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REGULAR MEETING APRIL 22 1974
<br />MEETING - RECONVENED (CONTINUED)
<br />RESOLUTION NO. 414 -74 (CONTINUED)
<br />WHEREAS, the City of South Bend, Indiana, has previously issued a bond to finance
<br />the project pursuant to Ordinance No. 5583 -73 in the amount of $300,000.00 but said
<br />amount is not sufficient to complete the project and it is therefore necessary to issue
<br />an additional Economic Development Revenue Bond in the amount of $350,000.00 to complete
<br />the project, and to redeem in full the previously issued bond.
<br />WHEREAS, in connection therewith the Commission has prepared and placed on file a
<br />report containing the subject matter as specified in Section 16 of P.L. 182, IC -1973,
<br />18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission
<br />and to the Superintendent of the School Corporation in the area of which the facilities
<br />will be located, and has received favorable reports from each of them; and
<br />WHEREAS, the Commission held a public hearing on the proposed refinancing of such
<br />facilities on March 8, 1974, after giving the required notice as provided for in Section
<br />14 of P.L. 182, 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 refinancing complies with the
<br />purposes and provisions of the Act, and approved such refinancing, including, but not
<br />limited to, the forms and terms of the financing agreement consisting of the Lease
<br />Financing Agreement and Trust Indenture and the Bond; and
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that
<br />the proposed refinancing 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, 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 refinancing for Ironwood Partnership, 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 />public hearing was held on the resolution at this time. Mr. Kenneth Fedder, Attorney for the
<br />outh Bend Development Commission, indicated that the resolution approved the refinancing for
<br />ronwood Partnership in the amount of $300,000. He stated that the issue previously passed could
<br />e refunded and a new issue set forth. He stated that Mr. Kevin Butler, the attorney representing
<br />ronwood, was present to answer any questions. He stated that the same terms and benefits would
<br />pply. Mr. Kevin Butler, 1221 St. Joseph Bank Building, indicated that the bond had been approved
<br />y the Council in the amount of $300,000, and an increase of $50,000 was requested. Council
<br />resident Nemeth wondered about the right -of -way on Ironwood Road, and Mr. Butler stated that the
<br />uilding was 30 feet from the right -of -way and the right -of -way extended 25 feet from the existing
<br />dge of the road. Council President Nemeth wondered if the house next door was part of the propert;
<br />nd Mr. Butler indicated that it was not. He indicated that two- thirds of the construction of the
<br />uilding was completed at the present time.
<br />ouncilman Serge made a motion to adopt the resolution, seconded by Councilman Miller. The
<br />esolution was adopted by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller,
<br />arent, Taylor, Kopczynski, Horvath, Newburn and Nemeth).
<br />ION NO. 415 -74
<br />A RESOLUTION FINDING AND ADJUDGING
<br />THAT THE REFINANCING OF FACILITIES FOR
<br />KOSZEGI LEATHER & VINYL PRODUCTS, INC.,
<br />BY THE ISSUANCE BY THE CITY OF SOUTH
<br />BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT
<br />REVENUE BONDS PERTAINING TO SUCH FACILITIES
<br />FOR SUCH ENTITY WILL BE OF BENEFIT TO THE
<br />HEALTH OR WELFARE OF THIS MUNICIPALITY,
<br />AND APPROVING THE REFINANCING 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 P.L. 182, IC -1973, 18- 6 -4.5, or any other amendments, supplements or
<br />additions thereto, hereinafter referred to as the "Act "; and
<br />WHEREAS, Koszegi Leather & Vinyl Products, Inc., has filed an application with
<br />the Commission to refinance the acquisition of real estate and the construction thereon
<br />of an industrial and commercial facilities which will constitute economic development
<br />facilities resulting in a substantial number of new jobs as well as other benefits; and
<br />WHEREAS, the City of South Bend, Indiana, has previously issued a bond to finance
<br />the project pursuant to Ordinance No. 5495 -73 in the amount of $22 0,000.00 but said
<br />amount is not sufficient to complete the project and it is therefore necessary to issue
<br />an additional Economic Development Revenue Bond in the amount of $161,000.00 to complete
<br />the project; and
<br />WHEREAS, in connection therewith the Commission had prepared and placed on file a
<br />report containing the subject matter as specified in Section 16 of P.L. 182, IC -1973,
<br />18 -6 -4.5 and has forwarded copies thereof to the Chairman of -the Area Plan Commission
<br />
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