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RESOLUTION NO. 728 -79 <br />INDUCEMENT RESOLUTION <br />OF <br />THE CITY OF SOUTH BEND, INDIANA <br />Relating to: Group Four <br />WHEREAS, at the present time there are insufficient em- <br />ployment opportunities and insufficient diversification of business, <br />commerce and industry in and near the City of South Bend, Indiana <br />(the "City ") ; and <br />WHEREAS, the economic welfare of the City would be <br />benefited by the acquisition and construction of economic develop- <br />ment facilities pursuant to the provisions of Indiana Code 18 -6- <br />4.5 (the "Act "); and <br />WHEREAS, Group Four, an Indiana partnership consisting <br />of Richard W. Stout, Philip G. Lux, Charles N. Miller and Richard <br />M. Treckelo, ( "Group Four ") proposes to acquire and construct <br />economic development facilities as defined in the Act for the use <br />of United Air Lines, Towne Air Freight, Inc. and Emery Air Freight <br />if the City will finance costs of such economic development facilities <br />pursuant to the Act; and <br />WHEREAS, the South Bend Economic Development Commission <br />has received an application by Group Four for the issuance of <br />City of South Bend Economic Development Bonds in an amount not to <br />exceed Five Hundred Fifty Thousand and no /100 Dollars ($550,000.00) <br />repayable with interest thereon at a rate of eight percent (8 %) <br />per annum over a period of fifteen (15) years in order to construct <br />a warehouse facility containing approximately 19,000 square feet <br />resulting in the preservation of the jobs of twelve (12) employees <br />of one of the users of the facility which twelve (12) employees <br />have an annual payroll of Two Hundred Two Thousand and no /100 <br />Dollars ($202,000.00) per year. <br />NOW, THEREFORE, the Common Council of the City of South <br />Bend, Indiana resolves as follows: <br />1. The Project constitutes economic development facilities <br />which shall be financed by the City through the issuance of <br />revenue bonds pursuant to the Act and the City is willing, upon <br />compliance with all provisions of Indiana law, to authorize <br />approximately Five Hundred Fifty Thousand and no /100 Dollars <br />