02-12-79 Council Meeting Minutes

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REGULAR MEETING FEBRUARY 12, 1979 (I REGULAR MEETING RECONVENED (CONTINUED) II SECTION 2. In order to encourage, induce and solicit such application by Marriott Hotels of Washington, D. C., or its nominees, for such Industrial Development Bond issue relating to the acquisition and construction of such Economic Development Facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, Indiana, shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such Economic Development Facilities. SECTIO N Washington, ceeds of the 3. Any costs or expenses incurred D. C. Project shall be included in Industrial Development Bonds to be in connection with said Marriott Hotels of the project costs and reimbursed from the pro - issued with respect thereto. SECTION 4. This resolution shall be in full force and effect from and after its adoption by the Common Council and its approval by the Mayor. /s /Roger 0. Parent Member of the Common Council A public hearing was held on this resolution at this time. Mr. Kenneth Fedder, attorney for the Economic Development Commission, indicated that the Commission had passed an inducement resolu- tion relating to the Marriott Hotels Project. Mr. Warren McGill, attorney, indicated that this resolution, as well as the FBT Bancorp resolution, were inducement resolutions and at a later date an ordinance will be presented to the Council. He said they were asking for approval of a possible bond issue up to ten million and a term not extending beyond thirty years. Council Member Adams made a motion to amend the resolution by adding a new Section 4 to read "This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor," seconded by Council Member Dombrowski. The motion carried. Council Member Adams made a motion to adopt this resolution, as amended, seconded by Council Member Dombrowski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 679 -79 AN INDUCEMENT RESOLUTION RELATING TO THE FBT BANCORP, INC., PROJECT. WHEREAS, pursuant to the Indiana Code of 1971, Title 18, Chapter 6, Article 4.5, as amended; the Common Council of the City of South Bend, Indiana created the South Bend Economic Developmenl Commission, which such South Bend Economic Development Commission heretofore has investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial diversification within the City of South Bend, Indiana; and in order to improve and promote job opportunities and commercial diversification within the City of South Bend, Indiana, a financing agreement should be effected with FBT Bancorp, Inc., or its assigns, relating to a project to be known as the "FBT Bancorp., Inc. Project "; and WHEREAS, said FBT Bancorp, Inc. is the parent corporation of First Bank and Trust Company of South Bend and other subsidiary corporations, which said First Bank and Trust Company of Soutl Bend desires to expand its operations and employ a substantial number of additional employees and be the principal user for such purpose of a bank /office building consisting of not less than one hundred thirty -two thousand $132,000.00) of gross square feet area (hereinafter some- times referred to as "Economic Development Facilities ") to.be located on a part of the 2.75 acre block in the South Bend, Indiana Urban Renewal Area R -66 which is bounded by St. Joseph Street on the East, Colfax Street on the North, Washington Street on the South and Michigan Street on the West, which such land is involved in the UDAG Grant to the City of South Bend, Indiana, pursuant to Application No. B- AA- 78 -18- 0003; and WHEREAS, to induce FBT Bancorp, Inc., or its assigns, to become the principal user of such Economic Development Facilities, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that such FBT Bancorp, Inc. Project will increase job opportunities and commercial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the CIty of South Bend, Indiana, and St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. That approval is hereby given to the application of FBT Bancorp, Inc., or its assigns, relating to the acquisition and construction of such Economic Development Facilities under an arrangement whereby a portion of the costs of such acquisition and construction would be paid from the proceeds of Industrial Development Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding Nine Million Dollars ($9,000,000.00), repayable with interest thereon over a period of time and with a maturity date which does not extend beyond. thirty (30) years after the issue date. SECTION 2. In order to encourage, induce and solicit such application by FBT Bancorp, Inc., or its assigns, for such Industrial Development Bond issue relating to the acquisition and construction of such Economic tevelopment Facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, Indiana, shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Bonds by the City of South Bend; Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such Economic Development Facilities.