|
REGULAR MEETING APRIL 8 1974
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />RESOLUTION NO. 410 -74 (CONTINUED)
<br />amended, supplemented or added to, including but not limited to the amendments,
<br />supplements or additions of IC -1973, 18- 6 -4.5, or any other amendments, supplements
<br />or additions thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, General Sheet Metal, Inc. has filed_an application with the Commission
<br />to finance the acquisition of real estate and the construction thereof of an industrial
<br />and 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
<br />the Superintendent of the School Corporation in the area of which the facilities
<br />will be 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 February 15, 1974, after giving the required notice as provided for in
<br />Section 17of 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 />limit.ed'.to the forms and terms of the financing agreement consisting of the Lease and
<br />Trust Indenture and the Bonds; and
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that
<br />the proposed financing of such facilities for General Sheet Metal, 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 General Sheet Metal, Inc. under the Act be and the
<br />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 />Councilman
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, Attorney for the
<br />South Bend Development Commission, stated that the commission had approved the financing for
<br />General Sheet Metal on February 15, 1974, and he introduced Mr. Roger Gay, the attorney repre-
<br />senting the corporation. Mr. Gay explained that the amount of the bond was $35,000 in order to
<br />improve the facilities of General Sheet Metal at the corner of Calvert and Main. He stated that
<br />General Sheet Metal was a small family corporation about 50 years old and employed 14 men. An
<br />additional 5 men would be hired. The corporation primarily makes accessories for wheel horse
<br />companies, and a commitment for the amount of the bond has been received.
<br />Mrs. Janet Allen, 125 West Marion Street, wondered about the setup of the Economic Development
<br />loan organization. She stated that the funds have already been expended by the city toward the
<br />improvement of certain areas. Council President Nemeth stated that the bond for General Sheet
<br />Metal had nothing to do with the Industrial Park that Mrs. Allen was referring to. Mrs. Allen
<br />apologized; however, she wondered about the organizations being given low -cost loans. Mr. Fedder
<br />explained that the Development Commission had been changed from the Economic Development Commissi
<br />and was the only commission authorized to provide low -cost loans. He indicated that the city is
<br />not obligated and no hardship is created.
<br />Councilman Taylor made a motion to adopt the resolution, seconded by Councilman Kopczynski. The
<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. 411 -74
<br />A RESOLUTION FINDING AND ADJUDGING THAT
<br />THE FINANCING OF FACILITIES FOR EUGENE
<br />C. MUTA BY THE ISSUANCE BY THE CITY OF
<br />SOUTH BEND, INDIANA, OF ITS ECONOMIC
<br />DEVELOPMENT REVENUE BONDS PERTAINING
<br />TO SUCH FACILITIES FOR SUCH ENTITY WILL
<br />BE OF BENEFIT TO THE HEALTH OR WELFARE
<br />OF THIS MUNICIPALITY, AND APPROVING THE
<br />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
<br />amended, supplemented or added to, including but not limited to the amendments,
<br />supplements or additions of IC -1973, 18- 6 -4.5, or any other amendments, supplements
<br />or additions thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, Eugene C. Muia has filed an application with the Commission to finance
<br />the acquisition of real estate and the construction thereof 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 />
|