HomeMy WebLinkAboutInducement Resolution of City of South Bend Relating to St. Joseph Station, II •
RESOLUTION
NO. 1049-83
Passed by the Common Council of the City of South Bend, Indiana,
May 9, 1983
Attest: ll City Clerk
Attest: /A , / • ft ∎■_ { President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
May 10 , 19 83 .
- City Clerk
Approved and signed by me O /0 19e-3 .
Mayor
RESOLUTION NO. 10(1 ?-33
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: St. Joseph Station, II,
an Indiana limited partnership Project
WHEREAS, at the present time there are insufficient employ-
ment opportunities and insufficient diversification of business,
commerce and industry in and near the City of South Bend, Indiana
(the "City") ; and
WHEREAS, the ecomomic welfare of the City would be bene-
fited by the acquisition of economic development facilities in the
corporate limits of the City pursuant to the provisions of Indiana
Code 18-6-4. 5 (the "Act") ; and
WHEREAS, St. Joseph Station, II, an Indiana limited part-
nership ("St. Joseph Station") proposes to acquire economic develop-
ment facilities in South Bend, Indiana as defined in the Act if the
City will finance costs of such economic development facilities pur-
suant to the Act; and
WHEREAS, the South Bend Economic Development Commission has
received an application by St. Joseph Station for the issuance of
City of South Bend Economic Development Bonds in the approximate
principal amount of Four Million Five Hundred Thousand and no/100
Dollars ($4,500 ,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 make certain improvements to real es-
tate at 300 North Michigan Street, South Bend, Indiana, for use as
an office building with limited retail space resulting in approxi-
mately 100 new jobs by the tenants of the facility with an annual
payroll of approximately Nine Hundred Thousand and no/100 Dollars
($900 ,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 Four
Million Five Hundred Thousand and no/100 Dollars ($4 ,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 autho-
rized and permitted by the Act.
2. The proposed finance will be of benefit to the economic
welfare of the City and will comply with the purposes and provisions
of the Act.
3. St. Joseph Station 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 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 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 ap-
proval by the Mayor .
M m er of the Co n Council
FILED IN CLEF'S OFFICE
MAY A 1983
PRESENTED .6--9-cr_g
Irene Gammon
NOT APPROVE
CITY CLERK,SOUm BEND,IND.
ADOPTED 4--
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