04-14-80 Council Meeting Minutes

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REGULAR MEETING APRIL 14, 1980 REGULAR MEETING RECONVENED (CONTINUED) It is anticipated that the acquisition and installation of this machinery could create an additional two or three jobs in the company with an estimated payroll increase of approximately Thirty Thousand Dollars ($30,000.00) per year. It is contemplated that the South Bend Common Council will agree to a financing agreement acceptable to Masterbilt, Incorporated pursuant to which such acquisition and installation of the machinery would be acquired with Ecnomic Development facilities by virture of Economic Development Bonds to be issued by the City of South Bend, Indiana in an amount of Ninety Thousand Dollars ($90,000.00). WHEREAS, to induce Masterbilt, Incorporated to become the principal user of such economic development facilities, the South Bend Common Council desired to adopt this resolution; and WHEREAS, it is contemplated from the application relating to such Masterbilt, Incorporated Project submitted to the South Bend Economic Development Commission dated March 28, 1980, and from other investigation and information received by theSouth Bend Common Council that such Economic Development Facilities will increase job opportunities and diversification in St. Joseph County, Indiana, resulting in a benefit to the welfare of the City of South Bend, Indiana and St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED, that the South Bend Common Council approve the application of Masterbilt, Incorporated relating to the acquisition and installation of additional machinery and equipment at its place of operation in South Bend,. Indiana, wherein Industrial Revenue Bonds would -be issued by the City of South Bend, Indiana, concerning such Masterbilt, Incorporated Pro ject for an amount not exceeding Ninety Thousand Dollars ($90,000.00). IT IS FURTHER RESOLVED, that to induce the continuation of the operation of such economic development facilities in the City of South Bend, Indiana, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or performance of such other acts as will facilitate the issuance of Industrial Development Bond by the City of South Bend, Indiana to provide funds for the acquisition and installation of machinery for the additional improvement of such economic development facilities. BE IT FURTHER RESOLVED, that any costs or expenses incurred in connection with the said Masterbilt, Incorporated Project will be included in the development costs and reimbursed from the proceeds of the Industrial Development Bonds to be issued with respect thereto; and BE IT FURTHER RESOLVED, that the liability and obligation of the City of South Bend, Indian shall be limited solely to the good faith efforts to consummate such proceedings and issue such bonds, and the City of South Bend, Indiana, or its officers or agents, shall not incur any liability whatsoever if for any reason the proposed issuance of such bonds is not consummated. This Resolution shall be in full 'force and effect from and after its adoption by the Com- mon Council and approval by the-Mayor. /s /Walter M. Szymkowiak 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 bond issue would be used to purchase a piece of machinery. He said they had varified that it would create additional work and we have done similar issues like this for the purchase of solely machinery. Council Member Dombrowski made a motion to adopt this resolution, seconded by Council Member Szymkowiak. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 774 -80 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA, AND THE UNIVERSITY OF NOTRE DAME CREDIT UNION, A COOPERATIVE NON - PROFIT ASSOCIATION INCORPORATED UNDER INDIANA CODE 28 -7 -1, AS AMENDED, PROVIDING FOR THE ISSUANCE OF SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5 AS AMENDED. The area still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area. The City of South Bend, Indiana (the "City ") is authorized under the provisions of Indiana Code, Title 18, ARticle 6, Chapter 4.5, as amended (the "Act "), to acquire, construct and financ economic development projects for the users thereof and to provide for the issuance of revenue bonds in conjunction therewith. The City, in order to implement the public purposes enumerated in the Act and in furtheran thereof to induce the University of Notre Dame Credit Union, a cooperative, non - profit associa- tion incorporated under Indiana Code 28 -7 -1, as amended (the "Borrower ") to construct and equip an office building (hereinafter collectively called the "Project ") within the limits of St. Joseph County, Indiana, has indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of the costs of the Project. The Borrower, after considering a number of possible locations within and outside of the State of Indiana, and in reliance upon the intent of the City of finance the Project thorugh the issuance of revenue bonds under the provisions of the Act, has determined to construct the Project within the limits of St. Joseph County, Indiana. It is now deemed advisable to authorize the execution and delivery by the City of a Memoran of Intent expressing formally and in writing the understanding heretofore formally agreed upon by theCity and the Borrower.