HomeMy WebLinkAboutAuthorizing the Execution & Delivery of a Memorandum of Intent between City of South Bend and Park Center Associates RESOLUTION
NO. 1137-84
Passed by the Common Council of the City of South Bend, Indiana,
April 24, 19 84 .
Attest: t—r-a-e- ✓ City Clerk
Attest: / _ _ , - ✓ President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April 25, 19 84 .
4.0,„ City Clerk
Approved and signed by me OL�±.J/(j S 19 cFr,
/ /�� �/�
i/d?/if/� Mayor
RESOLUTION NO. 113 7-& f
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND PARK CENTER ASSOCIATES,
AN INDIANA LIMITED PARTNERSHIP PROVIDING FOR THE ISSUANCE BY SAID CITY
OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS
OF INDIANA CODE, TITLE 36 , ARTICLE 7 , CHAPTER 12 , AS AMENDED.
The area still has insufficient employment opportunities and insuf-
ficient diversification of industries, which conditions are harmful to
the economic stability and general welfare of the area and, if not rem-
edied, will be detrimental to the development of such area.
The City of South Bend, Indiana (the "City") is authorized under
the provisions of Indiana Code, Title 36 , Article 7 , Chapter 12, as
amended (the "Act") , to acquire, construct and finance economic develop-
ment projects for the users thereof and to provide for the issuance of
revenue bonds in conjunction therewith.
The City, in order to implement the public purposes enumerated in
the Act and in furtherance thereof to induce Park Center Associates
(the "Borrower") to refund the City of South Bend Economic Development
Revenue Bonds, Series 1983 (Park Center Associates Project) in the
amount of $650,000. 00 (the "Initial Bonds") and to finance the purchase
of land and construction and equipping of improvements on real estate
to be purchased by the Borrower (hereinafter collectively called the
"Project") within the limits of the City of South Bend, Indiana, has
indicated its intent to issue its revenue bonds under and pursuant to
the provisions of the Act and to apply the proceeds therefrom to the
payment of the costs of the Project.
The Borrower, after considering a number of possible locations
within and outside the State of Indiana, and in reliance upon the intent
of the City to finance the Project through the issuance of revenue bonds
under the provisions of the Act, has determined to construct and Project
within the limits of South Bend, Indiana.
It is now deemed advisable to authorize the execution and delivery
by the City of a Memorandum of Intent expressing formally and in writing
the understanding heretofore formally agreed upon by the City and the
Borrower.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City
of South Bend, Indiana as follows :
SECTION 1 - The Mayor is hereby authorized and directed to execute
a Memorandum of Intent by and between the City and the Borrower and the
City Clerk is hereby authorized and directed to affix the seal of the
City thereto and to attest the same; and said Mayor and City Clerk are
hereby authorized and directed to cause said Memorandum of Intent to be
delivered to, accepted, and executed by the Borrower, said Memorandum
of Intent, which is hereby approved and incorporated by reference and
made a part of this authorizing resolution, to be in substantially the
form attached hereto.
SECTION 2 - All resolutions and orders, or parts thereof, in con-
flict with the provisions of this resolution are, to the extent of such
conflict, hereby repealed and this resolution shall be in immediate
effect from and after its adoption.
This inducement resolution shall be in full force and effect from
and after its adoption by the Common Council and approval by the Mayor.
FILED DI CLEi 'S OFFICE
Member f the Common Counc .
PRESENTED q0 y-8'y APR 1 8 1984
NOT APPROVED
Irene Gammon ADOPTED St y. 5/ O