01-22-73 Council Meeting Minutes

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REGULAR MEETING JANUARY 22, 1973 RESOLUTIONS RESOLUTION NO. 346 -73 A RESOLUTION AUTHORIZING THE ELECTION BY THE CITY OF SOUTH BEND, INDIANA, OF THE $5,000,000 OR LESS EXEMPTION PROVIDED IN INTERNAL REVENUE CODE SECTION 103(c)(6)(D) WITH RESPECT TO AN ISSUE OF ECONOMIC DEVELOPMENT REVENUE BONDS RELATING TO THE PROJECT FOR FIRST BANK AND TRUST COMPANY, AS TRUSTEE FOR LAND TRUST NO. 29 -5121. WHEREAS, it is beneficial and essential that the City of South Bend, Indiana, elect under Section 103(c)(6)(D) of the Internal Revenue Code of the United States of America, as amended, and applicable regulations thereunder, to have the issue of Economic Development Revenue Bonds relating to the project for First Bank and Trust Company of South Bend as Trustee for Land Trust No. 29 -5121 enjoy the exemption provided therein. NOW, THEREFORE, be it hereby resolved by the Common Council of the City of South Bend, Indiana, that the City of South Bend hereby elects pursuant to Section 103(c)(6)(D) of the Internal Revenue Code of the United States of America, as amended, and applicable regulations issued or promulgated thereunder or in connection therewith, to have the provisions thereof as to the $5,000,000 or less exemption apply to the issue of Economic Development Revenue Bonds relating to the project of First Bank and Trust Company as Trustee for Land Trust No. 29 -5121 and authorizes the Mayor of the City of South Bend, Indiana, or in his absence the Controller of the City of South Bend, Indiana, to execute and file the statement of such election with either the District Director of Internal Revenue or the Director of the Regional Service Center of the United States of America where the principal user or users of the proceeds of such issue, or facilities, acquired, constructed, reconstructed or improved with the proceeds of such issue are required to file their income tax returns and provide a copy of such statement for attachment to the income tax return of any person or entity requesting such. s/ Roger O. Parent 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, explained that this was a technical requirement for Internal Revenue procedure which would require execution by the Mayor. Miss Virginia Guthrie, Executive Secretary of the Civic Planning Association, asked about a total amount, and Mr. Fedder indicated that he did not have a figure available at that moment. He assumed that the Mayor would be making a release on this. Mr. John Kromkowski, Director of Economic Development and Human Resources Commission, indicated that this represented two - thirds of the revenue bonds. Councilman Miller requested a copy of Mr. Fedder's report. Councilman Horvath made a motion that the resolution be adopted, seconded by Councilman Szymkowiak. The resolution passed by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller, Parent, Taylor, Kopczynski, Horvath, Newburn and Nemeth). RESOLUTION NO. 347 -73 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN THE MATTER OF WELLS ELECTRONICS, INC., OF SOUTH BEND, INDIANA. WHEREAS, Wells Electronics, Inc., of South Bend, has submitted its intention to the Economic Development Commission of South Bend, to construct a new building located at 1801 South Main Street, within the City of South Bend, Indiana, and WHEREAS, the Economic Development Commission, pursuant to the statute, has found by written resolution that there exists insufficient employment opportunities and that the economic welfare of the City of South Bend, Indiana, would be benefited and the purpose of the statute would be accomplished by the acquisition and leasing of the above described property to Wells Electronics, Inc., of South Bend, Indiana, and WHEREAS, Wells Electronics, Inc., of South Bend, has submitted a statement of public service to the above Economic Development Commission of the City of South Bend and said Commission has forwarded this statement of public service with their approval and comments to the South Bend School Corporation, a copy of which is attached, and WHEREAS, the affirmative response and analysis of the South Bend School Corporation has been received as presented to the Clerk of the City of South Bend, and attached, and WHEREAS, the statement of public service by Wells Electronics, Inc., of South Bend and the Economic Development Commission of the City of South Bend have been submitted for approval and comments to the Area Plan Commission of St. Joseph County and the affirmative action and comments of the Area Plan Commission have been received by the Clerk of the City of South Bend, as attached, and WHEREAS, the requirements of the application as described in the "Municipal Economic Development Act of 1965 of the State of Indiana" as amended have, therefore, been met to this point, including a projection of the number of jobs created, the estimated payroll created and the approximation of the cost of the land and construction, and the impact on utilities and fire and police facilities of the City of South Bend with the approvals of the school corporation and the Area Plan Commission have jurisdiction of the area in which the proposed facility is to be built, and WHEREAS, now the Wells Electronics, Inc., of South Bend, seeks approximately $280,000 from an issue of revenue bonds of the Economic Development Commission of the City of South Bend to be signed by the Mayor and by its City Clerk and further desires to enter into a lease of not more than 20 years duration to be known as a net net net lease sufficient to pay the principal and interest of these bonds and obtain title at the end of the lease, and