11-25-96 Council Meeting Minutes

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SECTION VI. The Common :-Council,-Airects the City Clerk to cause notice of the adoption of this'Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION VII. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Roland Kelly Member of the Common Council A public hearing was held on the resolution at this time. Council Member Coleman reported that the Community and Economic Development Committee had met on this resolution and recommend it to the Council favorable. Gunther Jordan, President of Exacto, and his son Andy, who is on the Board of Directors, made the presentation for the resolution. Gunther Jordan indicated this is a family owned business which has been in the Studebaker Corridor for Twenty -six years. He noted that the worked with the Urban Enterprise Zone and actually employ four (4) zone residents. He explained they manufacture components for diesel injection systems, and in order to stay competitive they need new equipment with an estimated value of $863,000. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 2426 -96 A RESOLUTION CONSENTING TO THE TRANSFER OF JURISDICTION TO ST. JOSEPH COUNTY, INDIANA REGARDING ECONOMIC DEVELOPMENT FACILITIES AND THE ISSUANCE OF ST. JOSEPH COUNTY ECONOMIC DEVELOPMENT REVENUE BONDS (WESTERN MANOR COMMUNITY AND COLBY HOMES COMMUNITY) WHEREAS, the City of South Bend, Indiana, (the "City "), is a municipal corporation and political subdivision of he State of Indiana and by virtue of Ind. Code §36- 7 -12 -22 is authorized and empowered to adopt this Resolution; and WHEREAS, Western Manor Community, an Indiana Limited Partnership (Western Manor) and Colby Homes Community, an Indiana Limited Partnership (Colby), with principal offices located in South Bend, Indiana, at 425 N. Michigan Street, presently intends to finance the renovation of affordable residential apartment to finance the renovation of affordable residential apartment facilities which are located in the City of South Bend and to develop Day Care and Computer Learning facilities to serve the residents of such housing at boh Western and Colby which comprise "economic development facilities" within the meaning of IND Code §36 -7- 11.9 -3 through the issuance of economic development revenue bonds pursuant to the provisions of Ind. Code §36 -7 -12 et seq., as amended (the "Act); and WHEREAS, there is a need to preserve affordable rental housing units within St. Joseph County; and WHEREAS, due to the County -wide purposes served by said facilities, the Common Council of the City of South Bend wishes to transfer jurisdiction over said facilities and the financial thereof pursuant to the Act to St. Joseph County. IND. code §36- 7-12-22(b) provides in relevant part that "...economic development facilities that are to be located within the corporate boundaries of a municipality may not be financed by a County without the consent of the fiscal body of the municipality..." NOW, THEREFORE BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: