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03-26-01 Council Meeting Minutes
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03-26-01 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
3/26/2001
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REGULAR MEETING MARCH 26.2001 <br />stated that this property is located north of Ireland on Fellows Street and backs up against the <br />Erskine Golf Course. It is the only vacant lot left. <br />Councilmember Uj dak made a motion to adopt this Resolution. Councilmember Coleman seconded <br />the motion which carried by a roll call vote of nine (9) ayes. <br />RESOLUTION NO. 2977-01 A RESOLUTION OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA PROVIDING <br />PRELIMINARY APPROVAL OF THE ISSUANCE OF <br />BONDS FOR THE PURPOSE OF PROVIDING <br />FINANCING OF CERTAIN ECONOMIC DEVELOPMENT <br />FACILITIES TO BE OWNED BY IMAGINEERING <br />PROPERTIES, LLC AND LEASED TO AND OPERATED <br />BY IMAGINEERING ENTERPRISES, INC. <br />(IMAGINEERING ENTERPRISES, INC. PROJECT) <br />RESOLVED, by the Common Council of the City of South Bend, Indiana (the "City "), as <br />follows: <br />WHEREAS, the City is authorized by I.C. 36 -7 -11.9 and 12, et. sea. as supplemented and <br />amended (the "Act') to issue revenue bonds for the financing of economic development facilities, <br />the funds from said financing to be used for the acquisition, construction, installation and equipping <br />of said facilities, and said facilities to be either leased to another person or directly owned by another <br />person; and <br />WHEREAS, Imagineering Properties, LLC (the "Applicant'), has advised the South Bend <br />Economic Development Commission (the "Commission ") and the City that it proposes that the City <br />issue and sell its economic development revenue bonds for the purpose ofproviding financing to the <br />Applicant for lease to and operation by Imagineering Enterprises, Inc. (the "Lessee ") of certain <br />economic development facilities consisting of the acquisition, construction, installation and <br />equipping of an approximately 63, 600 square foot manufacturing facility, together with the purchase <br />ofmachinery and equipment to be utilized therein, located at 4521 Nimtz Pkwy, South Bend, Indiana <br />46624 (the ":Project'), and the Commission has adopted a Resolution, containing the requisite <br />findings of the Commission, recommending that the City adopt a resolution giving preliminary <br />approval to a proposed issuance of economic development revenue bonds for the financing of the <br />Project; and <br />WHEREAS, the Project will be owned by the Applicant and leased to and operated by the <br />Lessee for use as an economic development facility within the meaning of the Act; and <br />WHEREAS, it appears that the creation and retention of opportunities for gainful <br />employment and the creation of business opportunities to be achieved by the Project will serve a <br />public purpose and will be of benefit to the health and general welfare of the City, and that the <br />proposed financing complies with the provisions of the Act; and <br />WHEREAS, it appears that the Project will not have adverse competitive effect on any <br />similar facility already constructed or operating in the City; <br />FURTHER RESOLVED, by the Common Council of the City of South Bend, Indiana, as <br />follows: <br />SECTION 1. The Common Council finds, determines, ratifies and confirms that the creation <br />and retention of opportunities for gainful employment and the creation of business opportunities to <br />be achieved by the Project in the City of South Bend, Indiana will be of benefit to the health and <br />general welfare of the citizens of the City; and that it is in the public interest that the Common <br />Council take such action as it lawfully may to encourage diversification of industry and promotion <br />of job opportunities in and near said City. <br />
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