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REGULAR MEETING MAY 28, 1985
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<br />SECTION 1. That approval is hereby given to the application of T. Brooks Brademas
<br />relating to the acquisition of such real estate and the rehabilitation of the buildings
<br />thereon, wherein Industrial Revenue Bonds would be issued by the City of South Bend,
<br />Indiana, for an amount not exceeding $985,000.00 repayable with interest thereon over a
<br />period of time and with a maturity date which does not extend beyond thirty (30) years'
<br />after the issue date.
<br />SECTION 2. In order to encourage, induce and solicit such application by T. Brooks
<br />Brademas for such Industrial Revenue Bond issue relating to the acquisition and
<br />rehabilitation of such Economic Development Facilities, the South Bend Common shall
<br />proceed to cooperate with and take such action as may be necessary in the drafting of
<br />documents or the performance of such other acts as will facilitate the issuance of such
<br />Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used
<br />toward the payment of the costs of acquiring such real estate and the rehabilitation of
<br />such Economic Development Facilities.
<br />SECTION 3. Any costs or expenses incurred in connection with the East Race Project
<br />shall be included in the project costs and reimbursed from the proceeds of the Industrial
<br />Revenue Bonds to be issued with respect thereto.
<br />SECTION 4. That the liability and obligation of the South Bend Common Council and
<br />the City of South Bend, Indiana, shall be limited solely to the good faith efforts to
<br />consumate such proceedings and issue such Bonds, and neither the South Bend Common
<br />Council nor the City of South Bend, Indiana, or its officers or agents, shall incur any
<br />liability whatsoever if for any reason the proposed issuance of such Bonds is not
<br />consummated.
<br />The resolution adopted by the South Bend Common Council of the City of South Bend,
<br />Indiana, this 28 day of May, 1985.
<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 T. Brooks Brademas intended to rehab the
<br />old South Bend Lathe Building to rental housing units to serve the needs of the moderate
<br />income persons and couples. He indicated that four permanent jobs will be created.
<br />Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council
<br />Member Taylor. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 129 #A85 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA, STATING ITS INTENTION TO APPROPRIATE FUNDS''
<br />FOR LAND CONTRACT PURCHASE PAYMENTS.
<br />WHEREAS, the City of South Bend owns a collection of Studebaker vehicles and
<br />Studebaker Archives; and
<br />WHEREAS, during the past three years said collection has been housed for the City by
<br />Studebaker Museum, Inc. in a building located at 520 S. Lafayette Blvd., South Bend,
<br />Indiana, which building is owned by Freeman Spicer Company, Inc. and leased by Studebaker
<br />Museum, Inc.; and
<br />WHEREAS, the lease between Studebaker Museum, Inc. and Freeman - Spicer Company, Inc.
<br />expires May 31, 1985 and Studebaker Museum, Inc. will no longer be providing housing for
<br />said collection; and
<br />WHEREAS, the City of South Bend desires to continue to house the Studebaker
<br />collection in the Freeman - Spicer Building; and
<br />WHEREAS, the Board of Public Works of the City of South Bend has entered into a ten
<br />(10) year land contract for the purchase of said building from Freeman - Spicer Company,';`'
<br />Inc. for the sum of Four Hundred Eighty Thousand ($480,000.00) Dollars plus interest at a
<br />rate of 8% APR, payable in 120 payable in 120 equal monthly payments of Five Thousand
<br />Eight Hundred Twenty -three and 72 /100ths ($5,823.72) Dollars.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, as,
<br />follows:
<br />Section I. The Common Council of the City of South Bend intends to appropriate
<br />sufficient funds in 1985, 1986, 1987, and 1988 and in succeeding budget years as is
<br />necessary to cover payments due on said land contract.
<br />Section II. This resolution shall be in full force and effect upon passage by the'
<br />Council and approval by the Mayor.
<br />/s /Beverlie J. Beck
<br />Member of the Common Council
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