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HomeMy WebLinkAboutInducement Resolution relating to the financing of Economic Development Facilities for Dayton-Hudson CorporationRES OLUTION NO. G�=� cing Of Economic to the Finan. TION relatiHudson Corporation. NT RESOsUfor Dayton - INDUCEME Facilitie ent Development insufficient emPloym t time there are co�nerce WEREAS, at the presen of business diversificat1On Indiana (the "City"); insufficient Bend, opportunities and ear the City of South and industry in and n benefited d welfare of the City would be an went facilities WHEREAS, the economic we develop d construction of economic "Act ") ; and the acquisition an Indiana Code Is -6 -4.5 (the by s to the provisions of ion (the ,Company"), Proposes pursuant godson Corporation defined WHERF•AS, Dayton- meet facilities as develop development economic economic to acquire and construct costs of such Act if the City will finance in the A Act; and Commission has ursuant to the meet South Bend EcOnomic Develop facilities P for the issuance E,g , the Corporation ton - Hudson roximate application by Day Bonds in an aPP received an Development Dollars Bend Economic 000.00) of City of South Hundred � °usand ($,2,401), with interest Four (30) years, amount of Two Million, d thirty to exceed on over a period not rates generally paid repayable with interest order to permit a rate consistent issued in thereon at bonds are purchase of time the , aia the P exempt bonds at the facilities tax- development an increa economic resulting in the remodeling °f improvements' with an other Physical employees, new fixtures and 200) additional Five Hundred hundred � Million, of approximately tWo of approximately One teased annual payroll inc Op) Dollars Per year. Thousand ($1,500,000. I the City of South Bend FORE, the Common Council . NOV, SERE facilities follows: development Indiana resolves as economic Of revenue The project constitutes h the issuance 1' the City throug complian, be financed by ling upon the City is wil which may ant t0 the Act, and issuance °f bonds pursu to authorize the with all provisions of Indiana law revenue bonds in an amount of approximately $2,400,000 (or such lesser amount as may be agreed upon), 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 economic welfare of the City and will comply with the.purposes and provisions of the Act. 3. The Company may proceed with acquisition and construction of the economic development facilities in reliance upon thisresolution. 4. 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 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. Haas 'AMovEa cn•- • •uu,• • FILED I� M's OBE JUL 2 21981 Irene Gammon CR CIERKrMO BEND, w.