|
E4,
<br />REGULAR MEETING JANUARY 26, 1981
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />A public hearing was held on the resolution at this time. Joseph Kernan, City Controller,
<br />indicated this resolution gives the Council's approval for any idle funds held by the City
<br />of South Bend to be invested at the Controller's discretion He indicated this resolution
<br />was required by State Statute.on.an..ainniial..bdsis. Council Member Szymkowiak made a motion
<br />to adopt this resolution, seconded by Council Member Taylor. Council Member Crone asked
<br />for a quarterly report on these funds. The resolution was adopted by a roll vote of nine
<br />ayes.
<br />RESOLUTION NO. 854 -81
<br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
<br />MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA
<br />AND COLUMBIA PLACE ASSOCIATES, AN INDIANA LIMITED PARTNERSHIP,
<br />PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC
<br />DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA
<br />CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5, AS AMENDED.
<br />The area still has insufficient employment opportunities and insufficient diversifica -__
<br />tion of industries, which conditions are harmful to the economic stability and general
<br />welfare of the area and, if not remedied, will be detrimental 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 the public purposes enumerated in the Act and in
<br />furtherance thereof to induce Columbia Place Associates, and Indiana limited partnership
<br />(the ':'Borrower ") to purchase land and construct and equip an office building (hereinafter
<br />collectively called the "Project ") within the limits of the City of South Bend, Indiana,
<br />has indicated its intent to issue its revenue bonds under and pursuant to the provisions
<br />of the Act 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 outside
<br />the State of Indiana, and in reliance upon the intent of the City to finance the Project
<br />through the issuance of revenue bonds under the provisions of the Act, has determined to
<br />construct and 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 the Borrower.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indian
<br />as follows:
<br />SECTION 1. The Mayor is hereby authorized and directed to execute a Memorandum of
<br />Intent by and between the City and the Borrower and the CIty Clerk is hereby authorized and
<br />directed to affix the seal of the City thereto and to attest the same; and said Mayor and
<br />City Clerk are hereby authorized and directed to cause said Memorandum of Intent, which is
<br />hereby approved and incorporated by reference and made a part of this authorizing resolutio
<br />to be in substantially 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 conflict, 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
<br />adoption by the Common Council and approved by the Mayor.
<br />/s /Joseph T. Serge
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kevin Butler, attorney for
<br />Columbia Place Associates, indicated they were planning to build an office building in
<br />Block 6, consisting of 29,000 square feet. Council Member Szymkowiak made a motion to
<br />adopt this resolution, seconded by Council Member Dombrowski. The resolution was adopted
<br />by a roll call vote of nine ayes.
<br />BILLS, FIRST READING
<br />BILL NO. 6 -81
<br />A BILL APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST
<br />INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
<br />AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION
<br />NO. 32 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION
<br />RELATING TO THE R &C REALTY, AN INDIANA PARTNERSHIP, PROJECT.
<br />This bill had first reading. Council Member Serge made a motion to set this bill for public
<br />hearing and second reading February 9, seconded by Council Member Taylor. The motion car-
<br />ried.
<br />BILL NO. 7 -81
<br />A BILL APPROPRIATING $56,000.00 FROM THE ZOO ENDOWMENT FUND,
<br />FOR THE CONSTRUCTION OF THE EDUCATIONAL SERVICES WILDLIFE
<br />BUILDING AT POTAWATOMI PARK ZOO TO BE ADMINISTERED BY THE
<br />DEPARTMENT OF PUBLIC PARKS.
<br />This bill had first reading. Council Member Taylor made a motion to set this bill for
<br />public hearing and second reading February 9, seconded by Council Member Dombrowski. The
<br />motion carried.
<br />
|