06-08-87 Council Meeting Minutes

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REGULAR MEETING JUNE 8, 1987 ORDINANCE NO. 7766 -87 AN ORDINANCE AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT 2002 MISHAWAKA AVENUE AND 914 -20TH STREET, 918 -20TH STREET AND 922 -20TH STREET, IN THE CITY OF SOUTH BEND, INDIANA. This bill had seu�nd reading. Council Member Beck made a motion to pass this bill, seconded by Counc—T L.,ember Taylor. The bill passed by a roll call vote of nine ayes. ORDINANCE NO. 7767 -87 AN ORDINANCE AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT THE SOUTHEAST CORNER OF COLUMBIA AND SOUTH STREETS IN THE CITY OF Soui:n BEND, INDIANA. This bill had second reading. Council Member Puzzello made a motion to pass this bill, seconded by Council member Taylor. The AT-1 passed by a roll call vote ^f nine ayes. ORDINANCE NO. 7768 -8/ AN ORDINANCE AMENDING rTxAPTER 2, ARTICLE �4 OF THE SOUTH BEND MUNICIPAL CODE REGULATING SPECIAL FUNDS. This bill had second reading. Council Member Braboy made a motion to pass this bill, seconded by Counuil Member Taylor. The bill passed by a roll call vote of nine ayes. ORDINANCE nO. 77by -o, AN ORDINANCE APPROPRIATTNTG $321,000 00 FROM THE REDEVELOPMENT STATE ur,,NT PROGRAM FUND TO BE ADMINISTERED BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE CITY OF SOUTH BEND, INDIANA. This bill had second reading. Council Member Braboy made a motion to pass this bill, seconded by Council Member Barcome. The bill passed by a roll call vote of nine ayes. ORDINANCE NO. 7770 -87 AN ORDINANCE APPROPRIATING $13,700.00 FROM THE FEDERAL ASSISTANCE GRANT FUND COMMONLY REFERRED TO AS THE GENERAL REVENUE SHARING TRUST FUND FOR THE 1987 SUMMER CLEAN -UP PROGRAM. This bill had second reading. Council Member Zakrzewski made a motion to pass this bill, seconded by Council Member Braboy. The bill passed by a roll call vote of nine ayes. RESOLUTIONS RESOLUTION NO. 1511 -87 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA REGARDING KOKOKU WIRE INDUSTRIES CORPORATION, A DELAWARE CORPORATION. WHEREAS, at the present time there are insuffiu�ent employment opportunities and insufficient dive *s;f< cation of industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition and rehabilitation of economic development facilities in the corporate limits of the City pursuant to the pL.,visions of Indiana code 36 -7 -12 (the "Act "); and WHEREAS, the South Bend Economic Development Commission has received an application by the Company for the issuance of City of South Bend Economic Development Bonds in the approximate principal amount of Three Million two Hundred Thousand no /100 Dollars ($3,200,000.00) with the terms of repayment to uo determined by market conditions at the time the bonas are sold; and WHEREAS, the proceeds of the Bonds will be used by the Company to acquire and rehabilitate facilities for use as a wire manufacturing facility located on a 13.455 acre plot at the intersection of Sample and Walnut Streets, commonly known as 1217 South Walnut Street, South Bend, Indiana, which facility shall result in approximately forty -five (45) new jobs. NOW, THEREFORE, the Common Council of the City of South Bend, ln4iana resolves as follows: 1. The project constitutes economic development facilities which shall be financed by the City through the issuance u,. revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately Three Million Two Hundred Thousand and no /100 Dollars ($3,200,000.00) of its revenue binds, which Bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic we�fare of the City, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3. The Company may proceed with the acquisition and rehabilitation of the economic development facilities in reliance upon this resolution.