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05-24-04 Council Meetng Minutes
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05-24-04 Council Meetng Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
5/24/2004
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REGULAR MEETING <br />MAY 24, 2004 <br />providing financing for certain economic development facilities consisting of the <br />acquisition, construction, installation and equipping of a facility to accommodate the <br />business of DHL /Airborne Express, which is airfreight and logistics services (the <br />"Prof ect "); and <br />WHEREAS, the Applicant has proposed that the City issue its revenue bonds <br />under the Act to finance the acquisition and installation of the Project under a financing <br />agreement whereby the proceeds of such bonds would be utilized to acquire and install <br />the Project and the Applicant would make payments sufficient to pay the principal of, <br />premium, if any, and interest on said bonds; and the Applicant has further advised the <br />City that the determination by the City to accept such a proposal for financing the Project <br />will constitute a substantial inducement to the Applicant to proceed with the Project; and <br />WHEREAS, the Applicant has submitted evidence regarding the lack of an <br />adverse competitive effect of the Project on similar facilities already constructed or <br />operating in the City; and <br />WHEREAS, it is estimated that the Project will result in the retention of eighty - <br />eight (88) jobs and the creation of approximately five (5) new permanent jobs; and <br />WHEREAS, the Commission has rendered a report concerning the proposed <br />financing of economic development facilities for the Applicant which report incorporates <br />findings of fact by the Commission; and <br />WHEREAS, the Commission has given its approval to such financing of the <br />Project; and <br />WHEREAS, the issuance and sale of said revenue bonds will not reduce the legal <br />bonding capacity of the City; and <br />WHEREAS, the City shall bear no expense in connection with the issuance and <br />sale of said revenue bonds and all expenses in connection thereto which are incurred by <br />the City shall be reimbursed to the City by the Applicant; and <br />WHEREAS, the principal and interest payable on said bonds are not payable from <br />funds raised by taxation by the City; and <br />WHEREAS, the issuance of said bonds shall not obligate the full faith and credit <br />for the taxing power of the City; and <br />WHEREAS, subject to required approvals, it appears that the financing of the <br />Project would be a public benefit to the health, prosperity, economic stability and general <br />welfare of the City and its inhabitants; <br />NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />Section 1. The Common Council finds, determines, ratifies and confirms that the <br />creation and retention of opportunities for gainful employment and the creation of <br />business opportunities to be achieved by the Project in the City will be of benefit to the <br />health and general welfare of the citizens of the City; and that it is in the public interest <br />that this Common Council take such action as it lawfully may to encourage <br />diversification of industry and promotion of job opportunities in the City. <br />Section 2. The Common Council further finds, determines, ratifies and confirms <br />that the issuance and sale of economic development revenue bonds of the City under the <br />Act in an aggregate principal amount not to exceed $2,200,000.00 for the Project and the <br />loan of the proceeds of the revenue bonds to the Applicant will serve the public purposes <br />referred to above, in accordance with the Act. <br />Section 3. In order to induce the Applicant to proceed with the Project, the <br />19 <br />
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