Inducement Resolution relating to Bremen Iron & Metal Co., Inc.

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RESOLUTION NO. rQ s_,q0 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO BREMEN IRON & METAL CO., INC. WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South Bend, Indiana created the South Bend Economic De- velopment Commission, which Commission, following an investigation and survey, has determined that need exists in the community for addi- tional job opportunities and commercial and industrial diversification. That in order to improve and promote job opportunities, commercial di- versification and the general welfare of the community, certain con- tractual agreements should be entered into with Bremen Iron & Metal Co., Inc. relating to its acquisition, building, remodeling and pur- chase of equipment for an economic development facility located at 1120 West Sample Street in the City of South Bend, Indiana; and WHEREAS, the economic welfare of the City would be benefited by the acquisition and remodeling of economic development facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and WHEREAS, Bremen Iron & Metal Co., Inc., an Indiana corpora- tion ( "Bremen ") purposes to acquire, build, remodel and purchase equipment for an economic development facility as defined in the Act for metal waste processing and brokerage if the City will finance costs of such economic development facilities pursuant to the Act and it is apparent that the development of this project will increase job oppor- tunities and commercial diversification in the City of South Bend, Indiana, resulting in benefit to the welfare of the public in the City of South Bend and St. Joseph County, Indiana; and WHEREAS, to induce Bremen to develop this project and become the principal user thereof, the South Bend Common Council desires to adopt this resolution. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. Approval is hereby given to the application of Bremen re- lating to the acquisition of such economic development facilities, the remodeling of certain of those facilities and the installment of other such facilities wherein Industrial Revenue Bonds would be issued by