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<br />REGULAR MEETING MAY 9, 1983
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as 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 />Four Million Five Hundred Thousand and no /100 ($4,500,000.00) of its revenue bonds,
<br />which bonds will not be general obligations of the City but will be payable solely
<br />from the limited sources authorized and permitted by the Act.
<br />2. The proposed finance 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. St. Joseph Station may proceed with acquisition and construction of the
<br />economic development facilities in reliance upon this resolution.
<br />4.' That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall
<br />be limited solely to the good faith efforts to consummate such proceedings and issue
<br />such bonds, and the South Bend Economic Development Commission and the City of South
<br />Bend, Indiana, their officers and agents, shall not incur any liability if for any
<br />reason the proposed issuance of such Bonds is not consummated.
<br />This inducement resoluton shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated this bond issue would be used to
<br />rehab existing facilities at LaSalle and Michigan. He indicated this was the old
<br />Bowl -Mor Building. Patrick McMahon, Director of Project Future, indicated they had
<br />been working with Controlled Data for over a year. He indicated they estimated 100
<br />jobs will result from this project. Council Member Szymkowiak made a motion to adopt
<br />this resolution, seconded by Council Member McGann. The resolution was adopted by a
<br />roll call vote of nine ayes.
<br />RESOLUTION NO. 1050 -83 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH
<br />BEND, INAI &, RELATING TO: MARTIN'S REALTY CO.,
<br />AN INDIANA PARTNERSHIP 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
<br />of economic development facilties in the corporate limits of the City pursuant to the
<br />provisions of Indiana code 18 -6 -4.5 (the "Act "); and
<br />WHEREAS, Martin's Realty Co., an Indiana partnership ( "Martin's Realty ") proposes
<br />to acquire economic development facilities in South Bend, Indiana as defined in the
<br />Act if.the City will finance costs of such economic development facilities pursuant
<br />to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by Martin's Realty for the issuance of City of South Bend Economic Development Bonds
<br />in the approximate principal amount of One Million Two Hundred Thousand and no /100
<br />Dollars ($1,200,000.00) with the terms of repayment to be determined by the market
<br />rates at the time the-bonds are sold land the proceeds of the bonds will be used to
<br />make certain improvements to real estate for the Martin's Realty shopping center
<br />located at the southwest corner of Elwood and Portage Avenues, South Bend, Indiana,
<br />resulting in the addition of approximately 30 new jobs by the principal users with an
<br />increase in their annual payrolls of approximately Three Hundred Thousand and no /100
<br />Dollars (4300,000.00).
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as 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 />One Million Two Hundred thousand and no /100 Dollars (41,200,000.00) of its revenue
<br />bonds, which bonds will not be general obligations of the City but will be payable
<br />solely,from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the act.
<br />3. Martin's Realty may proceed with acquisition and construction of the economic
<br />development facilities in reliance with this resolution.
<br />1
<br />LJ
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