Inducement Resolution relating to Schilling's Sales Co., Inc. Project

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RESOLUTION NO. 914 -80 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Schilling's Sales Co., 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 bene- fited by the acquisition and construction of economic development facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act`); and WHEREAS, Schilling's Sales Co., Inc., an Indiana corpo- ration ( "Schilling's "), proposes to acquire and construct economic development facilities as defined in the Act if the City will fi- nance costs of such economic development facilities pursuant to the Act and WHEREAS, the South Bend Economic Development Commission has received an application by Schilling's for the issuance of City of South Bend Economic Development Bonds in an amount not to exceed Two Hundred Fifty Thousand and no /100 Dollars ($250,000.00) repayable with interest thereon of eight and seven - eighths per- cent (8 7/8 %) per annum over a period not to exceed fifteen (15) years in order to enlarge and remodel the commercial buildings located at 329 S. Lafayette Blvd., South Bend, Indiana, occupied by Schilling's Sales Co., Inc. and Schilling's Printing Co., Inc., an Indiana corporation, resulting in an increase of approximately two (2) additional employees by the two (2) corporations with an increased annual payroll of a minimum of Thirty Thousand Dollars ($30,000.00) per year. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. The project constitutes economic development facil- ities which shall be financed by the City through the issuance of economic development revenue bonds pursuant to the act and the City is willing, upon compliance with all provisions of Indiana