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

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INDUCEMENT RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WHEREAS, the South Bend Economic Development Commission has heretofore 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 industrial diversification within the City of South Bend, Indiana; and to improve and promote job opportunities and industrial diversification within the City a financing agreement should be effected with Thomas and Jane Kinnucan; and WHEREAS, Thomas and Jane Kinnucan are presently leasing facilities to Overhill Mfg., Inc., which is using said facilities to engage in manufacturing and warehousing air tanks used in freight trailer brake systems and the Kinnucans desire to build a new building and purchase equipment to lease to Overhill Mfg. to expand its business and to continue its operations in this County, if the Commission and the City will agree to a financing agreement acceptable to them pursuant to which the new building will be constructed and improved with the proceeds from bonds to be issued by the City in the approxi- mate amount of Three hundred thousand ($300,000) Dollars; and WHEREAS, to induce Thomas and Jane Kinnucan to construct said building, purchase said equipment and lease the same to Overhill Mfg., the Commission desires to adopt this resolution; and WHEREAS, it appears clear from the application submitted to the Commission dated March 6, 1980, and other information received by the Commission that the new facility will increase job opportunities and industrial diversification in the County resulting in a benefit to the welfare of the County; NOW, THEREFORE, BE IT RESOLVED that the South Bend Economic Development Commission approves the proposal of Thomas and Jane Kinnucan to construct a new building in St. Joseph County and purchase equipment at an estimated project cost of approximately Three hundred thousand ($300,000) Dollars. BE IT FURTHER RESOLVED that to induce the continuation of the operation of the facility in the City, the Commission will proceed to cooperate and take such action as may be necessary in the drafting of documents as may be necessary to issue the City's Economic Development Revenue Bonds to provide funds to pay for the construction of the building. BE IT FURTHER RESOLVED that any expenses incurred in connection with said proceedings and the construction of the building shall be included in the pro- ject cost and reimbursed from the proceeds of said bonds. BE IT FURTHER RESOLVED that the liability and obligation of the Commission and the City shall be limited solely to the good faith efforts to consummate said proceedings and issue the bonds, and neither the Commission, the City, its