HomeMy WebLinkAboutIndecement Resolution Relating to the Center City Housing Project RESOLUTION
NO. 1092-83
Passed by the Common Council of the City of South Bend, Indiana,
October 24, 19 83 .
Of
Attest: °tom /C - City Clerk
Attest: re �� � 111_ President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 25, 19 83 .
City Clerk
Approved and signed by me _ OC:,(( er as 19 %3 .
/I 17 1/7-fn Mayor
RESOLUTION NO. I O Qa-43
AN INDUCEMENT RESOLUTION RELATING
TO THE CENTER CITY HOUSING PROJECT
WHEREAS, pursuant to I.C. 18-6-4.5, the Common Council of the
City of South Bend, Indiana created the South Bend Economic Development
Commission, which Commission, following an investigation and survey, has
determined that a need exists in the community for additional job
opportunities and commercial and job opportunities, commercial diversi-
fication, and the general welfare of the community, a financing agree-
ment should be entered into with T. Brooks Brademas, or his assigns,
relating to a project to be known as the "Center City Housing Project";
and
WHEREAS, T. Brooks Brademas proposes to acquire parcels of
real estate located on Colfax Avenue, Washington Street and Jefferson
Blvd. , in South Bend, St. Joseph County, Indiana, and to acquire and
rehabilitate buildings thereon, consisting of some 70,000 square feet;
and,
WHEREAS, to induce T. Brooks Brademas, or his assigns, to
become the principal user of such Economic Development Facilities, the
South Bend Common Council desires to adopt this resolution; and,
WHEREAS, it is apparent that the development of the Center
City Housing Project will increase job opportunities and commercial
diversification in St. Joseph County, Indiana, resulting in benefit to
the welfare of the public in the City of South Bend and in St. Joseph
County, Indiana.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Common
Council as follows:
SECTION 1. That approval is hereby given to the application
of T. Brooks Brademas relating to the acquisition of such real estate
and the rehabilation of the buildings thereon, wherein Industrial
Revenue Bonds would be issued by the City of South Bend, Indiana, for an
amount not exceeding $1,250,000 repayable with interest thereon over a
period of time and with a maturity date which does not extend beyond
thirty (30) years after the issue date.
SECTION 2. In order to encourage, induce and solicit such
application by T. Brooks Brademas for such Industrial Revenue Bond issue
relating to the acquisition and rehabilitation of such Economic
Development Facilities, the South Bend Common Council shall proceed to
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 such Industrial Revenue Bonds by the City of South Bend,
Indiana, to provide funds to be used toward the payment of the costs of
acquiring such real estate and the rehabilitation of such Economic
Development Facilities.
4
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SECTION 3. Any costs or expenses incurred in connection with
the Center City Housing Project shall be included in the project costs
and reimbursed from the proceeds of the Industrial Revenue Bonds to be
issued with respect thereto.
SECTION 4. That the liability and obligation of the South
Bend Common Council 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 Common Council nor the
City of South Bend, Indiana, or its officers or agents, shall incur any
liability whatsoever if for any reason the proposed issuance of such
Bonds is not consummated.
The resolution adopted by the South Bend Common Council of the
City of South Bend, Indiana, this , 4 tk. day of October, 1983.
SOUTH BEND COMMON COUNCIL
By:
ember of the Commo ouncil
VIED IN CLEFS CrFICE
OCT 1 91983
Pit ;.;4 :O /d -.RV-FS
NOT APPROVED MUM,Gammon
CITY GLERB,SOUTH BEND,IND.
ADOPTED /O -07y e
KRAMER, JAICt1 M<13 & SNYDER
ATTORNEYS AT LAW
SUITE 412,205 W. JEFFERSON BOULEVARD
F.RICHARD HRAMER
RONALD J.JAICOMO S MITI BEND, INDIANA 46601
RICHARD W.SNYDER
BRIAN S.SCHUSTER AREA CODE 219
MICHAEL C.MURPHY 233-8275
October 11, 1983
Mrs. Irene Gammon, Clerk
City of South Bend
County-City Building
South Bend, Indiana 46601
Re: Center City Housing Project
Dear Mrs. Gammon:
I am herewith submitting to you a proposed form of
Inducement Resolution to be adopted by the Common Council of
South Bend in connection with a Project to be known as Center
City Housing Project.
We have, this date, filed on behalf of Mr. T. Brooks
Brademas of Mishawaka, Indiana an Application for the Issuance
of Industrial Revenue Bonds in the principal sum of
$1, 250, 000. 00.
The Project anticipates the acquisition and rehabili-
tation of the real estate located at the following addresses in
South Bend:
332 West Jefferson Boulevard
618-626 West Colfax Avenue
617-625 West Washington Street
The facilities, when completed, will provide two
multi-family housing complexes with a total of 80 housing units.
The acquisition and rehabilitation of these units, with 20% of
the units being made available for low and moderate income
elderly persons and families is in keeping with the objectives
Mrs. Irene Gammon
South Bend City Clerk
October 11, 1983
Page 2
established by the City of South Bend. While the Project will
develop several new full-time permanent jobs, it will, during '
the renovation period, entail the employment of an estimated
twenty tradesmen.
We would appreciate your causing the Inducement
Resolutions which we are submitting herewith to the Common
Council of the City of South Bend at its next regularly
scheduled meeting.
op -rely y;urs,
'L vi
F. Richard Kramer
FRK sjb
Encs.
cc: Mr. Kenneth Fedder w/encs.
Mr. T. Brooks Brademas