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' �.� \ � -- ( <br /> RESOLUTION NO. <br /> A RESOWTION SUPPOR7ING THE INVESTMENT OF CAGIT,TIF,UDAG AND CEDIT MONIES IN <br /> THE CHASE TOWER IN DOWNTOWN SOUTH BEND <br /> WHEREAS,the Chase Tower and Hotel 211 and 213 West Washington Street South <br /> Bend, Indiana 46601,is a 25-story building located in downtown South Bend at the corner of <br /> Main and Washington Streets;and <br /> WHEREAS, the Chase Tower is in urgent need of repair and renovation;and <br /> WHER�AS, the state of disrepair of the building adversely impacts the desirability of <br /> businesses to locate and/or remain there;and Y <br /> WHEREAS, the building is in foreclosure and assistance is needed to promote an orderly � <br /> . <br /> and successful redevelopment ofthe property;�and <br /> WHEREAS,the Councii believes that the economic viability of the Chase Tower is � <br /> essential to the economic vitality of downtown South Bend; <br /> NOW THEREFORE BE IT RESOLVED THAT.• <br /> 1. The Common Council supports the use of CAGIT,TIF, UDAG and or CEDIT funds in an <br /> amount not to exceed$5,500,000.00 for the repair,acquisition and renovation of the Chase <br /> Tower by developers,Care Hospitality Management tnc. and/or its Assigns or Beneficiary(TBD) <br /> C/0 Satish Gabhawala. <br /> 2. The Common Council requests that the Mayor and the Redevelopment Department <br /> support this request and take the appropriate steps to insure that the redevelopment of the <br /> Chase Tower is successfully concluded with all due speed. <br /> This Resolution shall be in full force and effect upon passage by this Council. <br /> Dated this day of October,2011. <br /> Member of the Council Member of the Council <br />