Laserfiche WebLink
REGULAR MEETING <br />of said facilities; and <br />MARCH 8, 1999 <br />Whereas, Southfield Village, Inc. ( "Southfield "), has advised the City that there is under <br />consideration a proposal of Southfield for the acquisition, construction, installation and <br />equipping of a senior living facility consisting of a sixty (60) bed skilled nursing facility and <br />sixty four (64) assisted living units located near the intersection of Miami and Kern Roads in the <br />City (the "Project "); and <br />Whereas, the total cost of the Project is presently estimated to be approximately Twenty <br />Million and 00 /100 Dollars ($20,000,000.00), plus incidental costs of issuance of economic <br />development revenue bonds; and <br />Whereas, Southfield has proposed that the City issue revenue bonds under the Act to <br />finance the acquisition, construction, installation and equipping of the Project (the "Bonds ") <br />under a financing agreement whereby the proceeds of such Bonds would be utilized to acquire, <br />construct, install and equip the Project and Southfield has further advised the City that a <br />determination by the City to accept such a proposal for financing the Project will constitute a <br />substantial inducement to Southfield to proceed with the Project; and <br />Whereas, the South Bend Economic Development Commission (the "Commission ") has <br />given its approval to the Project and the financing of the Project; and <br />Whereas, it is tentatively found that the acquisition, construction, installation and <br />equipping of the Project will not have an adverse competitive effort on any similar facility <br />already constructed or operating near or in the City; and <br />Whereas, it is estimated that the Project will result in the creation of approximately <br />seventy -two (72) full -time equivalent permanent jobs with an estimated total annual payroll of <br />$1,700,000 and provide continued future opportunities for employment; and <br />Whereas, subject to required approvals, it would appear that the Project and the financing <br />of the Project would be of public benefit to the health, safety and general welfare of the City and <br />its citizens; <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, AS FOLLOWS: <br />1. The Common Council of the City (the "Common Council ") hereby finds, determines, <br />ratifies and confirms that the promotion of diversification of economic development and job <br />opportunities in and near the City is desirable to preserve the health, safety and general welfare of <br />the citizens of the City; and that it is in the public interest that the commission and the City take <br />such action as they lawfully may to encourage economic development diversification of industry <br />and promotion of job opportunities in and near the City. <br />2. The Common Council hereby approves determines ratifies and confirms that the <br />issuance and sale of the bonds of the City under the Act in an amount not to exceed Twenty <br />Million and 00 /100 Dollars($20,000,000.00), plus incidental costs in connection with the <br />issuance of the Bonds, for the lending of the proceeds of the Bonds to Southfield for the <br />acquisition, construction, installation and equipping of the Project will serve the public purposes <br />referred to above, in accordance with the Act. <br />3. In order to induce Southfield to proceed with the acquisition, construction, installation <br />and equipping of the Project, the Common council hereby approves, determines, ratifies and <br />confirms that: <br />9 <br />