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REGULAR MEETING AUGUST 13, 1979
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />WHEREAS, the South Bend Economic Development Commission on August 3, 1979, adopted a
<br />resolution giving its approval to such financing of the Project and recommending that the
<br />Common Council and the St. Joseph County Council also approve such financing, on the basis
<br />that the Project will cause additional employment opportunities in the City of South Bend and
<br />St. Joseph County, will comply with the purposes and provisions of the Act and will be of
<br />public benefit to the health, prosperity, economic stability and general welfare of the City
<br />of South Bend and St. Joseph County and their inhabitants; and
<br />WHEREAS, subject to the required approvals under the ACT, it appears that the financing
<br />of the Project will be of public benefit to the health, prosperity, economic stability and
<br />general welfare of the City of South Bend and St. Joseph County and their inhabitants and
<br />complies 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 />Section 1. The Common Council finds and determines that the construction of a truck
<br />terminal and related facilities of the Company in St. Joseph County, Indiana, by the acquisition
<br />installation and construction of the Project is desirable to better the health, prosperity,
<br />economic stability and general welfare of the City of South Bend and St. Joseph County and
<br />their inhabitants, and that it is in the public interest that the City take such action as it
<br />lawfully may to encourage the Company to construct the truck terminal and related facilities.
<br />Section 2. The Common Council further finds and determines that the issuance and sale of
<br />revenue bonds of the City under the Act, and the use of the net proceeds derived therefrom to
<br />finance the acquisition, installation and construction of the Project, will enable the Project
<br />to be constructed and will be of benefit to the health, prosperity, economic stability and
<br />general welfare of the City of South Bend and St. Joseph County and their citizens and will
<br />comply with the purposes and provisions of the Act.
<br />Section 3. In order to induce the Company to proceed with the acquisition, installation
<br />and construction of the Project, the Common Council hereby undertakes that:
<br />(i) It will authorize and issue one or more series of revenue bonds of the City
<br />pursuant to the Act, in an aggregate principal amount not exceeding One Million
<br />($1,000,000.00) Dollars, to finance the costs of the acquisition, installation
<br />and construction of the Project, including reimbursement or repayment to the
<br />Company of any moneys expended by.the Company for planning, engineering, interest
<br />during construction, underwriting and attorney and bond counsel fees, and will
<br />enter into a financing agreement to use the net proceeds of such bonds to acquire,
<br />install and construct the Project and lease or.sell the Project to the Company
<br />for specific rent or purchase price payments sufficient to pay the principal of,
<br />premium, if any, and interest on such bonds, on to lend such net proceeds to the
<br />company to enable it to acquire, install and construct the Project and repay the
<br />loan in installments sufficient to pay the principal.of, premium, if any, and
<br />interest on such bonds;
<br />(ii) It will adopt such ordinances and resolutions and authorize the execution
<br />and delivery of such instruments and the taking of such actions as may be neces-
<br />sary or advisable for the authorization, issuance and sale of such bonds; and
<br />(iii) It will take or cause to be taken such other actions as may be required
<br />to implement the aforesaid or as it may deem appropriate in pursuance thereof;
<br />provided that all of the foregoing shall be authorized by law and mutually
<br />acceptable to the City and the Company.
<br />Section 4. It is hereby recognized that the issuance and sale of revenue bonds by the City
<br />under the Act for the purposes set forth. herein shall be subject to the City's obtaining such
<br />approvals as may be required under the Act specifically including the consent of the St. Joseph
<br />County Council to the financing of the Project.
<br />Section 5. This resolution shall be in full force and effect immediately upon complaince
<br />with the procedures required by law.
<br />Section 6. This resolution shall be in full force and effect from and after its passage
<br />by the Common Council of the CIty of South Bend and approval by the Mayor.
<br />/s /Roger 0. Parent
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, attorney for the
<br />Economic Development Commission, indicated this was an inducement resolution. He asked that
<br />the resolution be amended on page l by changing the date of the resolution from July 23 to
<br />August 13, and on page 2 by changing the date of the Economic Development Commission meeting from
<br />July 20 to August 3. Council Member Horvath made a motion to amend the resolution, seconded by
<br />Council Member Dombrowski. The motion carried. He indicated that the land for this facility
<br />comprises ten acres located in the County. He said a 16,000 square foot facility will be built,
<br />and approximately ten new jobs created by this expansion. Council President Parent inquired
<br />about the ingress and egress problem. Mr. Fedder indicated that had been handled with the State,
<br />and the Curb Cut Committee of the County. Council Member Szymkowiak made a motion to adopt.this
<br />resolution, seconded by Council Member Kopczynski. The resolution was adopted by a roll call
<br />vote of eight ayes.
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