REVENUE BONDS
TO MAPLE LANE ASSOCIATES , PHASE VIII
WHEREAS, the City of South Bend , Indiana still has insufficient
employment opportunities, insufficient tax base and insufficient
diversification of economic development facilities, which conditions
are harmful to the health, prosperity, economic stability and general
welfare of the area and , if not remedied, will be detrimental to the
development of such area and its environs; and
WHEREAS, Maple Lane Associates, Phase VIII , an Indiana limited
partnership (the "Borrower") has filed an application with the South
Bend Economic Development Commission ( "Commission") to finance the
acquisition and improvement of real estate located in South Bend,
Indiana, to constitute economic development facilities (the "Project")
resulting in the creation of a substantial number of new jobs , as well
as other benefits; and
WHEREAS , Commission has prepared and placed on file a report
as specified in Indiana Code 36-7-12-23 and has forwarded copies to
the Chairman of the St. Joseph County Area Plan Commission where the.
economic development facilities are proposed to be located; and
WHEREAS, the South Bend Economic Development Commission has
determined by a resolution that the Project will be of benefit to
the health and welfare of the City and that the Project complies
with the Act; and
WHEREAS, to induce the Borrower to acquire and improve the
Project, the City desires to adopt this Resolution; and
WHEREAS , it is apparent that the development of the Project
will provide needed decent, safe and sanitary housing for persons
in the City, maintain existing levels of employment, assist in reliev-
ing conditions of unemployment in construction and related industries
and encourage the increase of commerce in the State of Indiana, all
of which are in the public interest of the City; and
WHEREAS, the financing of the proposed Project through the
issuance of the hereafter-described Bonds of the City complies with
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the requirements of the Act and will provide for and promote the
public health, safety, morals and welfare of the inhabitants in and
near the City;
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City
of South Bend, Indiana, as follows:
Section 1 . That approval is hereby given to the application of
the Borrower relating to the acquisition, construction and improvement
of such real estate and the 192-unit rental housing project to be
constructed thereon.
Section 2 . That the City intends to issue its Revenue Bonds
(Maple Lane Associates, Phase VIII Project) (the "Bonds"). in an amount
not to exceed approximately $7, 000 , 000 for the purpose of making a loan
to the Borrower to provide financing for the acquisition, construction
and improvement of the Project.
Section 3 . To induce the Borrower to acquire, construct and im-
prove the Project, the Common Council shall 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 the
Bonds by the City to provide funds to be used toward the payment of
the costs of acquiring, constructing and improving such Project.
Section 4 . Any costs or expenses of the City incurred in
connection with the Project shall be included in the Project costs
and reimbursed either from the proceeds of the Bonds to be issued
with respect thereto or from payments by other parties to the
financing .
Section 5. The Commission has received a fee in connection with
the Project of $1 ,800. 00.
Section 6. The liability and obligation of the City and its
Common Council shallibe limited solely to good-faith efforts to
consummate such proceedings and issue the Bonds, and neither the City
nor its Common Council , nor their officers or agents, shall incur
any liability whatsoever if for any reason the proposed issuance of
the Bonds is not consummated.
Section 7 . This Resolution shall be in full force and effect
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from and after its passage by the Common Council of the City of
South Bend, Indiana, and approval by the Mayor .
Me •er of the immon Council
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PRESZNTED 7-RJ- ay
NOT APPROVED ' n
ADOPTED 7-077_ f y a, a Q,yym,, dC