HomeMy WebLinkAboutInducement Resolution of City of South Bend Relating to P.A.I. Properties RESOLUTION
NO. 934-82
Passed by the Common Council of the City of South Bend, Indiana
January 11 , ig 82
Attest: AT 12n`""-e-n-i City Clerk
Attest: / d ( President of Common Council
Presented by me to the Mayor of the City of South Bend, India
January 12 . rg 82
•dA°-.'-e- /dL'°`"... City Clerk
Approved and signed by me �a7/zcza /✓J Ig �
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1( iblzi/ Mayor
RESOLUTION NO. 9311-X a
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: P.A.I. Properties , an Indiana partnership, Project
WHEREAS , at the present time there are insufficinet employ-
ment opportunities and insufficient diversification of business, com-
merce and industry in and near the City of South Bend, Indiana (the
"City") ; and
WHEREAS , the economic welfare of the City would be benefited
by the acquisition and construction of economic development facilities
in St. Joseph County pursuant to the provisions of Indiana Code 18-6-
4.5 (the "Act") ; and
WHEREAS , Noel H. Yarger, G. Toms Yarger and John E. Reuthe,
d/b/a P.A.I. Properties, an Indiana partnership, ("P.A.I . Properties")
propose to acquire and construct economic development facilities in
the City of South Bend as defined in the Act if the City will finance
the costs of such economic development facilities pursuant to the Act;
and
WHEREAS , the South Bend Economic Development Commission has
received an application by P.A.I. Properties for the issuance of City
of South Bend Economic Development Bonds in an approximate amount of
Three Hundred Fifty Thousand Dollars ($350,000.00) repayable upon terms
governed by existing market rates at the time such bonds are issued
in order to acquire real estate and construct and equip a manufacturing
building to be leased to Plast Ad, Inc. , an Indiana corporation, for
the purpose of the corporation conducting its business of manufactur-
ing retail store fixtures in the facility resulting in improving and
promoting job opportunities and commercial diversification in the City
of South Bend, Indiana.
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 Three
Hundred Fifty Thousand Dollars ($350,000 .00) of its revenue bonds,
which bonds will not be general obligations of the City but will be
payable solely from the limited sources authorized 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
provisions of the Act.
3. P.A.I. Properties may proceed with the 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, South Bend
Common Council and the City of South Bend, Indiana, their officers
or agents, shall not incur any liability if for any reason the pro-
posed 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 approval by the
Mayor.
\_• r 'I'
•er wf the Common Council
FILED IN CLERK'S OFFICE
RESEW ED / - //- 8'L DEC 2 _ 1981
NOT APPROVED Irene Gammon
ADOPTED / -1 /- k CITY CLERK,SOUTH BEND,IND.
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