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ATTORNEYS AT LAW <br />ROEMER AND MINTZ <br />CHARLES ROEMER 1400 ST. JOSEPH BANK BUILDING AREA CODE 219 <br />RICHARD L. MINTZ SOUTH BEND, INDIANA 46601 TELEPHONE 232 -1442 <br />December 10, 1979 <br />Ms. 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 />Raitt Corporation Project <br />Dear Ms. Gammon: <br />Enclosed is a proposed Inducement Resolution by which the Common Council <br />induces the Raitt Corporation to submit an application for up to $550,000 <br />of Industrial Development Bonds repayable with interest thereon at a rate <br />not in excess of 11% per annum over a period of 20 years to finance the <br />construction of an air freight facility at the Michiana Regional Airport. <br />This facility will be rented to United Air Lines and Towne Air Freight, <br />Inc. <br />United and Towne are presently conducting their operations in temporary <br />quarters off the Michiana Regional Airport property. In order for them to <br />operate at maximum effectiveness, it is necessary for them to be located on <br />the airport property. By the construction of this project, a minimum of 12 <br />jobs will be preserved having any annual payroll of $202,000. This Induce- <br />ment Resolution is needed so that Raitt Corporation may enter into a <br />construction contract with Sollitt Construction Company and begin construction <br />of the facility this year. If immediate action is not taken, construction <br />cannot be begun until the spring. If construction is delayed, it could <br />result in the loss of the abovementioned jobs. <br />We are requesting that you place this Inducement Resolution on the agenda <br />for the consideration of the Common Council at their December 17 meeting. <br />Enclosed is a copy of the Inducement Resolution passed by the Economic <br />Development Commission at their December 7 meeting. We are also including <br />9 copies of this letter and request that you distribute them to the Council <br />members. <br />Thank you very much for your cooperation in this matter. <br />Sincerely, <br />Richard L. Mintz <br />RLM:mh <br />Enclosures <br />cc: Mr. Kenneth P. Fedder <br />Raitt Corporation <br />