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REGULAR MEETING OCTOBER 27, 1980
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />A public hearing was held on the resolution at this time. Mr. Richard Mintz, attorney
<br />for the petitioners, indicated this abatement was being sought for the same building
<br />considered in the previous resolution. He indicated this building has been vacant for
<br />a while and was severely deteriorated. He said there will be approximately $90,000
<br />worth of improvements made on the building. Council Member Szymkowiak made a motion to
<br />adopt this resolution, seconded by Council Member Voorde. The resolution was adopted by
<br />a roll call vote of eight ayes and one nay (Council Member Crone.)
<br />RESOLUTION NO. 831 -80 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO UNIVERSAL COMPANIES, INC., PROJECT.
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition and
<br />construction of economic development facilities in St. Joseph County pursuant to the
<br />provisions of Indiana Code 18 -6 -4.5 (the "act "); and
<br />WHEREAS, Universal Companies, Inc., a Michigan corporation ( "Universal ") proposes
<br />to acquire and construct economic development facilities in St. Joseph County as defined
<br />in the Act if the City will finance costs of such economic development facilities pur-
<br />suant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by Universal for the issuance of City of South Bend Economic Development Bonds in an
<br />amount not to exceed Three Hundred Fifty Thousand and no /100 Dollars ($350,000.00) re-
<br />payable with interest thereon to be calculated quarterly at an interest rate of seventy -
<br />five percent (75 %) of local prime rate over a period not to exceed fifteen (15) years in
<br />order to purchase equipment and construct a manufacturing building to be leased to
<br />Universal Forest Products, Inc., a Michigan corporation, for lumber treating and pro-
<br />cessing resulting in an increase of approximately ten (10) to fifteen (15) additional
<br />employees by the principal user with an increased annual payroll of between Eighty -five
<br />Thousand Dollars (85,000.00) to One Hundred Twenety Thousand Dollars ($120,000.00) per
<br />year.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as
<br />follows:
<br />1. The project constitutes economic development facilities which shall 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 approximately
<br />Thuree Hundred Fifty Thousand and no /100 dollars ($350,000.00) of its.revenue bonds,
<br />which bonds will not be general oglibations of the City but will be payable solely from
<br />the limited sources 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. Universal may proceed with acquisition and construction of the economic develop-
<br />ment facilities in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development Com-
<br />mission, the South Bend Common Council, the City of South Bend, Indiana, the St. Joseph
<br />County Council and St. Joseph County shall be limited solely to the good faith efforts
<br />to consummate such proceedings and issue such Bonds, and the South Bend Economic Develop-
<br />ment Commission, the City of South Bend, Indiana and St. Joseph County, their officers
<br />or agents, shall not incur any liability if for any reason the proposed issuance of such
<br />Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and afters its
<br />adoption 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. Richard Morgan, attorney
<br />for the petitioner, indicated this resolution was to appy for revenue bonds not to exceed
<br />$350,000, for the construction of two new buildings at their present location in Granger.
<br />Council Member Kopczynski made a motion to adopt this resolution, seconded by Council
<br />Member Dombrowski. The resolution was adopted by a roll call vote of nine ayes.
<br />BILLS, FIRST READING
<br />BILL NO. 128 -80
<br />A BILL APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND
<br />USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT
<br />REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND AP-
<br />PROVING RESOLUTION NO. 27 -80 OF THE SOUTH BEND ECONOMIC DEVELOP-
<br />MENT COMMISSION RELATING TO THE NILES AVENUE PARTNERSHIP PROJECT.
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<br />This bill had first reading. Council Member Beck made a motion to set this bill for public
<br />hearing and second reading November 10, seconded by Council Member Taylor. The motion
<br />carried.
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