HomeMy WebLinkAboutAuthorizing the Execution & Delivery of Memorandum between City of South Bend and One Michiana Square for Application of Economic Development Revenue Bonds RESOLUTION
NO. 1121-84
Passed by the Common Council of the City of South Bend, Indiana,
March 12, i9 84
Attest: r — e-✓ City Clerk
Attest: tfrQy76A---Y President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
March 13, 19 84 .
C191--r. City Clerk
Approved and signed by me \I0 / 3 19 e?/ .
,,,197// 7-1 l �iv Mayor
RESOLUTION NO. lnl_gI
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH
BEND, INDIANA AND ONE MICHIANA SQUARE, 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 insufficient diversification of industries, which conditions
are harmful to the economic stability and general welfare of the
area and, if not remedied, 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 finance the acquisition, construc-
tion and equipping of economic development facilities 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 One
Michiana Square, an Indiana limited partnership (the "Borrower" ) ,
to acquire land within the limits of the City and construct and
equip an office building thereon (hereinafter collectively called
the "Project" ) , had 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 a portion of the
costs of the Project.
The Borrower, in reliance upon the intent of the City
to finance a portion of the Project through the issuance of
revenue bonds under the provisions of the Act, has determined to
proceed with the Project.
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 informally
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
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 order, or parts thereof,
in conflict 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 Er S OFF
'"FICE�1� C��,e� k
PRESENTED 3 - ( a - a4 � ' " ' " ' AU iL
H18 'e •er of the Air o Council
NOT APPROVED
ADOPTED 3- I a- 8`I Irene Gammon
CITY CLERK,SOUTH BEND,IND.