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REGULAR MEETING SEPTEMBER 15, 1980
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows:
<br />1. The project constitutes economic development facilities which may be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act, and the City is
<br />willing upon compliance with all provisions of Indiana law to authorize the issuance of:,:_
<br />its revenue bonds in an amount of approximately $2,150,000, which bonds will not be
<br />general obligations of the City but will be payable solely from the limited sources
<br />authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City
<br />and.will comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with the acquisition and construction of the economic
<br />development facilities in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development Commission
<br />the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely
<br />to the good faith efforts to consummate such proceedings and issue such Bonds, and the
<br />South Bend Economic Development Commission, and the City of South Bend, Indiana, their
<br />officers or agents, shall not incur any liability if for any reason the proposed issuance
<br />of such bonds is not consummated.
<br />This inducement Resolution shall be in full force and effect from and after its adoption
<br />by the Common Council and approval by the Mayor.
<br />/s /Lewis A. McGann
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, attorney for
<br />the Economic Development Commission, indicated this was for an addition to the present
<br />premises and from twenty to twenty -five new people will be employed. Council Member
<br />Kopczynski made a motion to adopt this resolution, seconded by Council Member Szymkowiak.
<br />The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 817 -80 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
<br />A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND,
<br />INDIANA AND CLAEYS REALTY, AN INDIANA PARTNERSHIP, PRO-
<br />VIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC
<br />DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF
<br />INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5, AS AMENDED.
<br />The area still has insufficient employment opportunities and insufficient deiversifi-
<br />cation of industries, which conditions are...harmful to the economic stability and general
<br />welfare of the area, and if not remedied, will be deterimental to the development of such
<br />area.
<br />The City of South Bend, Indiana (the "City ") is authorized under the provisions of
<br />Indiana Code, Title 18, Article 6, Chapter 4.5, as amended (the "Act ") to acquire, con-
<br />struct and finance economic development projects for the users thereof and to provide for
<br />the issuance of revenue bonds in conjunction therewith.
<br />The City, in order to implement thepublic purposes enumerated in the Act and in
<br />furtherance thereto to induce Claeys Realty, an Indiana partnership (the "Borrower ") to add
<br />to to, increase facilities and build a structure at 525 South Taylor Street, South Bend,
<br />Indiana, hereinafter collectively called (the "Project ") within the limits of the City
<br />of South Bend, has indicated its intent to issue its revenue bonds under the pursuant to thi
<br />provisions of the Act and to apply the proceeds therefrom to the payment of the costs of
<br />the Project.
<br />The Borrower, after considering a number of possible locations within the outside of
<br />the State of Indiana, and in reliance upon the intent of the City of finance the Project
<br />through the Issuance of revenue bonds under the provisions of the Act, has determined to
<br />construct the Project within the limits of the City of South Bend, Indiana.
<br />It is now deemed advisable to authorize the execution and delivery by the City of a
<br />Memorandum of Intent expressing formally and in writing the understanding heretofore
<br />formally agreed upon by the City and Clayes Realty, an Indiana partnership, the Borrower.
<br />NOW, THEREFORE, be it resolved by the CommonCouncil of the City of South Bend, Indiana,
<br />as follows: !.
<br />SECTION I. The Mayor is hereby authorized and directed to execute a Memorandum of
<br />Intent by and between the City and Claeys Realty, an Indiana partnership, the Borrower,
<br />and the City Clerk is hereby authorized and directed to affix the seal of the City thereto
<br />and to attest the same; and said Mayor and City Clerk are hereby authorized and directed
<br />to cause said Memorandum of Intent to be delivered to, acceped, and executed by Claeys
<br />Realty, an Indiana partnership, said Memorandum of Intent, which is hereby approved and
<br />incorporated by reference and made a part of this authorizing resolution, to be in sub-
<br />stantially the form attached hereto.
<br />SECTION 2. All resolutions and orders, or parts thereof, in conflict with the pro-
<br />visions of this resolution are, to the extent of such conflicts, hereby repealed and this
<br />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 adop-
<br />tion by the Common Council and approval by the Mayor.
<br />/s /Lewis A. McGann
<br />Member of the Common Council
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