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REGULAR MEETING OCTOBER 14, 1974_
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />RESOLUTION NO. 444 -74 (CONTINUED)
<br />WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has
<br />created the South Bend Development Commission, hereinafter referred to as "Commission ",
<br />pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended,
<br />supplemented or added to, including but not limited to the amendments, supplements or
<br />additions of P.L. 182, IC -1973, 18- 6 -4.5, or any other amendments, supplements or
<br />additions thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, R. Lee Fagen, d /b /a Fagen Enterprises, has filed an application with
<br />the Commission to refinance the acquisition of real estate and the construction thereon
<br />of an industrial and commercial facility which will constitute economic development
<br />facilities resulting in a substantial number of new jobs as well as other benefits; and
<br />WHEREAS, the City of South Bend, Indiana, has previously issued a bond to finance
<br />a project pursuant to Ordinance No. 5543 -73 in the amount of $240,000.00 but said amount
<br />is not sufficient to complete the project, and it is necessary to issue an additional
<br />Economic Development Revenue Bond in the amount of $60,000.00 to complete the project.
<br />WHEREAS, in connection therewith the Commission has prepared and placed on file
<br />a report containing the subject matter as specified in Section 16, of P.L. 182, IC -1973,
<br />18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission
<br />and to the Superintendent of the School Corporation in the area of which the facilities
<br />will be located, and has received favorable reports from each of them; and
<br />WHEREAS, the commission held a public hearing on the proposed refinancing of such
<br />facilities on August 23, 1974, after giving the required notice as provided for in
<br />Section 16 of P.L. 182, IC -1973, 18- 6 -4.5; and
<br />WHEREAS, the Commission at such meeting by a duly adopted written resolution,
<br />incorporated herein by reference, found that the proposed refinancing complies with
<br />the purposes and provisions of the Act, and approved such refinancing, including, but
<br />not limited to, the forms and terms of the financing agreement consisting of the Lease
<br />Financing Agreement and Trust Indenture and the Bond; and
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that
<br />the proposed refinancing of such facilities for R. Lee Fagen, d /b /a Fagen Enterprises,
<br />will be of benefit to the health or welfare of the City of South Bend, Indiana, and
<br />that, accordingly, this resolution should be adopted.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, that:
<br />Section 1. Such refinancing for R. Lee Fagen, d /b /a Fagen Enterprises, under the
<br />Act be and the same is hereby approved.
<br />Section 2. This resolution shall be in full force and effect from and after its
<br />passage by the Common Council and approval by the Mayor.
<br />s/ Peter J. Nemeth
<br />Councilman
<br />A public hearing was held at this time on the resolution. Mr. Kenneth Fedder, Attorney for the
<br />South Bend Development Commission, explained that the previous issue for Fagen was passed
<br />favorably and a re -issue was needed to complete construction of the facility. He indicated that
<br />the necessary waivers have been received regarding annexation.
<br />Councilman Szymkowiak made a motion to adopt the resolution, seconded by Councilman Taylor. The
<br />resolution was adopted by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller,
<br />Parent, Taylor, Kopczynski, Horvath, Newburn and Nemeth).
<br />RESOLUTION NO. 445 -74 A RESOLUTION FINDING AND ADJUDGING
<br />THAT THE FINANCING OF FACILITIES FOR
<br />GATES REALTY, INCORPORATED, BY THE
<br />ISSUANCE BY THE CITY OF SOUTH BEND,
<br />INDIANA, OF ITS ECONOMIC DEVELOPMENT
<br />REVENUE BONDS PERTAINING TO SUCH
<br />FACILITIES FOR SUCH ENTITY WILL BE
<br />OF BENEFIT TO THE HEALTH OR WELFARE
<br />OF THIS MUNICIPALITY, AND APPROVING
<br />THE FINANCING THEREFOR.
<br />WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has
<br />created the South Bend Development Commission, hereinafter referred to as "Commission ",
<br />pursuant to the provisions of the Municipal Economic Development Act of 1965, as
<br />amended, supplemented or added to, including but not limited to the amendments,
<br />supplements or additions thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, Gates Realty, Incorporated, has filed an application with the Commission
<br />to finance the acquisition of real estate and the construction thereon of an industrial
<br />and commercial building (facilities) which will constitute economic development
<br />facilities resulting in a substantial number of new jobs as well as other benefits;
<br />and
<br />WHEREAS, in connection therewith the Commission has prepared and placed on file a
<br />report containing the.subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5
<br />and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the
<br />Superintendent of the School Corporation in the area of which the facilities will be
<br />located, and has timely received favorable reports from each of them; and
<br />WHEREAS, the Commission held a public hearing on the proposed financing of such
<br />facilities on , 1974, after giving the required notice as provided for
<br />in Section 17 of IC -1973, 18- 6 -4.5; and
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