12-17-79 Council Meeting Minutes

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REGULAR MEETING DECEMBER 17, 1979 REGULAR MEETING RECONVENED (CONTINUED) WHEREAS, the South Bend Economic Development Commission has rendered a Report of the South Bend Economic Development Commission concerning the proposed financing of the increased costs of certain economic development facilities for Express Freight Lines, Inc., and the executive director of the Area Plan Commission of St. Joseph County has been given an op- portunity to comment thereon; WHEREAS, the South Bend Economic Development Commission on December 7, 1979, adopted a resolution giving its approval to such financing of the increased costs of the Project and recommending that the Common Council and the St. Joseph County Council also approve such financing, on the basis that the Project will cause additional employment opportunities in the City ofSouth Bend and St. Joseph County, will comply with the purposes and provisions of the Act and will be of public benefit to the health, prosperity, economic stability and general welfare of the City of South Bend and St. Joseph County and their inhabitants; and WHEREAS, subject to the required approvals under the Act, it appears that the financing of the increased costs of the Project will be of public benefit to the health, prosperity, economic stability and general welfare of the City of South Bend and St. Joseph County and their inhabitants and complies with the purposes and provisions of the Act: NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana: Section 1. The Common Council finds and determines that the construction of a truck terminal and related facilities of the Company in St. Joseph County, Indiana, by the acquisi- tion, installation and construction of the Project is desirable to better the health, pros- perity, economic stability and general welfare of the City of South Bend and St. Joseph County and their inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage the Company to construct the truck terminal and realted facilitif Section 2. The Common Council further finds and determines that the issuance and sale of revenue bonds of the City under the Act, and the use of net. proceeds derived therefrom to finance the increased costs of the acquisition, installation and construction of the Project (which increased costs have not yet been paid or incurred) will enable the Project to be con- structed and will be of benefit to the health, prosperity, economic stability and general wel- fare of the City of South Bend and St. Joseph County and their citizens and will comply with the purposes and provisions of the Act. Section 3. In order to induce the Company to proceed with the acquisition, installation and construction of the Project, the Common Council hereby undertakes that: (i) it will authorize the issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Five Hundred Thousand Dollars ($500,000), to finance the increased costs of the acquisition, installation and construction of the Project, including reimbursement or repayment to the Company of any moneys expended by the Company for planning, engineering, interest during construction, underwriting and at- torney and bond counsel fees, and will enter into a financing agreement to lend such net proceeds to the Company to enable it to pay the increased costs of the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinance and resolutions and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of such bonds; and (iii) It will take or cause to be taken such other actions as may be required to implement the aforesaid or as it may deem appropriate in pursuance thereof, provided that all of the fore- going shall be authorized by law and mutaully acceptable to the City and the Company. Section 4. It is hereby recognized that the issuance and sale of revenue bonds by the City under the Act for the purposes set forth herein shall be subject to the City's obtaining such approvals as may be required under the Act specifically including the consent of the St. Joseph County Council to the financing of the increased costs of the Project. Section 5. This resolution shall be in full force and effect from and afters its adoption by the Common Council and approval by the Mayor. /s /Mary Christine Adams Member of the Common Council A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, attorney for the Economic Development Commission, indicated this was a supplemental bond issue in the amount of $500,000 for financing the increased costs of construction and installation of equipment. Council Member Szymkowiak made a motion to adopt this resolution, seconded by Council Member Dombrowski. The resolution was adopted by a roll call vote of nine ayes. Council Member Adams asked that public hearing be held on the next two resolutions at this time. RESOLUTION NO. 744 -79 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE EXPENDITURE OF $11,816.00 BY THE DIVISION OF COMMUNITY DEVELOPMENT FOR THE PURCHASE OF AN URBAN STATISTICAL INFORMATION PACKAGE.