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RESOLUTION NO. 74 V- 7 I
<br />AN INDUCEMENT RESOLUTION RELATING
<br />TO THE LAIDIG SILO UNLOADERS, INC. PROJECT
<br />WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of
<br />the City of South Bend, Indiana created the South Bend Economic Develop-
<br />ment Commission, which Commission, following an investigation and survey,
<br />has determined that a need exists in the community for additional job
<br />opportunities and commercial and industrial diversification. That in
<br />order to improve and promote job opportunities, commercial diversifica-
<br />tion, and the general welfare of the community, a financing agreement
<br />should be entered into with Laidig Silo Unloaders, Inc., or its
<br />assigns, relating to a project to be known as the "Laidig Silo Un-
<br />loaders, Inc. Project "; and
<br />WHEREAS, Laidig Silo Unloaders, Inc. is an existing corporation
<br />organized under the laws of the State of Delaware engaging in the
<br />business of manufacturing and desires to expand its operations with
<br />the result that it will retain a substantial number of new employees,
<br />and,
<br />WHEREAS, Laidig Silo Unloaders, Inc. proposes to acquire
<br />a parcel of real estate located on Dragoon Trail, approximately one -
<br />quarter mile west of Elm Road in St. Joseph County, Indiana, and
<br />to construct thereon and equip an industrial facility consisting
<br />of some 50,000 square feet; and,
<br />WHEREAS, to induce Laidig Silo Unloaders, Inc., or its
<br />assigns, to become the principal user of such Economic Development
<br />Facilities, the South Bend Common Council desires to adopt this resolu-
<br />tion; and,
<br />WHEREAS, it is apparent that the development of the Laidig
<br />Silo Unloaders, Inc. Project will increase job opportunities and
<br />commercial diversification in St. Joseph County, Indiana, resulting
<br />in benefit to the welfare of the public in the City of South Bend
<br />and in St. Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Coun-
<br />cil as follows:
<br />SECTION 1. That approval is hereby given to the application
<br />of Laidig Silo Unloaders, Inc. relating to the acquisition of such
<br />real estate and the construction and equipping of an industrial facili-
<br />ty thereon, wherein Industrial Revenue Bonds would be issued by the
<br />City of South Bend, Indiana, for an amount not exceeding $1,100,000.00
<br />repayable with interest thereon over a period of time and with a
<br />maturity date which does not extend beyond thirty (30) years after
<br />the issue date.
<br />SECTION 2. In order to encourage, induce and solicit such
<br />aplication by Laidig Silo Unloaders, Inc. for such Industrial Revenue
<br />Bond issue relating to the acquisition, construction and equipping
<br />of such Economic Development Facilities, the South Bend Common Council
<br />shall proceed to cooperate with and take such action as may be necessary
<br />in the drafting of documents or the performance of such other acts as
<br />will facilitiate the issuance of such Industrial Revenue Bonds by the
<br />City of South Bend, Indiana, to provide funds to be used toward the
<br />payment of the costs of acquiring such real estate and the construc-
<br />tion, and equipping of such Economic Development Facilities.
<br />SECTION 3. Any costs or expenses incurred in connection with
<br />the Laidig Silo Unloaders, Inc. Project shall be included in the project
<br />costs and reimbursed from the proceeds of the Industrial Revenue Bonds
<br />to be issued with respect thereto.
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