Inducement Resolution relating to Universal Companies, Inc. Project

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RESOLUTION NO. 831 -80 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Universal Companies, Inc. Project WHEREAS, at the present time there are insufficient em- ployment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic devel- opment facilities in St. Joseph County pursuant to the provisions of Indiana Code 18- 6 -4.5 (the "Act "); and WHEREAS, Universal Companies, Inc., a Michigan corpo- ration ( "Universal ") proposes to acquire and construct economic development facilities in St. Joseph County as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by Universal for the issuance of City of South Bend Economic Development Bonds in an amount not to ex- ceed Three Hundred Fifty Thousand and no /100 Dollars ($350,000.00) repayable with interest thereon to be calculated quarterly at an interest rate of seventy -five percent (75 %) of local prime rate over a period not to exceed fifteen (15) years in order to pur- chase equipment and construct a manufacturing building to be leased to Universal Forest Products, Inc., a Michigan corporation, for lumber treating and processing resulting in an increase of approximately ten (10) to fifteen (15) additional employees by the principal user with an increased annual payroll of between Eighty -five Thousand Dollars ($85,000.00) to One Hundred Twenty Thousand Dollars ($120,000.00) per year. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: