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REGULAR MEETING
<br />FEBRUARY_ =2.4-,- 19-86--
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kathleen
<br />Cekanski - Farrand, Council attorney, indicated this resolution would confirm the
<br />adoption of the declaratory resolution where the Council redesignated areas from UDA
<br />to ERA designations on February 3. She indicated that a total of 36 petitions fall
<br />into this category. Council Member Zakrzewski made a motion to adopt this
<br />resolution, seconded by Council Member Taylor. The resolution was adopted by a roll
<br />call vote of nine ayes.
<br />RESOLUTION NO. 1403 -86
<br />AN INDUCEMENT RESOLUTION RELATING TO THE COLE
<br />ASSOCIATES INC. PROJECT II
<br />WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South
<br />Bend, Indiana, created the South Bend Economci Development Commission, which
<br />Commission, following an investigation and survey, has determined that a need exists
<br />in the community for additional job opportunities and commercial and industrial
<br />diversification. That in order to improve and promote job opportunities, commercial
<br />diversification, and the general welfare of the community, a financing agreement
<br />should be entered into with Cole Associates Inc., relating to a project to be known
<br />as the "Cole Associates Inc. Project II"; and
<br />WHEREAS, Cole Associates Inc. proposes to construct and equip an addition to,
<br />and remodel its existing office facility at 2211 East Jefferson Blvd., South Bend,
<br />Indiana 46615; and
<br />WHEREAS, to induce Cole Associates Inc., to become the principal user of such
<br />Eonomic Development Facilities, the South Bend Common Council desires to adopt this
<br />resolution; and,
<br />WHEREAS, it is apparent that the development of the Cole Associates Inc. Project
<br />II will increase job opportunities and commercial diversification in St. Joseph
<br />County, Indiana, resulting in benefit to the welfare of the public in the City of
<br />South Bend and in St. Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council as follows:
<br />SECTION 1. That approval is hereby given to the application of Cole Associates
<br />Inc. relating to the construction and equipping of an addition to, and the
<br />remodeling of its existing office facilities, wherein Economic Development Revenue
<br />Bonds would be issued by the City of South Bend, Indiana, for an amount not
<br />exceeding $1,500,000.00 repayable with interest thereon over a period of time with a
<br />maturity date which does not exceed beyond thirty (30) years after the issue date.
<br />SECTION 2. In order to encourage, induce and solicit such application by Cole
<br />Associates Inc. for such Economic Development Revenue Bond issue relating to the
<br />construction, equipping and remodeling of such Economic Development Facilities, the
<br />South Bend Common Council shall proceed to cooperate with and take such action as
<br />may be necessary in the drafting of documents or the performance of such other acts
<br />as will facilitate the issuance of such Economic Development Revenue Bonds by the
<br />City of South Bend, Indiana, to provide funds to be used toward the Cole Associates
<br />Inc. Project II.
<br />SECTION 3. Any costs or expenses incurred in connection with the Cole
<br />Associates Inc. Project II shall be included in the project costs and reimbursed
<br />from the proceeds of the Economic Development Revenue Bonds to be issued with
<br />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 liability whatsoever if for any reason the proposed issuance of such
<br />Bonds i not consummated.
<br />This resolution adopted by the South Bend Common Council of the City of South
<br />Bend, Indiana, this 24th day of February, 1986.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Michael Murphy, attorney,
<br />indicated the Cole Associates planned to construct a 13,000 square foot addition to
<br />its current facilities. He indicated it is anticpated 45 new jobs will be created.
<br />Council Member Zakrzewski made a mtoion to adopt this resolution, seconded by
<br />Council Member Barcome. The resolution was adopted by a roll call vote of nine
<br />ayes.
<br />BILLS, SECOND READING
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