|
REGULAR MEETING
<br />_MAY, 2.8, 19$5
<br />North Central Indiana Medical Education Foundation, an Indiana not - for - profit
<br />corporation (the "Borrower "), has filed an application with the South Bend Economic
<br />Development Commission ( "Commission ") to finance the improvement of real estate located
<br />in St. Joseph County, Indiana, to constitute economic development facilities (the
<br />"Project ") resulting in the creation of a substantial number of new jobs, as well as
<br />other benefits.
<br />The Borrower has further advised the City and the Commission that a determination by
<br />the City to issue its revenue bonds under the Act to finance the Project will constitute
<br />a substantial inducement to the Borrower to proceed with the Project. To induce the
<br />Borrower to acquire and improve the Project, the City desires to adopt this Resolution.
<br />It is apparent that the development of the Project will provide nursing home beds and
<br />needed decent, safe and sanitary housing for persons in the area, maintain existing
<br />levels of employment, assist in relieving conditions of unemployment in construction and
<br />related industries and encourage the increase of commerce in the State of Indiana, all of
<br />which are in the public interest of the City.
<br />Subject to all required approvals under the Act, the City intends to use its best
<br />efforts to cooperate with the Borrower by issuing the City's revenue bonds to finance the
<br />Project. The financing of the proposed Project through the issuance of the
<br />hereafter - described Bonds of the City complies with the requirements of the Act and will
<br />provide for and promote the public health, safety, morals and welfare of the inhabitants
<br />in and near the City.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, as follows:
<br />Section 1. That approval is hereby given to the application of the Borrower relating
<br />tot he acquisition, construction and improvement of such real estate including the
<br />following:
<br />a. Approximately 400 multi- family residential units at a cost in excess of
<br />$15,000,000.00;
<br />b. Approximately 150 congregate care residential units at a cost in excess of
<br />$5,000,000.00; and
<br />c. Approximately 400 bed nursing care facility at a cost in excess of
<br />$10,000,000.00.
<br />Section 2. That the City intends to issue its Multi - Family Housing and Economic
<br />Development Revenue Bonds (the "Bonds ") in an amount not to exceed $35,00,000.00 for the
<br />purpose of making a loan to the Borrower to provide financing for the acquisition,
<br />construction and improvement of the Project.
<br />Section 3. To induce the Borrower to acquire, construct and improve the Project, the
<br />Common Council shall cooperate with and take such action as may be necessary in the
<br />drafting of documents or the performance of such other acts as will facilitate the
<br />issuance of the Bonds by the City to provide funds to be used toward the payment of the
<br />costs of acquiring, constructing and improving such Project.
<br />Section 4. Any costs or expenses incurred in connection with the Project shall be
<br />included in the Project costs and reimbursed either from the proceeds of the Bonds to be
<br />issued with respect thereto or from payments by other parties to the financing.
<br />Section 5. The liability and obligation of the City and its Common Council shall be
<br />limited solely to good -faith efforts to consummate such proceedings and issue the Bonds,
<br />and neither the City nor its Common Council, nor their officers or agents, shall incur
<br />any liability whatsoever if for any reason the proposed issuance of the Bonds is not
<br />consummated.
<br />Section 6. This Resolution shall be in full force and effect from and after its
<br />passage by the Common Council of the City of South Bend, Indiana, and approval by the
<br />Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kevin Butler, attorney for the
<br />Economic Development Commission, indicated this project will consist of 400 multi- family
<br />residential units, 150 congregate care units, and a 400 bed nursing facility. Council
<br />Member Voorde made a motion to adopt this resolution, seconded by Council Member Taylor.
<br />The resolution was adopted by a roll call vote of nine ayes.
<br />BILLS, FIRST READING
<br />BILL NO. 52 -85 A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY; THE FIRST
<br />EAST -WEST ALLEY NORTH OF LINCOLN WAY WEST RUNNING NORTH - WESTERLY FROM
<br />THE EAST PROPERTY LINE OF THE WEST 33 FEET OF LOT 25 PROJECTED
<br />NORTHERLY TO THE WEST PROPERTY LINE OF LOT 26 PROJECTED NORTHERLY FOR
<br />A TOTAL DISTANCE OF 99 FEET MORE OR LESS, ALL BEING IN HENRICK AND
<br />GRANT ADDITION TO THE TOWN, NOW CITY OF SOUTH BEND, ST. JOSEPH COUNTY,
<br />INDIANA.
<br />1
<br />1
<br />1
<br />LJ
<br />
|