Inducement Resolution relating to Derby, Inc. Project

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RESOLUTION NO. 699 -79 INDUCEMENT RESOLUTION OF SOUTH BEND COMMON COUNCIL RELATING TO DERBY, INC. PROJECT WHEREAS, The South Bend Economic Development 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 diversification within the City of South Bend, Indiana, and the surrounding area; and in order to improve and promote job opportunities and commercial diversification within the City of South Bend, Indiana and the surrounding area, a financing agreement should be effected with DERBY, INC., an Indiana Corporation, relating to a project to be known as the DERBY, INC. PROJECT; and WHEREAS, DERBY, INC. is an existing Indiana Corporation who is presently leasing a facility in South Bend for the manufacturing of vinyl cases and desires to expand its operation and to employ a substantial number of additional employees, at 24350 State Road 23, South Bend, Indiana; and WHEREAS, to induce DERBY, INC. to expand its present operations and to purchase real estate and construct a new economic development facility, the South Bend Common Council desires to adopt this Resolution; and WHEREAS, it is apparent that the DERBY, INC. PROJECT will increase job opportunities and commercial diversification in South Bend, Indiana and the surrounding area, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana and the surrounding area. NOW, THEREFORE, BE IT RESOLVED, that the South Bend Common Council approve the application of DERBY, INC. relating to the purchase of real estate and the construction of an economic development facility under an arrangement whereby the costs of such purchase of real estate and construction of an economic development facility will be paid from the proceeds of Industrial Development Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding One Hundred Eighty Thousand ($180,000.00)