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REGULAR MEETING MARCH 12
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />RESOLUTION NO. 358 -73 (CONTINUED)
<br />WHEREAS, Sergio, Inc. has submitted a statement of public service to the above
<br />Economic Development Commission of the City of South Bend and said Commission has for-
<br />warded this statement of public service with their approval and comments to the South
<br />Bend School Corporation, a copy of which is attached, and
<br />WHEREAS, the affirmative response and analysis of the South Bend School
<br />Corporation has been received as presented to the Clerk of the City of South Bend and
<br />attached, and
<br />WHEREAS, the statement of public service by Sergio, Inc., and the Economic
<br />Development Commission of the City of South Bend have been submitted for approval and
<br />comments to the Area Plan Commission of St. Joseph County and the affirmative action
<br />and comments of the Area Plan Commission have been received by the Clerk of South Bend,
<br />as attached, and
<br />WHEREAS, the requirements of the application as described in the "Municipal
<br />Economic Development Act of 1965 of the State of Indiana" as amended, have therefore
<br />been met to this point, including a projection of the number of jobs created, the
<br />estimated payroll created and the approximation of the cost of the land and construc-
<br />tion, and the impact on utilities and fire and police facilities of the City of South
<br />Bend with the approvals of the School Corporation and the Area Plan Commission have
<br />jurisdiction of the area in which the proposed facility is to be built, and
<br />WHEREAS, Sergio, Inc. seeks approximately $375,000.00 from an issue of
<br />revenue bonds of the Economic Development Commission of the City of South Bend to be
<br />signed by its Mayor and by its City Clerk and further desires to enter into a lease
<br />of not to exceed 20 years duration to be known as a net net net lease sufficient to
<br />pay the principal and interest of these bonds and obtain title at the end of the
<br />lease, and
<br />WHEREAS, by virtue of the net net net lease, the Sergio, Inc. indicates its
<br />intention to pay all expenses of the operation, maintenance, insurance, property taxes,
<br />whatever of the facility.
<br />THEREFORE, be it resolved by the Common Council of the City of South Bend,
<br />Indiana, that the resolution and findings of the Economic Development Commission per-
<br />taining to this project be approved and incorporated in this resolution, and
<br />THEREFORE, be it resolved by the Common Council of the City of South Bend,
<br />Indiana, that the statement of public service on the part of the Economic Development
<br />Commission, of the Area Plan Commission and of the South Bend School Corporation be
<br />accepted and approved, and
<br />THEREFORE, be it resolved that the City of South Bend Common Council authorize
<br />the Economic Development Commission of the City of South Bend to proceed to make pre-
<br />liminary agreements with the proposed lessee, Sergio, Inc., in the nature of a conditional
<br />commitment to enter into a lease with Sergio, Inc., and
<br />THEREFORE, be it resolved that the Economic Development Commission of the City
<br />of South Bend shall, as soon as the new lease form is properly prepared, submit the same
<br />to the Clerk of the City of South Bend to be prepared by a member of the Common Council
<br />as a proposed ordinance for the acceptance of same and issuance of revenue bonds to
<br />cover the amount of money needed.
<br />s/ Roger 0. Parent
<br />As Amended. Member of Common Council
<br />A RESOLUTION SETTING FORTH THE NEED FOR
<br />ECONOMIC DEVELOPMENT
<br />Resolution No. 2 -73
<br />WHEREAS: The City of South Bend is still experiencing
<br />a high unemployment situation, and
<br />WHEREAS: By virtue of the need for additional industrial
<br />and economic development, and
<br />NOW THEREFORE, BE IT RESOLVED by the Economic Development Commission that because of
<br />insufficient employment opportunities and
<br />insufficient diversification of industry, the
<br />economic welfare of the city would be benefited
<br />by approving the application of Sergio, Inc.
<br />for the construction and equipping of a facility
<br />and purchase of real property at the intersection
<br />of U.S. 31 South and Kern Road in St. Joseph
<br />County, Indiana.
<br />THIS RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT COMMISSION
<br />OF THE CIVIL CITY OF SOUTH BEND, INDIANA, THIS 9th DAY OF FEBRUARY, 1973.
<br />s/ Karl G. King, Jr.
<br />President
<br />s/ Fred Craven
<br />Vice - President
<br />s/ Walter Mucha
<br />Secretary
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