REGULAR MEETING
<br />APRIL 29, 1985
<br />1. The project constitutes economic development facilities which shall be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />One Million Two Hundred and Fifty Thousand Dollars ($1,250,000.00) of its revenue bonds,
<br />which bonds will not be general obligations of the City but will be payable solely from
<br />the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City and
<br />will comply with the purposes and provisions of the Act.
<br />i
<br />3. The Company may proceed with acquisition and construction of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be
<br />limited solely to the good faith efforts to consummate such proceedings and issue such
<br />Bonds, and the South Bend Economic Development Commission and the City of South Bend,
<br />Indiana, their officers and agents, shall not incur any liability if for any reason the
<br />proposed issuance of such Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for
<br />the Economic Development Commission, indicated they planned to acquire machinery and
<br />special gas cylinders. He indicated four to five jobs will be created. Council Member
<br />Serge made a motion to adopt this resolution, seconded by Council Member Puzzello. The
<br />resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1283 -85
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO AN APPLICATION BY 3300 SAMPLE STREET ASSOCIATES,
<br />FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT
<br />REVENUE BONDS
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the city of
<br />South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition of
<br />economic development facilities in the corporate limits of the City pursuant to the
<br />provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, 3300 Sample Street Associates, an Indiana limited partnership ( "Company "),
<br />proposes to acquire and rehabilitate economic development facilities in South Bend,
<br />Indiana as defined in the Act if the City will finance costs of such economic development
<br />facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by Company, for the issuance of City of South Bend Industrial Development Revenue Bonds
<br />in the approximate principal amount of Two Million and no /100 Dollars ($2,000,000.00),
<br />with terms of repayment to be determined by the market rates at the time the bonds are
<br />sold and the proceeds of the bonds will be used to acquire and make improvements to real
<br />estate at 3300 Sample Street, in the City of South Bend, Indiana, for lease to industrial
<br />tenants with an anticipated two hundred (200) new jobs by tenants with an anticipated
<br />annual payroll of approximately $3,000,000.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as
<br />follows:
<br />1. The project constitutes economic development facilities which shall be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />One Million Two Hundred and Fifty Thousand Dollars ($1,250,000.00) of its revenue bonds,
<br />which bonds will not be general obligations of the City but will be payable solely from
<br />the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City and
<br />will comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with acquisition and construction of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be
<br />limited solely to the good faith efforts to consummate such proceedings and issue such
<br />Bonds, and the South Bend Economic Development Commission and the City of South Bend,
<br />Indiana, their officers and agents, shall not incur any liability if for any reason the
<br />proposed issuance of such Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />
|