07-23-79 Council Meeting Minutes

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REGULAR MEETING JULY 23, 1979 RESOLUTIONS RESOLUTION NO. 707 -79 AN INDUCEMENT RESOLUTION RELATING TO THE IRELAND /IRONWOOD ASSOCIATES PROJECT. WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South Bend, Indiana, created the South Bend Economic Development Commission, which Commission theretofore has in- vestigated, 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 and industrial diversification within the City of South Bend, Indiana; and in order to improve and promote job opportunities, commercial diversification and the general welfare of the area within the City of South Bend, Indiana, a financing agreement should be entered into with Ireland /Ironwood Associates or its assigns, relating to a project to be known as the "Ireland /Ironwood Associates Project "; and WHEREAS, Ireland /Ironwood Associates is an existing partnership established in the trade or business of owning land and erecting structures thereon and renting commercial and office property and desires to purchase a One point Four (1.4) acre parcel of land located on the Southwest corner of Ireland and Ironwood in the City of South Bend, Indiana, and desires to construct and erect thereon a One (1) story shopping center building in an "L" design of Forty -eight (48) feet wide, Two Hundred Thirty -five (235) feet long in a North /South direction and Forty (40) feet wide and Fifty (50) feet long in an East direction comprising approximately Fourteen Thousand (14,000) square feet for lease to shopping center tenants, which new structure shall be used by said tenants for commercial sales and office use which new facility is anticipat( to create Twnety -two (22) new jobs; and WHEREAS, to induce Ireland /Ironwood Associates, 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 the development of the Ireland /Ironwood 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 in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. Section 1. That approval is hereby given to the application of Ireland /Ironwood Associates, or its assigns, relating to the purchase of land and the construction and erection of such economic development facilities under an arrangement whereby the cost of such land, con- struction and erection would be paid from the proceeds of the Industrial Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding Seven Hundred Ten Thousand ($710,000.00) Dollars, repayable with interest thereon over a period of time and with a maturity date which does not exceed beyond Eighteen (18) years.after the issue date. Section 2. In order to encourage, induce and solicit such application by Ireland /Ironwood Associates for such Industrial Revenue Bond issue relating to the land purchase construction and erection of such economic development facilities, the South Bend Economic Development Com- mission on behalf of the City of South Bend, shall proceed to cooperate with and take such ac- tion as may be necessary in the approval of drafting of documents or the performing of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend to provide funds to be used in the land purchase construction and erection of such economic development facilities. Section 3. Any costs or expenses incurred in connection with said Ireland /Ironwood Associates Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. Section 4. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approved by the Mayor. /s /Roger 0. Parent Member of the Common Council A public hearing was held on the resolution at this time. Mr. Edward Hardig, attorney re- presenting Ireland /Ironwood Associates Project, indicated they propose to acquire land at the southwest corner of Ireland and Ironwood to erect a shopping center. He said twenty -two new jobs will be created. He indicated this inducement resolution would authorize them to proceed with the project. Council Member Kopczynski made a motion to adopt this resolution, seconded by Council Member Adams. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND. A PROPOSAL FOR A GENERAL RESOLUTION APPROVING THE FINDING OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WITH RESPECT TO THE ISSUANCE OF REVENUE BONDS IN AN AMOUNT NOT EXCEEDING ONE MILLION DOLLARS ($1,000,000.00) FOR FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES TO BE UNDERTAKEN BY EXPRESS FREIGHT LINES, INC., AND AUTHORIZING AND COMMITTING THE CITY TO PROCEED WITH SUCH PROJECT, SUBJECT TO FINAL ACTION BY THIS COUNCIL WITH RESPECT TO THE TERMS AND CONDITIONS OF SUCH FINANCING AND THE OBTAINING OF ALL APPROVALS AS MAY BE REQUIRED UNDER IC 18- 6 -4.5. Council Member Dombrowski made a motion to continue public hearing on this resolution until August 13, 1979, seconded by Council Member Miller. The motion carried.