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REGULAR MEETING
<br />JUNE_10, 1985
<br />WHEREAS, the proposal of Security Pacific Leasing Corporation has been accepted
<br />by the Board of Public Works contingent on the approval of the Common Council and of
<br />the State Board of Tax Commissioners; and
<br />WHEREAS, the total cost of said equipment shall be a maximum of $2,500,000 plus
<br />trade -ins at an interest rate of 7.9% with semi - annual payments of a maximum of
<br />$265,995.00 commencing January 5, 1986 and payable every six (6) months thereafter
<br />for a total of six (6) years.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
<br />AS FOLLOWS:
<br />SECTION I. The Lease Purchase Agreement with Security Pacific Leasing
<br />Corporation for the purchase of said equipment is approved.
<br />SECTION II. The Common Council of the City of South Bend intends to appropriate
<br />sufficient funds from the levy in the 1986, 1987, 1988, 1989, 1990 and 1991 budget
<br />years to cover payments due on said Lease Purchase Agreement.
<br />SECTION III. This resolution shall be in full force and effect upon passage by
<br />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. Michael Vance, City
<br />Controller, indicated that passage of this resolution will allow the City to proceed
<br />with the master lease purchasing agreement signed by the Board of Public Works. He
<br />indicated the resolution demonstrates the Council's intent to fund the lease
<br />purchase payment over the next six (6) years. He indicated that the agreement would
<br />be for a maximum of 2.5 million. He indicated the amount is higher than originally
<br />anticipated as they have added the alley improvement equipment to this agreement.
<br />Council Member Braboy made a motion to adopt this resolution, seconded by Council
<br />Member Zakrzewski. The resolution passed by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1300 -85 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY
<br />KNOWN AS 1840 NORTH COMMERCE DRIVE, SOUTH BEND,
<br />INDIANA, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES
<br />OF REAL PROPERTY TAX ABATEMENT.
<br />WHEREAS, a petition for real property tax abatement consideration has been filed
<br />with the Common Council of the City of South Bend, requesting that the area commonly
<br />known as 1840 North Commerce Drive, South Bend, Indiana, and which is more
<br />particularly described by a line drawn as follows:
<br />PARCEL 1: A tract of land in the Southwest Quarter of Section 33, Township 30
<br />North, Range 2 East, City of South Bend, St. Jospeh County, Indiana, more
<br />particularly described as follows; Commencing at a brass plug at the center of
<br />said Section 33; thence South 90000100" West on and along the North line of
<br />said Southwest Quarter of Section 33 a distance of 679.78 feet; thence South
<br />00042105" West a distance of 9.01 feet feet to an iron at the Southwest corner
<br />of Progress Drive and Maplewood Avenue, said point being the true place of
<br />beginning; thence South 90000100" West on and along the South line of said
<br />Progress Drive, a distance of 450.88 feet to an iron on the East line of
<br />Commerce Drive; thence South 00029121" East on and along the East line of
<br />Commerce Drive, a distance of 403.15 feet to an iron; thence North 89030'39"
<br />East a distance of 442.55 feet to an iron on the West line of Maplewood Avenue;
<br />thence North 00042105" East on and along the West line of Maplewood Avenue a
<br />distance of 399.39 feet to the place of beginning. Said tract being lot Number
<br />22 of the Airport Industrial Park Phase 2.
<br />Also, a portion of Maplewood Avenue vacated by the City of South Bend, Indiana,
<br />pursuant to Vacation Resolution No. 3446, 1977, which portion is more
<br />particularly described as follows: A portion of Maplewood Avenue, beginning at
<br />the South right -of -way line of Progress Drive and the East right -of -way line of
<br />Maplewood Avenue, South 345 feet to the Southwest corner of Lot 27 in Post Place
<br />Addition; thence West 50 feet; thence North 345 feet; thence East 50 feet to the
<br />place of beginning.
<br />PARCEL II: Lots Numbered Twenty -Five (25), Twenty -Six (26) and Twenty -Seven
<br />(27) as shown on the recorded Plat of Post Place now within and a part of the
<br />City of South Bend, together with the east 1/2 of the vacated Maplewood Avenue
<br />excepting therefrom a parcel of land 22 feet in width, East and West, taken off
<br />of the East end of said Lots heretofore conveyed to the Municipal City of South
<br />Bend for Street purposes, and also excepting the North 9 feet of Lot 25.
<br />be designated as an Economic Revitalization Area under the provisions of Indiana
<br />Code 6- 1.1- 12.1 -1, et seq.; and
<br />WHEREAS, the Redevelopment Commission has concluded an investigation and
<br />prepared a report with information sufficient for the Common Council to determine
<br />that the area qualifies as an Economic Revitalization Area under Indiana Code
<br />
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