12-02-85 Council Meeting Minutes

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REGULAR MEETING DECEMBER 2, 1985 EE 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law to authorize approximately One Million Dollars ($1,000,000.00) of its revenue bonds, which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. The Applicant and the City may proceed with the proposed project in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission and the City of South Bend, Indiana, their officers and agents, shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Beverlie J. Beck Member of the Common Council A public hearing was held on the resolution at this time. David Corwin, General Counsel for Allied indicated they propose to purchase and rehabilitate the South Bend facility of White Farm Equipment located at 701 South Chapin Street. He indicated approximately 100 new jobs will be created. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION N0. 1380 -85 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO APPLICATIONS BY SOUTH BEND ORTHOPEDIC ASSOCIATES, INC., AND TRIPODS PARTNERSHIP FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS. WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic development facilities within the corporate limits of the City pursuant to the provisions of Indiana Code 36 -7 -12 (the "Act "); and WHEREAS, South Bend Orthopedic Associates, Inc., and Indiana Corporation and /or Tripods Partnership, an Indiana partnership (hereinafter collectively referred to as "Applicant ") proposes to acquire and construct economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilties pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by Applicant for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of One Million Two Hundred Thousand and no /100 Dollars ($ #1,200,000.00) with the terms of repayment to be determined by the market rates at the time the bonds are sold and the proceeds of the bonds will be used to acquire real estate, construct improvements to real estate and acquire equipment to be used as a medical facility located on the South side of Lasalle immediately east of the St. Joseph River, in South Bend, Indiana, resulting in a minimum of three (3) full -time jobs at the facility following completion of the project with an annual payroll of approximately $60,000.00. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, resolves as follows: 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law to authorize approximately One Million Two Hundred Thousand Dollars ($1,200,000.00) of its revenue bonds, which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3. The Applicant and the City may proceed with the proposed project in reliance upon this resolution. 4. That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission and the City of South