Inducement Resolution relating to the Weltek, Inc. Project

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RESOLUTION NO. (0q2-749 AN INDUCEMENT RESOLUTION RELATING TO THE WELTEK, INC. 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, following an investigation and survey, 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 diversifi- cation 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 Weltek, Inc., or its assigns, relating to a project to be known as the "Weltek, Inc. Project; and WHEREAS, Weltek, Inc. is an existing corporation organized under the laws of the State of Indiana engaging in the business of manufacturing and selling electronic products and desires to expand substantially its operations with the result that it will retain a substantial number of new employees, and, WHEREAS, Weltek, Inc. proposes to acquire a parcel of real estate located in Phase III of the Airport Industrial Park in the City of South Bend, the same being Lot 1 in Block 4 of said Phase III, and to construct thereon an industrial facility consisting of some 16,000 square feet; and, WHEREAS, to induce Weltek, Inc., 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 Weltek, Inc. 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 Weltek, Inc. relating to the acquisition of such real estate and the construction of an industrial facility thereon, wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana for an amount not exceeding $550,000.00 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. SECTION 2. In order to encourage, induce and solicit such application by Weltek, Inc., for such Industrial Revenue Bond issue relating to the acquisition and construction of such Economic Development Facilities, the South Bend Economic Development Commission on behalf of the City of South Bend, Indiana shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the acquisition and construction of such Economic Development Facilities.