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REGULAR MEETING SEPTEMBER 25, 1972
<br />RESOLUTION NO. 331 -72 (CONTINUED)
<br />THEREFORE, be it resolved that the South Bend City Common Council authorize the Economic Develop-
<br />ment Commission of the City of South Bend to proceed to make preliminary agreements with the
<br />proposed lessee, the First Bank and Trust Company of South Bend as Trustee for Land Trust #29 -512
<br />in the nature of a conditional commitment to enter into a lease with the First Bank & Trust
<br />Company of South Bend as Trustee for Land Trust #29 -5121, and
<br />THEREFORE, be it resolved that the Economic Development Commission of the City of South Bend
<br />shall, as soon as the new lease form is properly prepared, submit the same to the Clerk of the
<br />City of South Bend to be prepared by a member of the Common Council as a proposed ordinance for
<br />the acceptance of same and issuance of revenue bonds to cover the amount of money needed.
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<br />/s/ Peter J. Nemeth
<br />President, South Be
<br />common counc
<br />ID
<br />A RESOLUTION SETTING FORTH THE NEED FOR ECONOMIC DEVELOPMENT
<br />RESOLUTION NO. 14 -72
<br />WHEREAS: The City of South Bend is still experiencing a high unemployment situation,
<br />and
<br />WHEREAS: By virtue of the need for additional industrial and economic development,
<br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Commission that because of
<br />insufficient employment opportunities and insufficient diversification of
<br />industry, the economic welfare of the city would be benefited by approving
<br />the application of Land Trust No. 29 -5121, the owner of said land trust
<br />being A.G.A. Realty Company, for the acquisition and construction of a
<br />building in the Downtown Urban Renewal Project, South Bend, Indiana.
<br />THIS RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT COMMISSION OF THE CIVIL CITY OF
<br />SOUTH BEND, INDIANA, THIS 1ST DAY OF SEPTEMBER, 1972.
<br />/s/ President, Karl G. King, Jr.
<br />/s/ Vice President, Fred Craven
<br />/s/ Secretary, Walter Mucha
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<br />REPORT OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION MAKING CERTAIN ESTIMATES
<br />Pursuant to the Municipal Economic Development Act of 1965, as amended, the City
<br />of South Bend Economic Development Commission is required to make certain estimates in
<br />regard to the proposed acquisition of an industrial project by the city of South Bend
<br />which is to be leased to Land Trust No. 29 -5121, the owner of said land trust being
<br />A.G.A. Realty Company of South Bend an Indiana Partnership. The estimates are as
<br />follows:
<br />(1) The number of public services or facilities, including streets, sidewalks,
<br />schools, sewers, street lights, fire and police protection which would be made
<br />additionally necessary or desirable on account of the proposed acquisition are none
<br />and the expenses therefore are none.
<br />(2) The total project cost of the proposed facilities, including all necessary
<br />financial costs, will be in the amount of $1.6 million and not to exceed $2.2 million.
<br />The actual dollar amount is unascertainable at this moment, pending conclusion of
<br />negotiations with potential lessess.
<br />(3) The number of jobs to be created by the proposed acquisition; construction
<br />and leasing thereof will be approximately 50, ranging upwards to a possible high of
<br />75, and the estimated annual payroll will be from $250,000 to $375,000.
<br />The completion of the JMS Building and the addition of the new section on the
<br />land recently bid and purchased from the Redevelopment Commission will all be in
<br />complaince with R -66, the plan for the redevelopment of South Bend, and we are sure
<br />that this will be a handsome addition to the city and provide a welcome increase in
<br />the tax base.
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<br />Mr. Frank Miles, President
<br />Area Plan Commission
<br />County -City Building
<br />South Bend, Indiana 46601
<br />Dear Mr. Miles:
<br />September 8, 1972
<br />Pursuant to the Municipal Economic Development Act of 1965, as amended, I am
<br />enclosing a copy of the report of the City of South Bend's Economic Development Com-
<br />mission making certain estimates pertaining to the application-,6f A.GA. Realty - Company
<br />of South Bend an Indiana Partnership.
<br />I would appreciate your immediate attention and indication of your approval.
<br />Sincerely,
<br />Karl G. King, Jr., President
<br />Economic Development Commission
<br />KGK:ks
<br />Enc.
<br />cc: Jerry J. Miller, Mayor, City of South Bend
<br />Peter J. Nemeth, President, South Bend City Council
<br />Kenneth Fedder, Economic Development Commission Attorney
<br />Mr. Allen Schrager, A.G.A. Realty Company
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