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RESOLUTION NO. , '7 0 - ? c3
<br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
<br /> ST. JOSEPH COUNTY, INDIANA, IN THE MATTER OF PLAS/STEEL
<br /> PRODUCTS , INC. , AN INDIANA CORPORATION.
<br /> WHEREAS , Plas/Steel Products , Inc. , an Indiana corporation, of
<br /> Walkerton, Indiana, has submitted its intention to the Economic
<br /> Development Commission of South Bend, for the construction and
<br /> equipping of a facility in Walkerton, Indiana.
<br /> WHEREAS, the Economic Development Commission, pursuant to
<br /> the statute, has found by written resolution that there exists
<br /> insufficient employment opportunities and that the economic
<br /> welfare of the City of South Bend, Idnaina, would be benefited
<br /> and the purpose of the statute would be accomplished by the
<br /> acquisition and leasing of the above described property to Plas/
<br /> Steel Products , Inc. , an Indiana corporation, and
<br /> WHEREAS, Plas/Steel Products , Inc. , an Indiana corporation, has
<br /> submitted a statement of public service to the above Economic
<br /> Development Commission of the City of South Bend, and said Commission
<br /> has forwarded this statement of public service with their approval
<br /> and comments to the South Bend School Corporation, a copy of which
<br /> is attached, and
<br /> WHEREAS , the affirmative response and analysis of the South Bend
<br /> School Corporation has been received as presented to the Clerk
<br /> of the City of South Bend and attached, and
<br /> WHEREAS, the statement of public service by Plas/Steel Products ,
<br /> Inc. , an Indiana corporation, and the Economic Development
<br /> Commission of the City of South Bend have been submitted for approval
<br /> and comments to the Area Plan Commission of St. Joseph County and
<br /> the affirmative action and comments of the Area Plan Commission
<br /> have been received by the Clerk of the City of South Bend, as
<br /> attached, and
<br /> WHEREAS, the requirements of the application as described in
<br /> the "Municipal Economic Development Act of 1965 , of the State of
<br /> Indiana" as amended have therefore been met to this point, including
<br /> a projection of the number of jobs created, and the estimated
<br /> payroll created and the appro-nimation of the cost of the land and
<br /> construction, and the impact 6n utilities and fire and police
<br /> facilities of the City of South Bend with the approvals of the
<br /> School Corporation and the Area Plan Commission have jurisdiction
<br /> of the area in which the proposed facility is to be built, and
<br /> WHEREAS, now the Plas/Steel Products , Inc. , an Indiana corporation,
<br /> seeks approximately $500 , 000 . 00 from an issue of revenue bonds of
<br /> the Economic Development Commission of the City of South BEnd to
<br /> be signed by the Mayor and by its City Clerk and further desires
<br /> to enter into a lease of not more than 20 years duration to be known
<br /> as a net net net lease sufficient to pay the principal and interest
<br /> of these bonds and obtain title at the end of the lease, and
<br /> WHEREAS , by virtue of the net net net lease, the Plas/Steel
<br /> Products , Inc. , an Indiana corporation indicates its intention
<br /> to pay all expenses of the operation, maintenance, insurance, property
<br /> taxes , whatever of the facility.
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