|
RESOLUTION No.
<br />AN INDUCEMENT RESOLUTION RELATING
<br />TO THE EXACTO, INC. OF SOUTH BEND PROJECT
<br />WHEREAS, pursuant to I.C. 18- 6 -4 -5, the Common Council of the
<br />City of South Bend, Indiana, created the South Bend Economic Development
<br />Commission, which Commission has heretofore investigated, studied, sur-
<br />veyed and reported to the Mayor and the Common Council of the City of
<br />South Bend, Indiana, that a need exists in the community for additional
<br />job opportunities and commercial and industrial diversification within
<br />the City of South Bend, Indiana; and in order to improve and promote
<br />job opportunities, commercial diversification and the general welfare
<br />of the area within the City of South Bend, Indiana, a financing agree-
<br />ment should be entered into with "EXACTO, INC. OF SOUTH BEND" or its
<br />assigns, relating to a project to be known as the EXACTO, INC. OF SOUTH
<br />BEND PROJECT ":
<br />WHEREAS, Exacto, Inc. of South Bend is an Indiana corporation
<br />organized in 1970 in South Bend, Indiana, and engaged in the business
<br />of manufacturing precision piece parts for turbochargers for high speed
<br />diesel engines. It is the present intention of Exacto, Inc. of South
<br />Bend to purchase additional machinery and equipment which will be in-
<br />stalled in its operation at 1119 S. Franklin Street, South Bend, Indiana,
<br />and used in conjunction with its present manufacturing operation, result-
<br />ing in an expansion of its facility, which project is anticipated to
<br />create Twenty -five (25) new jobs; and
<br />WHEREAS, to induce Exacto, Inc. of South Bend, or its assigns,
<br />to become the principal user of such economic development properties,
<br />the Common Council of the City of South Bend desires to adopt this
<br />resolution; and
<br />WHEREAS, it is apparent that the development of the "EXACTO,
<br />INC. OF SOUTH BEND PROJECT" will increase job opportunities and commer-
<br />cial diversification in South Bend, Indiana, resulting in a benefit to
<br />the welfare of the public in the City of South Bend, Indiana, and in
<br />St. Joseph County, Indiana.
<br />NOW THEREFORE, BE IT RESOLVED by the Common Council of the
<br />City of South Bend, Indiana, as follows:
<br />1. Section 1. That approval is hereby given to the appli-
<br />cation of Exacto, Inc. of South Bend, or its assigns, relating to the
<br />purchase of machinery and equipment and the installation thereof under
<br />an arrangement whereby the cost of such machinery and equipment, and
<br />installation, would be paid from the proceeds of the Industrial Revenue
<br />Bonds to be issued by the City of South Bend, Indiana, for an amount
<br />not exceeding Three Hundred Thousand Dollars ($300,000.00), repayable
<br />with interest thereon over a period of time and with a maturity date
<br />which does not exceed beyond Twenty (20) Years after the issue date.
<br />2. Section 2. In order to encourage, induce and solicit
<br />such application by Exacto, Inc. of South Bend for such Industrial
<br />Revenue Bond issue relating to the purchase of machinery and equipment
<br />and the installation and development of such economic development prop-
<br />erty, the South Bend Economic Development Commission, on behalf of the
<br />City of South Bend, shall proceed to cooperate with and take such action
<br />as may be necessary in the approval and drafting of documents or the
<br />performing of such other acts as will facilitate the issuance of such
<br />Industrial Revenue Bonds by the City of South Bend to provide funds to
<br />be used in the purchase and installation of such economic development
<br />property.
<br />3. Section 3. Any costs or expenses
<br />with said "EXACTO, INC. OF SOUTH BEND PROJECT"
<br />project costs and reimbursed from the proceeds
<br />Bonds to be issued with respect thereto.
<br />-1-
<br />incurred on connection
<br />shall be included in the
<br />of the Industrial Revenue
<br />
|