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ATTORNEYS AT LAW <br />ROEMER AND MINTZ <br />CHARLES ROEMER 1400 ST. JOSEPH BANK BUILDING <br />AREA CODE 219 <br />RICHARD L. MINTZ SOUTH BEND, INDIANA 46601 TELEPHONE 232 -1442 <br />October 22, 1980 <br />Mrs. Irene K. Gammon <br />City Clerk <br />County -City Building <br />South Bend, Indiana 46601 <br />Re: Inducement Resolution <br />Economic Development Bond Issue <br />William G. York and Gloria J. York Project <br />Dear Mrs. Gammon: <br />Enclosed is a proposed Inducement Resolution by which the Common Council induces <br />William G. York and Gloria J. York to submit an application for up to $170,000 <br />of Economic Development Bonds repayable with interest thereon at a rate not in <br />excess of 10% per annum over a period of 15 years to finance the purchase of <br />land with an existing building thereon, the renovation of the building and the <br />purchase of new equipment. The remodeled building and equipment will be leased <br />to the Abstract and Title Corporation of South Bend for use in its business of <br />abstracting and preparing title insurance policies. <br />By the purchase and renovation of this land and building, a minimum of 11 jobs <br />will be preserved and 4 new jobs created increasing the annual payroll to <br />$217,000. This Inducement Resolution is needed so that William G. York and <br />Gloria J. York may purchase the land and begin renovation of the facility <br />shortly. If prompt action is not taken, renovation cannot be started imme- <br />diately and the delay could result in the loss of the above mentioned jobs. <br />We are requesting that you place this Inducement Resolution on the agenda for <br />the consideration of the Common Council at its October 27 meeting. <br />Enclosed is a copy of the Inducement Resolution passed by the Economic <br />Development Commission at its October 3 meeting. We are also including 9 copies <br />of this letter and request that you distribute them to the Council members. <br />Thank you very much for your cooperation in this matter. <br />Sincerely, <br />l <br />Richard L. Mintz <br />jk <br />Enclosures <br />cc: Mr. Kenneth P. Fedder <br />Mr. William G. York <br />