HomeMy WebLinkAboutInducement Resolution Relating to: John P. Carrico and Sonya K. Carrico ProjectRESOLUTION NO.40 -$(
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: John P. Carrico and Sonya K. Carrico Project
WHEREAS, at the present time there are insufficient em-
ployment 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
benefited by the acquisition and construction of economic develop-
ment facilities in St. Joseph County pursuant to the provisions
of Indiana Code 18 -6 -4.5 (the "Act "); and
WHEREAS, John P. Carrico and Sonya K. Carrico, husband
and wife, Indiana residents, ( "Carrico ") propose to acquire real
estate and construct economic development facilities in the City
of South Bend 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 Carrico for the issuance of City
of South Bend Economic Development Bonds in an approximate amount
of Five Hundred Thousand Dollars ($500,000.00) repayable over a
period not more than fifteen (15) years- r and on terms governed by
existing market rates at the time such bonds are issued in order
to acquire real estate and construct a commercial building to be
leased to QSI, Inc., an Indiana corporation, for the purpose of
the corporation conducting its commercial printing operation in
the facility resulting in improving and promoting job opportunities
and commercial diversification within and near South Bend, Indiana.
NOW, THEREFORE, the Common Council of the City of South
;Bend, Indiana resolves as follows:
1. The project constitutes economic development fa
1cilities which shall be financed by the City through the issu-
ance of revenue bonds pursuant to the Act and the City is willing,
upon compliance with all provisions of Indiana law, to authorize
I `
i1approximately Five Hundred Thousand Dollars ($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 authorized
and permitted by the Act.
2. The proposed financing will be of benefit to the ec-
onomic welfare of the City and will comply with the purposes and
provisions of the Act.
3. Carrico may proceed with the 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, the
City of South Bend, Indiana, the St. Joseph County Council and St.
Joseph County shall be limited solely to the good faith efforts to
consummate such proceedings and issue such Bonds, and the South Bend
Economic Development Commission, the City of South Bend, Indiana and
St. Joseph County, their officers or 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 approval
by the Mayor.
Member 3T the Common Council
-
PRESENTED
NOT APPROVED
ADOPTED &-_ a y 8
-2-
F1 ID VLEti'",TS OFFICE
Irene Gammon
CITY CLERK, SOUTH BEND, IND,