12-17-73 Council Meeting Minutes

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REGULAR MEETING DECEMBER 17, 1973 11REGULAR MEETING - RECONVENED (CONTINUED) WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on November 9, 1973, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, the Commission at such meeting by a duly adopted written resolution, incorporated herein by reference, found that the proposed financing complies with the purposes and provisions of the Act, and approved such financing, including, but not limited to, the form and terms of the financing agreement consisting of the Lease and Trust Indenture and the Bonds; and WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that the proposed financing of such facilities for Daal Realty will be of benefit to the health or welfare of the City of South Bend, Indiana, and that, accordingly, this resolution should be adopted. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, that: Section 1. Such fincnaing for Daal Realty under the Act be and the same is hereby approved. Section 2. This resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. s/ Terry S. Miller Member of the Common Council A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, Attorney for the South Bend Development Commission, indicated that the commission had passed favorably the resolu- tion and he introduced Mr. Charles Roemer who was to speak on behalf of Daal Realty. Mr. Roemer stated that the bond issue involved a restaurant at 4301 South Michigan Street with a seating capacity of 175 people. He talked about the increase in the employees and the annual payroll of $310,000. He stated that the amount of the bond was $400,000. Councilman Newburn asked about the restaurant, wondering if it was a chain restaurant, and Mr. Roemer answered that the building woul be an Azar's Restaurant and was not a chain corporation in that sense. Mr. Fedder explained that these businesses would be developed by using the resources available for the benefit of the city. Councilman Serge asked about the rate of interest, and Mr. Fedder stated that the rate varies and he thought this project carried,a 73-2o interest rate. He explained that this is an inducement bein offered to the firms and other surrounding cities offered the same rate. Councilman Parent made a motion that the resolution be adopted, seconded by Councilman Horvath. The resolution passed by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller, Parent, Taylor, Kopczynski, Horvath, Newburn and Nemeth). RESOLUTION NO. 400 -73 A RESOLUTION FINDING AND ADJUDGING THAT THE FINANCING OF FACILITIES FOR RIDGEDALE NURSING HOME BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO SUCH FACILITIES FOR SUCH ENTITY WILL BE OF BENEFIT TO THE HEALTH OR WELFARE OF THIS MUNICIPALITY, AND APPROVING THE FINANCING THEREFOR. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supplemented or added to, including but not limited to the amendments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, Ridgedale Nursing Home has filed an application with the Commission to finance the addition to an existing facility which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which the facilities will be located, and has timely received favorable reports from each of them; and WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on November 9, 1973, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, the Commission at such meeting by a duly adopted written resolution, incorporated herein by reference, found that the proposed financing complies with the - purposes and provisions of the Act, and approved such financing, including, but not limited to, the form and terms of the financing agreement consisting of the Lease and Trust Indenture and the Bonds; and WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that the proposed financing of such facilities for Ridgedale Nursing Home will be of benefit to the health or welfare of the City of South Bend, Indiana, and that, accordinly, this resolution should be adopted. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, that: