06-22-98 Council Meeting Minutes

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REGULAR MEETING JUNE 224 1998 1. It is apparent that said project will increase job opportunities and industrial diversification in and near the City of South Bend, resulting in a benefit to the welfare of the public in the City. 2. In order to encourage and induce Applicant to undertake such project, the City shall cooperate with and take such action as may be necessary to finance the cost of such project from the proceeds of economic development revenue bonds issued by the City in an aggregate principal amount of approximately $4,200,000, including reimbursements of cots of the project paid prior to the issuance of the bonds. 3. The City shall proceed to cooperate with and take such action as may be necessary in drafting documents or in the performance of such other acts as will facilitate the issuance of such bonds to provide funds for such purpose. 4. The Applicant may proceed with such project in reliance upon this resolution. 5. The liability and obligation of the South Bend Economic Development Commission, the Common Council, and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such bonds, and such entities and their officers and agents shall not incur any liability if for any reason the proposed issuance of such bonds is not consummated; and the bonds shall be special, limited obligations of the City, payable solely from the funds provided therefor as described in the documents authorizing the issuance of the bonds, and shall not constitute an indebtedness of the City or a loan of the credit thereof. /s/ Sean Coleman Member of the Common Council A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for the Economic Development Commission, made the presentation for the resolution. He reported they were requesting primary approval of an inducement resolution for Economic Development Revenue Bonds to finance a facility in the Blackthorn Development Area for lease to Schafer Gear Works, Inc. He reported that this is a non - obligatory bond for the City of South Bend. Council Member Hosinski made a motion to adopt this resolution, seconded by Council Member Aranowski. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 2639 -98 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 5123 AND 5127 WEST,REO STREET AND 2018 AND 2024 SOUTH PROSPECT STREET AS A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF A FIVE (5) YEAR RESIDENTIAL REAL PROPERTY TAX ABATEMENT FOR G & M PROPERTIES WHEREAS, a Statement of Benefits and a petition for real property tax abatement has been submitted to and filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the areas commonly known as 5123 and 5127 West Reo Street and 2018 and 2024 South Prospect Street, South Bend, Indiana, and which are more particularly described as follows: Street Address Legal Description Key Number 5123 West Reo Street Lot 227 Portage Gardens 18- 2226 -8478 5127 West Reo Street Lot 226 Portage Gardens 18- 2226 -8477 1 1