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REGULAR MEETING JULY 23, 1973
<br />IIREGULAR MEETING - RECONVENED (CONTINUED)
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that the
<br />proposed financing of such facilities for Great Northern Distributors, Inc. will be of
<br />benefit to the health or welfare of the City of South Bend, Indiana, and that, accordingly,
<br />this resolution should be adopted.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, that:
<br />Section 1. Such financing for Great Northern Distributors, Inc., under the Act,
<br />be and the same is hereby approved.
<br />Section 2. This resolution shall be in full force and effect from and after its
<br />passage by the Common Council and approval by the Mayor.
<br />s/ Peter J. Nemeth
<br />Member of Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, Attorney for the
<br />Economic Development Commission, indicated that Mr. George Rossi, President of Great Northern, and
<br />Mr. Joseph Roper, Attorney for Great Northern, were present to answer any questions the Council
<br />might have. He explained that, under the new Economic Development Act, a new procedure would be
<br />followed regarding the revenue bonds. He indicated that the Economic Development Commission now
<br />issues its own notices as to public hearings, and a public hearing had been held on July 6, 1973.
<br />He further indicated that all documents are in compliance, and Great Northern contemplates moving
<br />out to the Industrial Park, Phase III. The building to be constructed would be 29,000 square feet
<br />with an increase in payroll upwards to between 40% and 500. There would be an increase of 10
<br />additional employees, and the new construction in the Industrial Park would provide additional tax
<br />base to the city.
<br />Councilman Parent made a motion that the resolution be adopted, seconded by Councilman Taylor. T
<br />resolution passed by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller, Parent,
<br />Taylor, Kopczynski, Horvath, Newburn and Nemeth).
<br />IIRESOLUTION NO. 378 -73
<br />A RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, APPROVING THE FINANCING BY THE
<br />CITY OF SOUTH BEND, INDIANA, OF ECONOMIC
<br />DEVELOPMENT FACILITIES FOR ALLIED PRODUCTS
<br />CORPORATION.
<br />WHEREAS, the South Bend Development Commission (the "Commission ") acting pursuant
<br />to IC 1971, 18 -6 -4 -1 to 18- 6 -4 -28, inclusive, as amended by IC 1971, 18- 6 -4.5 -1 to 18 -6-
<br />4.5-28, inclusive (the "Act ") has (1) adopted a resolution no. 11 -73 finding that because
<br />of existing insufficient employment opportunities and insufficient diversification of
<br />industry, the economic welfare of the City of South Bend, Indiana (the "City ") would be
<br />benefited by the acquisition and leasing to Allied Products Corporation of economic
<br />development facilities, and (2) made a report with respect to such facilities of certain
<br />findings and determinations required by the Act; and
<br />WHEREAS,- such report has been submitted to the President and Executive Director of
<br />the Area Plan Commission of St. Joseph County, Indiana, and the president of the Board of
<br />Trustees of the South Bend Community School Corporation; and
<br />WHEREAS, in response to such report written comments from said Plan Commission and
<br />School Corporation have been filed with the Commission; and
<br />WHEREAS, after giving notice in accordance with the Act, the Commission held a
<br />public hearing on the proposed financing and adopted a resolution finding the proposed
<br />financing complies with the Act, approving the financing and approving the form and terms
<br />of the economic development revenue bonds proposed to be issued by the City to pay a
<br />portion of the cost of such facilities, lease and indenture, which resolution and other
<br />instruments and information pertaining to the proposed financing have been transmitted
<br />to the Common Council of the City by the Secretary of the Commission; and
<br />WHEREAS, the City has also caused a notice of a public hearing on the proposed
<br />financing to be given by publication on July 12, 1973, in the South Bend Tribune, a daily
<br />newspaper published and having a general circulation within said City and by posting of
<br />such notice in three public places within said City and has held a public hearing on the
<br />proposed financing at the time and place specified in such notice;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
<br />INDIANA, AS FOLLOWS:
<br />Section 1. It is hereby found by the Common Council of the City of South Bend,
<br />Indiana, that the proposed financing by the City for lease to Allied Products Corporation
<br />of economic development facilities described on Exhibits A and B to the hereinafter des-
<br />cribed Lease and Indenture will be of benefit to the economic welfare of the City.
<br />Section 2. The proposed financing involving the issuance of $3,900,000 principal
<br />amount o- Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation
<br />Project) of the City for the purpose of paying a portion of the cost of such economic
<br />development facilities is hereby approved and authorized.
<br />Section 3. The revenue bonds hereby authorized shall be payable solely from the
<br />sources, shall have such terms and provisions and shall be secured as provided by the
<br />Indenture of Trust (Security Agreement) dated as of July 1, 1973, between the City and
<br />The St. Joseph Bank and Trust Company, South Bend, Indiana, an Indiana Banking
<br />Institution, as Trustee, the Lease Agreement dated as of July 1, 1973, between the
<br />City and Allied Products Corporation, as lessee, and the Official Statement of the City
<br />describing the bonds and the financing, which documents are before this Common Council
<br />
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