Inducement Resolution relating to the W & B Realty Project

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RESOLUTION NO. 700 -79 AN INDUCEMENT RESOLUTION RELATIiNG TO THE W & B REALTY PROJECT 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 heretofore has investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial and industrial diversification within the City of South Bend, Indiana; and in order to improve and promote job opportunities, commercial diversification, and the general welfare of the area within the City of South Bend, Indiana, a financing agreement should be entered into with W & B Realty, or its assigns, relating to a project to be known as the "W & B Realty Project "; and WHEREAS, W & B Realty is an existing partnership established in the trade or business of renting commercial and office property and desires to construct and erect a 1 1/2 or 2 story building approximately 60 feet wide and 140 feet long comprising approximately 16,800 square feet for lease to Koszegi Leather and Vinyl Products, Inc., which new structure will be used by said tenant for production and storage facilities and will adjoin an existing structure owned by W & B Realty and presently under lease to Koszegi Leather and Vinyl Products, Inc., and which new facility will result in a sub- stantial increase in the number of employees of such tenant; and WHEREAS, to induce W & B Realty, or its assigns, to become the principal user of such Economic Development Facilities, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that the development of the W & B Realty Project will increase job opportunities and commercial diversification in South Bend, Indiana, resulting in benefit to the welfare of the public in the City of South Bend, Indiana, and in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. That approval is hereby given to the application of W & B Realty, or its assigns, relating to the construction and erection of such Economic Development Facilities under an arrangement whereby the cost of such construction and erection would be paid from the proceeds of Industrial Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding One Hundred Seventy - five Thousand ($175,000.00) Dollars, repayable with interest thereon over a period of time and with a maturity date which does not extend beyond thirty (30) years after the issue date.