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

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INDUCEMENT RESOLUTION OF SOUTH BEND ECONOMIC DEVELOPMENT CMI ISSION Rr- LATnTG TO MASTERBILT, INCORPORATED MACHINERY ACQUISITION PROJECT WHEREAS, the South Fiend Lconomic Development Commission heretofore investigated, studied, surveyed and reported to the Mayor and the Corw.;on Council of the City of South Fiend, 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, Indianan 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 Masterbilt, 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 tend, Indiana, on which site it has recently 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 Rend 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 Fiend Economic Development Commission and the City of South fiend, Indiana will agree to a financing agreement acceptable to Masterbilt,