Inducement Resolution relating to the Jackel, Inc. Project

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11/26/79 RESOLUTION NO. % �.� - ) 9 AN INDUCEMENT RESOLUTION RELATING TO THE JACKEL, INC. PROJECT ■,�� 4: �6aEva�:�'�M t:61�F NOV 2 15; � Irene 6,',ai `mon UN ;:;.ERK, SOUTH' BE!ID, IND. WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of the City of South Bend, Indiana created the South Bend Economic Development Commission, which Commission, following an investigation and survey, has determined that a need exists in the community for additional job opportunities and commercial and industrial diversification. That in order to improve and promote job opportunities, commercial diversifi- cation, and the general welfare of the community, a financing agree- ment should be entered into with Jackel, Inc., or its assigns, relating to a project to be known as the "Jackel, Inc. Project "; and WHEREAS, Jackel, Inc. is an existing corporation organized under the laws of the State of Indiana engaging in the business of manu- facturing and desires to expand its operations with the result that it will retain a substantial number of new employees, and, WHEREAS, Jackel, Inc. proposes to acquire industrial manufacturing equipment to be installed at its existing plant located in an un- corporated area of St. Joseph County, Indiana at 15314 Harrison Road; and, WHEREAS, to induce Jackel, Inc. or its assigns to become the principal user of such Economic Development facilities the South Bend Common Council desires to adopt this resolution; and, WHEREAS, it is apparent that the development of the Jackel, Inc. Project will increase job opportunities and commercial diversification in St. Joseph County, Indiana resulting in benefit to the welfare of the public in the City of South Bend and in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows: SECTION 1. That approval is hereby given to the application of Jackel, Inc. relating to the acquisition of such industrial manufacturing equipment and its installation, wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana for an amount not exceed- ing $600,000.00 repayable with interest thereon at the rate of 8 -1/20 per annum over a term of eight (8) years. SECTION 2. In order to encourage, induce and solicit such application by Jackel, Inc. for such Industrial Revenue Bond issue relating to its acquisition of such industrial manufacturing equip- ment constituting Economic Development Facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquiring such indus- trial manufacturing equipment and in its installation. SECTION 3. Any costs or expenses incurred in connection with the Jackel, Inc. Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. SECTION 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, shall be limited solely to good faith efforts to consummate such proceedings and issue such bonds, and neither the South Bend Common Council nor the City of South Bend, Indiana, or its officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance of such bonds is not consummated. SECTION 5. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approval by the Mayor. y PRESENTED w ,',h - 3- COQ -✓t/ NOT APPROVED *DOPTED 1,Q- 3- 7 e; Memb r of the Common Council