|
REGULAR MEETING JUNE 26, 2006
<br />5. The City shall proceed to cooperate with and take such action as may be
<br />necessary in drafting documents or in the performance of such other acts a will facilitate
<br />the issuance of such bonds to provide funds for such purpose.
<br />6. The liability and obligation of the South Bend Economic Development
<br />Commission, the Common Council of the City, and the City , shall be limited solely to
<br />the good faith efforts to consummate such proceedings and issue such bonds, and such
<br />entities and their officers and agents shall not incur any liability if for any reason the
<br />proposed issuance of such bonds is not consummated.
<br />7. The bonds shall be special, limited obligations of the City, payable solely from
<br />the funds provided therefore as described in the documents authorizing the issuance of
<br />the bonds, and shall not constitute an indebtedness of the City or a loan of the credit
<br />thereof.
<br />8. This Resolution shall be in full force and effect from and after its adoption by the
<br />Common Council and approval by the Mayor.
<br /> s/Timothy A. Rouse
<br /> Member of the Common Council
<br />Councilmember Kuspa, Member of the Community and Economic Development
<br />Committee reported that this committee held a Public Hearing on this bill this afternoon
<br />and voted to send it to the full Council with a favorable recommendation.
<br />Mr. Phil Faccenda, Attorney, Barnes & Thornburg, 100 N. Michigan Street, South Bend,
<br />Indiana made the presentation for this bill.
<br />Mr. Faccenda stated that PEI/Genesis, Inc. and Tuliptree Associates, LLC desire to
<br />finance the acquisition, construction and equipping of an approximate 142,000 square
<br />foot manufacturing facility to be located at 4747 West Cleveland Road, South Bend,
<br />Indiana, which facility will be owed by Tuliptree and leased to PEI. It is anticipated that
<br />the project will result in the creation of approximately twelve (12) new, full-time,
<br />permanent jobs with an estimated annual payroll of $340,000 and will retain 140 full-
<br />time, permanent jobs and four (4) part-time, permanent jobs with a total estimated annual
<br />payroll of $3,700,000.
<br />Mr. Larry Forback, 1915 Bendix Drive, South Bend, Indiana, spoke in favor of this bill.
<br />Mr. Forback advised that Tuliptree Associates, LLC is in the process of acquiring 20
<br />acres of land in South Bend to build a new manufacturing facility. The initial facility will
<br />be approximately 142,400 square feet; however, the site will support a facility in excess
<br />of 350,000 square feet and the building is being designed to accommodate phased
<br />expansion. The facility will be leased to PEI –Genesis. As the new facility will be twice
<br />the size of PEI’s existing facility, new equipment will need to be purchased including:
<br />conveyors, glue machines, insertion machines, rackers, loaders, ovens test equipment,
<br />automatic baggers, mold machines and tools, numerous other tools and equipment, as
<br />well as logistical distribution equipment and information technology.
<br />A Public Hearing was held on the Resolution at this time.
<br />There being no one present wishing to speak to the Council either in favor of or in
<br />opposition to this Resolution, Councilmember Kelly made a motion to adopt this
<br />Resolution. Councilmember Varner seconded the motion which carried and the
<br />Resolution was adopted by a roll call vote of seven (7) ayes.
<br />7
<br />
<br />
|