Inducement Resolution relating to the issuance of Economic Development Revenue bonds to Thomas and Jane Kinnucan

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RESOLUTION NO. 771 -80 INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO THOMAS AND JANE KINNUCAN IN ORDER TO EXPAND THEIR PRESENT FACILITIES FOR THE MANUFACTURE AND WAREHOUSING OF AIR TANKS USED IN FREIGHT TRAILER BRAKE SYSTEMS WHEREAS, the South Bend Economic Development Commission investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial diversification within the City of South Bend, Indiana; and to improve and promote job opportunities and commercial diver- sification within the City of South Bend, Indiana, a financing agreement should be effected with Thomas and Jane Kinnucan; and WHEREAS, Thomas and Jane Kinnucan desire to construct an additional building and purchase additional equipment for commercial use on land located at 2502 Lawton Street, South Bend, Indiana; and WHEREAS, to induce Thomas and Jane Kinnucan to construct such economic devel- opment facilities, the South Bend Economic Development Commission on April 8, 1980 approved the application of Thomas and Jane Kinnucan for the issuance of up to Three hundred thousand Dollars ($300,000) of Economic Development Revenue Bonds payable with interest thereon at the market rate as of the date of final approval of the bonds and also adopted an Inducement Resolution relating to that bond issue; and WHEREAS, it is apparent that Thomas and Jane Kinnucan will preserve jobs and increase job opportunities and commercial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana, and St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED, that in order to encourage, induce and soli- cit the application by Thomas and Jane Kinnucan for an amount not exceeding Three hundred thousand Dollars ($300,000) of Economic Development Revenue Bonds to be issued by the City of South Bend, Indiana, repayable with interest thereon at the market rate as of the date of final approval of the bonds over a period of ten (10) years after the issue date for the construction of such economic development facilities, the City of South Bend shall proceed to cooperate with and take any action as may be necessary in drafting of documents or the perfor- mance of such other acts as will facilitate the issuance of such Economic Development Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such economic development facilities; and