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REGULAR MEETING MARCH 12, 1973
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />RESOLUTION NO.-355-73 (CONTINUED)
<br />WHEREAS, the requirement 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, FBT Bancorp, Inc., seeks approximately $700,000.00 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 15 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 FBT Bancorp, Inc., indicates
<br />its intention to pay all expenses of the operation, maintenance, insurance, property
<br />taxes, 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
<br />pertaining 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 South Bend City 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, FBT Bancorp, Inc., in the nature of a
<br />conditional commitment to enter into a lease with FBT Bancorp, 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
<br />same to the Clerk of the City of South Bend to be prepared by a member of the Common
<br />Council as a proposed ordinance for the acceptance of same and issuance of revenue
<br />bonds to cover the amount of money needed.
<br />s/ Roger 0. Parent
<br />Member of Common Council
<br />A RESOLUTION SETTING FORTH THE NEED FOR
<br />ECONOMIC DEVELOPMENT
<br />Resolution No. 6 -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 FBT Bancorp, Inc.
<br />for proposed facilities in Airport Industrial Park -
<br />Phase II in South Bend, Indiana.
<br />THIS RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT COMMISSION
<br />OF THE CIVIL CITY OF SOUTH BEND, INDIANA, THIS 2nd DAY OF MARCH, 1973.
<br />s/ Karl G. King, Jr.
<br />President
<br />s/ Fred Craven
<br />Vice - President
<br />s/ Walter Mucha
<br />Secretary
<br />REPORT OF CITY OF SOUTH BEND
<br />ECONOMIC DEVELOPMENT COMMISSION
<br />MAKING CERTAIN ESTIMATES
<br />Pursuant to the Municipal Economic Development Act of 1965, as amended, the
<br />City of South Bend Economic Development Commission is required to make certain
<br />estimates in regard to the purchase of real property and the construction of two
<br />facilities in Airport Industrial Park -Phase II by FBT Bancorp, Inc. The estimates are
<br />as follows:
<br />(1) The number of public services or facilities, including streets,
<br />sidewalks, schools, sewers, street lights, fire and police protection
<br />which would be made additionally necessary or desirable on account of
<br />the proposed addition are none and the expenses therefore are none.
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