08-24-81 Council Meeting Minutes

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REGULAR MEETING AUGUST 24 1981 2. The Common Council of the CIty of South Bend, Indiana, hereby finds, deter- mines, ratifies and confirms that the issuance and sale of Economic Development Reve- nue Bonds in an amount of Two Hundred fifty Thousand Dollars ($250,000.00) under the Act for the construction and installation of the economic development facilities constituting the Schafer Gear Works, Inc. Project will serve the public purpose in accordance with the Act. 3. In order to induce the Applicant and the Commission to proceed with the construction and installation of such economic development facilities, the Common Council of the City of South Bend, Indiana, hereby finds, determines, ratifies and confirms that: (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing or which may be deemed appropriate with respect thereto, in order that Economic Development Revenue Bonds may be issued in accordance with the terms mutually acceptable to the Issuer and the Application; (ii) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments (including but not limited to an Indenture of Trust, Loan Agreement, bonds, and related instruments) and the taking of such action as may be necessary or advisable for the construction, issuance and sale of such Economic Development Revenue Bonds. 4. All costs of the Schafer Gear Works, Inc. Project incurred after the passage of this Inducement Resolution, including reimbursement or prepayment to the Applicant of monies heretofore expended with respect to attorney and bond counsel fees as well as all expenses of the sale of Economic Development Revenue Bonds and the construc- tion and installation of all property constituting a part of such economic develop- ment facilities, shall be payable out of the proceeds of any such financing either to the Applicant or to others for such purposes. 5. The liability and obligation of the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such Schafer Gear Works, Inc. Project and the issuance of such bonds, and that neither the City of South Bend, Indiana, nor its officers or agents shall incur any personal liability by virtue of the issuance of any such Economic Develpment Revenue Bonds or the undertaking of such Schafer Gear Works, Inc. Project. This inducement resoluton shall be in full force and effect from and after its adop- tion by the Common Council and approval by the Mayor. /s /Lewis A. McGann Member of the Common Council A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for the Economic Development Commission, indicated this proposed $250,000 bond issued would be used for expansion of their present facilities. He indicated that 31 new jobs will be created. Council Member Serge made a motion to adopt this resolution, seconded by Council Member Dombrowski. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 907 -81 A RESOLUTION CONSENTING TO ANNEXATION OF TERRITORY BY THE TOWN OF ROSELAND. WHEREAS, the Town of Roseland has acquired from the Indiana Toll Road Commission for use as a park a tract of land comprising approximately 9.5 acres lying south of the Town of Roseland and within the area of the interchange of the Toll Road and old U.S. 31 North, and which territory is presently outside the boundaries of the town and is within three (3) miles of the boundaries of the City of South Bend, which territory is more particularly described as follows,to wit: Part of the West Half (1/2) of the Southwest Quarter (SW 1/4) of Section Twenty - five (25), and a part of the East Half (1/2) of the Southeast Quarter (SE 1/4) of Section Twenty -six (26), Township Thirty -eight (38) North, Range Two (2) East, bounded and described as follows: Beginning on the west line of Section twenty -five (25) at a point twenty -nine and nine hundred seventy -five thou- sandths (29.975) chains northerly measured on said west line, from the southwest corner of said section twenty -five (25); thence Easterly on the north line of the grantor's property ten and ten hundredths (10.10) chains to the west line of the right -of -way of the Michigan Central Railroad; thence Southerly on the west line of said railroad right -of -way about one thousand fifty (1050) feet to the northeasterly right -of -way line of the interchange connector for the Indiana East -West Toll Road; thence North forty -one (41) degrees fifty -five (55) minutes twenty -nine (29) seconds West one hundred sevety -nine (179) feet; thence North thirty -six (36) degrees fifteen (15) minutes twenty -three (23) seconds West two hundred and twenty -five hundredths (200.25) feet; thence North forty -one (41) degrees forty -eight (48) minutes fifty -four (54) seconds West two hundred four and eighty -five hundredths (204.85) feet; thence North thirty -three (33) degrees twenty -three (23) minutes thirty -eight (39) seconds West three hundred fifty and no hundredths (350.00) feet; thence North thirty -one (31) degrees thirty -nine (39) minutes twenty -four (24) seconds West one hundred forty -three and sixty - seven hundredths (143.67) feet; thence North twenty (20) degrees thirty -four (34) minutes twenty -four (24) seconds West about one hundred eighty -two (1982) feet of a point which is West of the point of beginning; thence East about thirty- siven (37) feet to the point of beginning, containing nine and five tenths (9.5) acres, more less.