Inducement Resolution of South Bend Common Council relating to Masterbilt, Incorporated Machinery Aquisition Project

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RESOLUTION NO . 7 7 ,q --82)' INDUCEMENT RESOLUTION OF SOUTH BEND COMMON COUNCIL RELATING TO MASTERBILT, INCORPORATED MACHINERY ACQUISITION PROJECT WHEREAS, the South Bend Common Council heretofore investigated, studied, surveyed and reported to the Mayor of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial, light industrial and industrial diversification within the City of South Bend, Indiana; and in accordance with such investigation and to provide possible improvement of job opportunities and diversification within the City of South Bend, Indiana, a financing agreement should be effected with basterbilt, Incorporated relating to a project to be known as "A Machinery Acquisition Project "; and WHEREAS, Masterbilt, Incorporated is established in the light industrial trade or business of contract machining and is the owner of a machine shop for such purpose at 325 South Walnut Street, South Bend, Indiana, on which site it has re- cently erected additional facilities and buildings to expand its operation consisting of approximately a total of Ten Thousand (10,000) square feet, and funds are required for the acquisition of a "Cyclone CNC Turning Center," which is a sophisticated piece of machinery to be acquired from the manufacturer of such machinery, South Bend Lathe Works, of South Bend, Indiana. It is anticipated that the acquisition and installation of this machinery could create an additional two or three jobs in the company with an estimated payroll increase of approximately Thirty Thousand Dollars ($30,000.00) per year. It is contemplated that the South Bend Common Council will agree to a financing agreement acceptable to Masterbilt, Incorporated pursuant to which such acquisition and installation of the machinery would be acquired with Economic Development facilities by virtue of Economic Development