Inducement Resolution relating to the issuance of Economic Development Revenue Bonds to the Rait Corporation

Home Browse Search

RESOLUTION NO . '7 -:1-2 -? INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO THE RAITT CORPORATION IN ORDER TO CONSTRUCT AN AIR FREIGHT TERMINAL AT THE MICHIANA REGIONAL AIRPORT 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 Raitt Corporation; and WHEREAS, Raitt Corporation desires to construct a building for commer- cial use on real estate located at the Michiana Regional Airport at South Bend, Indiana; and WHEREAS, to induce Raitt Corporation to construct such economic deve- lopment facilities under an arrangement whereby United Air Lines and Towne Air Freight, Inc. shall be principal users, the South Bend Economic Development Commission on December 7, 1979 approved the application of Raitt Corporation for the issuance of up to Five Hundred Fifty Thousand ($550,000.00) Dollars of Industrial Development Bonds repayable with interest thereon at a rate not in excess of eleven (11 %) percent per annum over a period of twenty (20) years and also adopted an Inducement Resolution relating to that bond issue; and WHEREAS, it is apparent that such Raitt Corporation Project will pre- serve 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 solicit the application by Raitt Corporation for an amount not exceeding Five Hundred Fifty Thousand ($500,000.00) Dollars of Industrial Development Bonds to be issued by the City of South Bend, Indiana repayable with interest thereon at