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IREGULAR MEETING - RECONVENED (CONTINUED)
<br />WHEREAS, this Common Council of the City of South Bend, now finds that the proposed
<br />financing of such facilities for KLMS Realty, an Indiana Partnership, will be of benefit
<br />to the health or welfare of the City of South Bend, Indiana, and that, according, this
<br />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 KLMS Realty, an Indiana Partnership 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 the 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 the commission had approved "the application and
<br />financing on September 7, 1973. He introduced Mr. William Farabaugh, 316 First Bank Building, the
<br />attorney representing KLMS Realty. Mr. Farabaugh, in turn, introduced Dr. Edward Lawton and Dr.
<br />Robert Meyer and explained that the project involved was located at the southeast corner of the
<br />Notre Dame and Colfax intersection. He stated that the property, at present, was not improved.
<br />He stated that the business would be for professional and business occupants and the area would be
<br />greatly enhanced by the project. He presented a drawing of the proposed building and area surrounc
<br />the property. He indicated that there were 9 employees within the confines of the partnership and
<br />this would be increased to 48 employees. The wages would be increased by $360,000 a year with the
<br />wages presently being at $120,000. He indicated that the building would occupy an area 40 by 90
<br />feet with three floors for a total square footage of 10,800 feet. Councilman Taylor asked if the
<br />area was properly rezoned, and Mr. Farabaugh indicated that it was. Councilman Szymkowiak asked
<br />if the alley would be vacated, and Mr. Farabaugh indicated that there were no plans for vacation,
<br />and Councilman Szymkowiak asked if the alley would be paved. Mr. Farabaugh indicated that it
<br />could be.
<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 />RESOLUTION NO. 387 -73 A RESOLUTION FINDING AND ADJUDGING THAT THE
<br />FINANCING OF FACILITIES FOR IRONWOOD PARTNERSHIP
<br />BY THE ISSUANCE BY THE CITY OF SOUTH BEND,
<br />INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE
<br />BONDS PERTAINING TO SUCH FACILITIES FOR SUCH
<br />ENTITY WILL BE OF BENEFIT TO THE HEALTH OR
<br />WELFARE OF THIS MUNICIPALITY, AND APPROVING
<br />THE FINANCING THEREFOR
<br />WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has
<br />created the South Bend Development Commission, hereinafter referred to as "Commission ",
<br />pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended,
<br />supplemented or added to, including but not limited to the amendments, supplements or
<br />additions of IC -1973, 18- 6 -4.5, or any other amendments, supplements or additions
<br />thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, Ironwood Partnership has filed an application with the Commission to .
<br />finance the acquisition of real estate and the construction thereon of an industrial and
<br />commercial building (facilities) which will constitute economic development facilities
<br />resulting in a substantial number of new jobs as well as other benefits; and
<br />WHEREAS, in connection therewith the Commission has prepared and placed on file
<br />a report containing the subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5
<br />and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the
<br />Superintendent of the School Corporation in the area of which the facilities will be
<br />located, and has timely received favorable reports from each of them; and
<br />WHEREAS, the Commission held a public hearing on the proposed financing of such
<br />facilities on July 27, 1973, after giving the required notice as provided for in Section
<br />17 of IC -1973, 18- 6 -4.5; and
<br />WHEREAS, the Commission at such meeting by a duly adopted written resolution,
<br />incorporated herein by reference, found that the proposed financing complies with the
<br />purposes and provisions of the Act, and approved such financing, including, but not
<br />limited to, the forms and terms of the financing agreement consisting of the Lease and
<br />Trust Indenture and the Bond; and
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that
<br />the proposed financing of such facilities for Ironwood Partnership will be of benefit
<br />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 Ironwood Partnership under the Act be and the same
<br />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 the Common Council
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