HomeMy WebLinkAboutInducement Resolution of City of South Bend Relating to Best Products Co. Inc. RESOLUTION
NO. 949-82
Passed by the Common Council of the City of South Bend, Indiana.
March 22 . xg 82
Attest: K d City Clerk
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
March 30, �9 82
City Clerk
Approved and signed by me 0A-4-1k- 3 i 19801-
9(4 6 ' 71-4 '1t Mayor
NO . 9149-
INDUCEMENT RESOLUTION
of
THE CITY OF SOUTH BEND, INDIANA
Relating to : BEST PRODUCTS CO . , INC. , PROJECT
WHEREAS, the Counuon Council of the City of South Bend, Indiana
(the "Issuer") is authorized by I . C . 36-7-12 (the "Act") to issue
revenue bonds for the financing of economic development facilities ,
the funds from said financing to be used for the acquisition,
construction and equipping of said facilities , and said facilities
to be either sold or leased to a company or directly owned by a
company; and
WHEREAS , Best Products Co . , Inc . (the "Applicant") has advised
the South Bend Economic Development Commission (the "Commission")
and the Issuer that it proposes that the Issuer either acquire ,
construct and equip an economic development facility and sell or
lease the same to the Applicant or loan proceeds of an economic
development financing to the Applicant for the same , said economic
development facility to be a 40 ,000 to 67 , 000 square foot catalog
distribution center facility, including the real estate on which
it is located and the machinery and equipment to be installed therein,
to be located in or near South Bend, Indiana, on a site to be
mutually agreed upon by the Issuer and the Applicant , though the
exact location of the facilities has not yet been determined
("Project") ; and
WHEREAS, the diversification of industry and increase in job
opportunities (90 full-time and 170 part-time new jobs) to be
achieved by the construction and equipping of the Project will be
of public benefit to the health, safety and general welfare of the
Issuer and its citizens ; and
WHEREAS, having received the advice of the South Bend Economic
Development Commission, it would appear that the financing of the
Project would be of public benefit to the health, safety and general
welfare of the Issuer and its citizens; and
NOW, THERFORE, BE IT RESOLVED by the Common Council of the City
of South Bend as follows:
1 . The Common Council of the City of South Bend finds,
determines, ratifies and confirms that the promotion of
diversification of economic development and job opportunities in
and near South Bend, Indiana, is desirable to preserve the health,
safety and general welfare of the citizens of the Issuer; and
that it is in the public interest that the Commission and the
Issuer take such action as they lawfully may to encourage economic
development, diversification of industry and promotion of job
opportunities in and near the Issuer.
2. The Common Council of the City of South Bend approves,
determines, ratifies and confirms that the issuance and sale of
economic development revenue bonds in an amount of approximately
$6,000,000 of the Issuer under the Act for the acquisition,
construction and equipping of the Project and the sale or leasing
of the Project to the Applicant or the loan of the proceeds of
the revenue bonds to the Applicant, will serve the public purposes
referred to above, in accordance with the Act.
3. In order to induce the applicant to proceed with the
acquisition, construction and equipping of the Project, the
Common Council of the City of South Bend hereby approves, determines,
ratifies and confirms that (i) it will take or cause to be taken
such actions pursuant to the Act as may be required to implement
the aforesaid financing, or as it may
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deem appropriate in pursuance thereof; provided that all of
the foregoing shall be mutually acceptable to the Issuer and
the Applicant ; and (ii) it will adopt such ordinances and
resolutions and authorize the execution and delivery of
such instruments and the taking of such action as may be
necessary and advisable for the authorization, issuance and
sale of said economic development revenue bonds ; and (iii)
it will use its best efforts at the request of Applicant to
authorize the issuance of additional bonds for refunding and
refinancing the outstanding principal amount of the bonds , for
completion of the Project and for additions to the Project ,
including the costs of issuance (providing that the financing
of such addition or additions to the Project is found to have
a public purpose [as defined in I. C. 36-7-12-1] at the time
of authorization of such additional bonds) , and that the
aforementioned purposes comply with the provisions of I. C. 36-7-12 .
4. All costs of the Project incurred after the
adoption of this inducement resolution, including reimbursement
or repayment to the Applicant of moneys expended by the Applicant
for planning, engineering, interest paid during construction,
underwriting expenses , attorney and bond counsel fees , acquisition,
construction and equipping of the Project will be permitted to
be included as part of the bond issue to finance the Project ,
and the Issuer will sell or lease the same to the Applicant or
loan the proceeds from the sale of the bonds to the Applicant
for the same purposes . Also , certain indirect expenses ,
including but not limited to, planning, architectural work and
engineering incurred prior to this inducement resolution will
be permitted to be included as part of the bond issue to finance
the Project .
5 . 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
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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
or agents, shall not incur any liability if for any reason
the proposed issuance of such bonds is not consummated.
6. This Resolution is conditioned upon the Applicant
locating the proposed catalog distribution center facility within
the Central downtown Urban Renewal Area of the City of South Bend,
Indiana, commonly referred to as Indiana R-66, and more particuarly
described as Exhibit A attached hereto and made a part hereof.
7. This Resolution is further subject to the terms and
provisions of a Memorandum of Agreement to be signed by the
City of South Bend and Best Products Co. , Inc. , which upon
signing shall be attached hereto and made a part hereof.
This Inducement Resolution shall be in full force and effect
from and after its adoption by the Common Council and approval by
the Mayor.
r
1.Mem•er or the Common Count 1
Adopted, as amended, March 22, 1982
EXHIBIT "A."
AMENDMENT TO
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: BEST PRODUCTS CO. , INC. , PROJECT
Beginning. at a point formed by the intersection of the north
right-of-way line of LaSalle Avenue and the west right-of-way
line of Main Street; thence south along the west right-of-way
line of Main Street to the north right-of-way line of Washington
Street; thence west along the north right-of-way line of Wash-
ington Street to the west right-of-way line of Lafayette Boule-
vard; thence south along the west right-of-way line of Lafayette
Boulevard to the south right-of-way line of Jefferson Boulevards ;
thence east along the south right-of-way line of Jefferson Boule-
vard to the west right-of-way line of Main Street; thence south
along the west right-of-way line of Main Street to the south
right-of-way line of Monroe Street ; thence east along the south
. right-of-way line of, Monroe Street to the west right-of-way line
of Fellows Street; thence south along the west right-of-way line
of Fellows Street to the south right-of-way line of Monroe Street ;
thence east along the south right-of-way line of Monroe Street
and proceeding in a northeasterly direction along said right-of-
way line to the center of the St. Joseph River; thence proceeding
in a northwesterly direction along the center of the St. Joseph ,.
River to the north right-of-way line of LaSalle Avenue ; thence
. west along the north right-of-way line of LaSalle Avenue to the
- west right-of-way line of Main Street which is the point of begin-
ning
d :a
3/22/82