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REGULAR MEETING
<br />NOVEMBER 18, 1985
<br />A public hearing was held on the resolutions at this time. Howard Bessire, Director
<br />of the Industrial Foundation, indicated Harrrison Management Company, will construct
<br />a 40,00 sq. ft. building, that will be leased to Container Service Corp., a
<br />manufacturer of corrugated shipping containers. He indicated 32 new jobs will be
<br />created. Council Member Zakrzewski made a motion to adopt Resolution No. 1371 -85,
<br />seconded by Council Member Puzzello. The resolution was adopted by a roll call vote
<br />of nine ayes. Council Member Zakrzewski made a motion to adopt Resolution No.
<br />1372 -85, seconded by Council Member Puzzello. The resolution was adopted by a roll
<br />call vote of nine ayes.
<br />RESOLUTION A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY
<br />KNOWN AS 1400 SOUTH MAIN STREET TO BE AN ECONOMIC
<br />REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX
<br />ABATEMENT (PODELL & CO.)
<br />Council Member Zakrzewski made a motion to continue public hearing on this bill
<br />until December 2, seconded by Council Member Puzzello. The motion carried.
<br />RESOLUTION NO. 1371 -85 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
<br />A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND,
<br />INDIANA AND S. J. ENTERPRISES PROVIDING FOR THE
<br />ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT
<br />REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA
<br />CODE, TITLE 36, ARTICLE 7, CHAPTER 12, AS AMENDED.
<br />The area still has insufficient employment opportunities and insufficient
<br />diversification of industries, which conditions are harmful to the economic
<br />stability and general welfare of the area and, if not remedied, will be detrimental
<br />to the development of such area.
<br />The City of South Bend, Indiana (the "City ") is authorized under the provisions
<br />of Indiana Code, Title 36, Article 7, Chapter 12, as amended (the "Act "), to
<br />acquire, construct and finance economic development projects for the users thereof
<br />and to provide for the issuance of revenue bonds in conjunction therewith.
<br />The City, in order to implement the public purposes enumerated in the Act and in
<br />furtherance thereof to induce S. J. Enterprises, an Indiana general partnership (the
<br />"Borrower ") to purchase, improve and equip real estate (hereinafter collectively
<br />called the "Project ") within the limits of South Bend, Indiana, has indicated it
<br />intent to issue its revenue bonds under and pursuant to the provisions of the A ct
<br />and to apply the proceeds therefrom to the payment of the costs of the Project.
<br />The Borrower, after considering a number of possible locations within and
<br />outside the State of Indiana, and in reliance upon the intent of the City to finance
<br />the Project through the issuance of revenue bonds under the provisions of the Act,
<br />has determined to construct a Project within the limits of South Bend, Indiana.
<br />It is now deemed advisable to authorize the execution and delivery by the City
<br />of a Memorandum of Intent expressing formally and in writing the understanding
<br />heretofore formally agreed upon by the City and the Borrower.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana as follows
<br />SECTION I. The Mayor is hereby authorized and directed to execute a Memorandum
<br />of Intent by and between the City and the Borrower and the City Clerk is hereby
<br />authorized and directed to affix the seal of the City thereto and to attest the
<br />same; and said Mayor and City Clerk are hereby authorized and directed to cause said
<br />Memorandum of Intent to be delivered to, accepted, and executed by the Borrower,
<br />said Memorandum of Intent, which is hereby approved and incorporated by reference
<br />and made a part of this authorizing resolution, to be in substantially the form
<br />attached hereto.
<br />SECTION 2. All resolutions and orders, or parts thereof, in conflict with the
<br />provisions of this resolution are, to the extent to such conflict, hereby repealed
<br />and this resolution shall be in immediate effect from and after its adoption.
<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 pubic hearing was held on the resolution at this time. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated the proceeds of this proposed
<br />bond will be used for the financing of the purchase of land and improvements and
<br />equipping of real estate at 1134 Lincolnway East and 1320 North Ironwood. He
<br />indicated the project will provide for approximately 12 new permanent jobs. Council
<br />Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member
<br />Puzzello. The resolution was adopted by a roll call vote of nine ayes.
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