REGULAR MEETING APRIL 27, 1976
<br />RESOLUTIONS (CONTINUED)
<br />Council Member Dombrowski made a motion this resolution be adopted, seconded by Council Member
<br />Taylor. The resolution was adopted by a roll call vote of nine ayes (Council Members Serge,
<br />Szymkowiak, Miller, Taylor, Kopczynski, Adams, Dombrowski, Horvath and Parent).
<br />RESOLUTION NO. 519 -76 A RESOLUTION OF THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND, INDIANA, CONCERNING
<br />THE ACQUISITION, CONSTRUCTIONS AND LEASING
<br />OF AN ECONOMIC DEVELOPMENT FACILITY TO
<br />MC CORMICK AND COMPANY, INCORPORATED.
<br />WHEREAS, the City of South -Bend, Indiana (the "City ") , is authorized by IC, 18 -6 -4.5
<br />(the "Act ") to issue revenue bonds for the financing of economic development facilities, the
<br />funds from said financing to be used for the acquisition, construction and equipping of said
<br />facilities, and said facilities to be leased to other persons; and
<br />WHEREAS, McCormick & Company, Incorporated ( "McCormick ") has advised the City that it
<br />proposes that the City acquire, construct and equip an economic- development facility and.-l- ease,1.
<br />the same to _McCormick, as lessee, said economic development facility to be a food processing
<br />facility consisting of approximately 50,000 square feet and certain equipment and machinery
<br />incidental to the processing and storage of the products, all located on a tract of approximately
<br />8.44 acres in the Airport Industrial Park, South Bend, Indiana; and
<br />WHEREAS, McCormick has further advised the City that a determination by the City-to issue
<br />its revenue bonds under the Act to finance the acquisition, construction and equipping of the
<br />Project under contractual arrangements whereby the City would lease the Project to McCormick and
<br />McCormick would make rental payments sufficient to pay the principal of, premium, if any, and
<br />interest on such bonds, will constitute a substantial inducement to McCormick to proceed with
<br />negotiations for the acquisition of the land and construction of the building improvements and
<br />McCormick has agreed to pay or reimburse the costs of the City whether or not such bonds are
<br />issued; and
<br />WHEREAS, the diversification of economic development, increase in job opportunities and
<br />increase in tax base to be achieved by the acquisition, construction and equipping of the Project
<br />will be of public benefit to the health, safety and general welfare of the City and its inhabitan
<br />and
<br />WHEREAS, subject to all required approvals under the Act and the advice of the South Bend
<br />Economic Development Commission, it would appear that the financing of the Project will comply
<br />with the purposes and provisions of the Act;
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana:
<br />1. The Common Council finds and determines that the promotion of diversification of
<br />economic development and job opportunitities and increasing the tax base, in South Bend, Indiana,
<br />is desirable to preserve the health, safety and general welfare of the inhabitants of the City
<br />of South Bend; and that it is in the public interest that the City take such action as it law-
<br />fully may to encourage diversification of economic development and promotion of job, opportunities
<br />in the City.
<br />2. The Common Council further finds andd-2�termines that the issuance and sale of revenue
<br />bonds of the City under the Act in an amount not to exceed $3,800,000.00 for the acquisition
<br />construction and equipping of the Project and the leasing of the Project to McCormick will serve
<br />the public purposes referred to above, in accordance with the Act.
<br />3. In order to induce McCormick to proceed with negotiations for the acquisition, constructic
<br />and equipping of the Project, the Common Council hereby determines that (i) it will take or cause
<br />to be taken such actions pursuant to the Act as may be required to implement the aforesaid financ-
<br />ing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall
<br />be as authorized by law and is mutually acceptable to the City and McCormick; (ii) it will adopt
<br />such ordinances and resolutions and authorize the execution and delivery of such instruments and
<br />the taking of such action as may be necessary and advisable for the authorization, issuance and
<br />sale of said economic development bonds, subject to the City obtaining all approvals as may be
<br />required under the Act, including the advice of the South Bend Economic Development Commission.
<br />4. All costs of the.Project incurred after this resolution, including reimbursement or re-
<br />payment to McCormick of moneys expended by McCormick for planning, engineering, interest paid
<br />during construction,.underwriting expenses, attorney and bond consel fees, acquisition, constructs(
<br />and equipping of the Project will be permitted to be included as part of the bond issue to finance
<br />said Project, and the City will thereafter lease the same to McCormick.
<br />5. This resolution shall be in full force and effect from and after its passed and signing
<br />by the Mayor.
<br />/s/
<br />c
<br />Christine Adams
<br />A public hearing was held at this time on the resolution. Mr. Peter Mullen, City Controller, said
<br />this resolution was an inducement for McCormick and Company to acquire and construct a facility in
<br />South Bend. He said that McCormick was one of the largest food processing companies in the United
<br />States. He said they will occupy 8.44 acres of land with food processing and storage facilities.
<br />He said the estimated cost was $3,800,000. He said that the Economic Development Commission
<br />passed an inducement resolution on April 16. Council Member�Szymkowiak made a motion this resoluti
<br />be adopted, seconded by Council Member Dombrowski. The resolution was adopted by a roll call vote
<br />of nine ayes (Council Members Serge, Szymkowiak, Miller, Taylor, Kopczynski, Adams, Dombrowski,
<br />Horvath and Parent).
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