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ATTORNEYS AT LAW <br />ROEMER AND MINTZ <br />CHARLES ROEMER 1400 ST. JOSEPH BANK BUILDING <br />AREA CODE 219 <br />RICHARD L. MINTZ SOUTH BEND, INDIANA 46601 TELEPHONE 232 -1442 <br />April 3, 1980 <br />Mrs. Irene K. Gammon <br />City Clerk <br />County -City Building <br />South Bend, Indiana 46601 <br />Re: Inducement Resolution <br />Economic Development Bond Issue <br />Thomas and Jane Kinnucan Project <br />Dear Mrs. Gammon: <br />Enclosed is a proposed Inducement Resolution by which the Common Council induces <br />Thomas and Jane Kinnucan to submit an application for up to $300,000 of Economic <br />Development Bonds repayable with interest thereon at the market rate as of the <br />date of final approval of the bonds over a period of ten years to finance the <br />construction of an additional building and the purchase of additional equipment <br />to be used for the manufacturing and warehousing of air tanks used in freight <br />trailer brake systems. <br />By the construction of this project, a minimum of 8 - 10 jobs will be created <br />having an annual payroll of $120,000. This Inducement Resolution is needed so <br />that Thomas and Jane Kinnucan may begin construction of the facility shortly. <br />If immediate action is not taken, construction cannot be started until summer <br />and the delay could result in the loss of the above mentioned jobs. <br />We are requesting that you place this Inducement Resolution on the agenda for <br />the consideration of the Common Council at its April 14 meeting. <br />Enclosed is a copy of the Inducement Resolution to be passed by the Economic <br />Development Commission at its April 8 meeting. We are also including 9 copies <br />of this letter and request that you distribute them to the Council members. <br />Thank you very much for your cooperation in this matter. <br />Sincerely, <br />Richard L. Mintz <br />jk <br />Enclosures <br />cc: Mr. Kenneth P. Fedder <br />Mr. and Mrs. Thomas Kinnucan <br />