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REGULAR MEETING
<br />SEPTEMBER 9, 1985
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<br />WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real estate located
<br />on Niles Avenue, in South Bend, St. Joseph County, Indiana, and to acquire and
<br />rehabilitate buildings thereon, consisting of some 50,000 square feet; and,
<br />WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the principal
<br />user of such Economic Development Facilities, the South Bend Common Council desires
<br />to adopt this resolution; and,
<br />WHEREAS, it is apparent that the development of the East Race Housing Project
<br />will increase job opportunities and commercial diversification in St. Joseph County,
<br />Indiana, resulting in benefit to welfare of the public in the City of South Bend and
<br />St. Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows:
<br />SECTION 1. That approval is hereby given to the application of T. Brooks
<br />Brademas relating to the acquisition of such real estate and the rehabilitation of
<br />the buildings thereon, wherein Industrial Revenue Bonds would be issued by the City
<br />of South Bend, Indiana, for an amount not exceeding $2,500,000.00 repayable with
<br />interest thereon over a period of time and with a maturity date which does not
<br />extend beyond thirty (30) years after the issue date.
<br />SECTION 2. In order to encourage, induce and solicit such application by T.
<br />Brooks Brademas for such Industrial Revenue Bond issue relating to the acquisition
<br />and rehabilitation of such Economic Development Facilities, the South Bend Common
<br />Council shall proceed to cooperate with and take such action as may be necessary in
<br />the drafting of documents or the performance of such other acts as will facilitate
<br />the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to
<br />provide funds to be used toward the payment of the costs of acquiring such real
<br />estate and the rehabilitation of such Economic Development Facilities.
<br />SECTION 3. Any costs or expenses incurred in connection with the East Race
<br />Project shall be included in the project costs and reimbursed from the proceeds of
<br />the Industrial Revenue Bonds to be issued with respect thereto.
<br />SECTION 4. That the liability and obligation of the South Bend Common Council
<br />and the City of South Bend, Indiana, shall be limited solely to the good faith
<br />efforts to consummate such proceedings and issue such bonds, and neither the South
<br />Bend Common Council nor the City of South Bend, Indiana, or its officers or agents,
<br />shall incur any any liability whatsoever if for any reason the proposed issuance of
<br />such Bonds is not consummated.
<br />This resolution adopted by the South Bend Common Council of the City of South
<br />Bend, Indiana, this 9th day of September 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
<br />for the Economic Development Commission, indicated the petitioner was planning to
<br />develop a sixty room motel, restaurant and a marina in the East Bank target area.
<br />He indicated 137 new jobs will be created. Council Member Zakrzewski made a motion
<br />to adopt this resolution, seconded by Council Member Taylor. The resolution was
<br />adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1338 -85
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO: AUTOMATIC MOLDED PLASTICS, INC.,
<br />AND AQUARIUS PLASTIC FINISHERS, INC.
<br />WHEREAS, at the present time, there are insufficient employment opportunities
<br />and insufficient diversification of business, commerce and industry and insufficient
<br />tax base in the City of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and construction of economic development facilities, pursuant to the provisions of
<br />Indiana Code s36 -7 -12 (the "Act "); and
<br />WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc.
<br />desire to acquire certain economic development facilities in South Bend, Indiana,
<br />provided that the City will finance a portion of the costs of such facilities,
<br />pursuant to the Act, which facilities will constitute economic development
<br />facilities, as defined in the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc.
<br />for the issuance of City of South Bend Economic Development Revenue Bonds in the
<br />total amount of Three Million and No /100 Dollars ($3,000,000.00), with One Million
<br />Nine Hundred Forty -five Thousand and No /100 Dollars ($1,945,000.00), for Automatic
<br />Molded Plastics, Inc. and One Million Fifty -five Thousand and No /100 Dollars
<br />($1,055,000.00) for Aquarius Plastic Finishers, Inc., for the following economic
<br />Development facilities ( "Project "):
<br />A. Automatic Molded Plastics, Inc. will acquire:
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