HomeMy WebLinkAboutInducement Resolution of City of South Bend Relating to Martin's Realty Co. RESOLUTION
NO. 1050-83
Passed by the Common Council of the City of South Bend, Indiana,
May 9, 19 83 .
Attest: (f L City Clerk
Attest: l�l . /6 9-7C President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
May 10, 19 83 .
/1-02.-,.._._ City Clerk
Approved and signed by me / 6 / (O 19e3 .
/ `? ,„,„„)----
Mayor
RESOLUTION NO. joSO-8'3
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Martin 's Realty Co. , an Indiana 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 economic 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, Martin's Realty Co. , an Indiana partnership
( "Martin's Realty") proposes to acquire economic development facili-
ties 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 by Martin's Realty for the issuance of City
of South Bend Economic Development Bonds in the approximate princi-
pal amount of One Million Two Hundred Thousand and no/100 Dollars
($1, 200,000 . 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 estate for
the Martin 's Realty shopping center located at the southwest corner
of Elwood and Portage Avenues, South Bend, Indiana, resulting in the
addition of approximately 30 new jobs by the principal users with an
increase in their annual payrolls of approximately Three Hundred
Thousand and no/100 Dollars ($300 ,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 approxinately One
Million Two Hundred Thousand and no/100 Dollars ($1,200,000.00) 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 financing will be of benefit to the eco-
nomic welfare of the City and will comply with the purposes and pro-
visions of the Act.
3. Martin 's Realty may proceed with acquisition and con-
struction 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 ef-
fect from and after its adoption by the Common Council and approval
by the Mayor .
Member of the n C ouncil
PRESENTE[! Y 13 "~D C +M C �E
NOT APPROVED MAY !4 1.983
ADOPTED 0-- -cfS
C P�CAERRL SD10 BEND,IND
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