HomeMy WebLinkAboutInducement Resolution Relating to Crowe, Chizek and Company Project (2) RESOLUTION
NO. 1131-84
Passed by the Common Council of the City of South Bend, Indiana,
April 9, 19 84 .
Attest: -°—,-z !ja. •-.„ ,J City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April 10, 19 84 .
T . 0 /1"" ` ""` -- City Clerk
Approved and signed by me (,(1-06' 19 (/.
<„2,.(,...1 /1-1/4.4.-x----1,--->— Mayor
RESOLUTION NO. 1131 -8y
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to Crowe, Chizek and Company Project
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, Crowe, Chizek and Company, an Indiana accounting
partnership, (the "Company" ) 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 Commission
has received an application from the Company for the issuance of
City of South Bend Economic Development Bonds in the approximate
principal amount of Three Million Five Hundred Thousand and no/100
Dollars ($3 , 500 , 000. 00) with the terms of repayment to be
determined by the market rates at the time the bonds are sold and
the proceeds of the bonds will be used to construct an approximate
35,600 square foot addition to the Company 's professional building,
located at 330 East Jefferson Boulevard, South Bend, Indiana,
resulting in the addition of approximately 50 new full time jobs by
the Company with an increase in their annual payroll of
approximately One Million and no/100 Dollars ($1,000,000 .00) .
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 Three Million Five Hundred Thousand and no/100
Dollars ($3, 500 , 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
construction of the economic development facilities 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
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good faith efforts to consummate such proceedings and issue such
Bonds, and the South Bend Economic Development 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 the
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.
/.4 ., A. / S L41111 c
Member of the Commontu cil
DATED : April , 1984 .
PRESENTED 'V-9C Iy
NOT APPROVED
ADOPTED y-y_8 y
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