The matter of allied products corporation

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r � RESOLUTION NO. 3 9- '),3 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN THE MATTER OF ALLIED PRODUCTS CORPORATION, OF SOUTH BEND, INDIANA WHEREAS, Allied Products Corporation, has submitted its intention to the Economic Development Commission of South Bend, to equip, remodel and enlarge its existing facilities in South Bend, Indiana, in St. Joseph County. WHEREAS, the Economic Development Commission, pursuant to the statute, has found by written resolution that there exists insufficient employment opportunities and that the economic welfare of the City of South Bend, Indiana, would be benefited and the purpose of the statute would be accomplished by the acquisition and leasing of the above described property to Allied Products Corporation, and WHEREAS, Allied Products Corporation, has submitted a statement of public service to the above Economic Development Commission of the City of South Bend and said Commission has forwarded this statement of public service with their approval and comments to the South Bend School Corporation, a copy of which is attached, and WHEREAS, the affirmative response and analysis of the South Bend School Corporation, has been received as presented to the Clerk of the City of South Bend, and attached, and WHEREAS, the statement of public service by Allied Products Corporation, and the Economic Development Commission of the City of South Bend have been submitted for approval and comments to the Area Plan Commission of St. Joseph County and the affirmative action and comments of the Area Plan Commission have been received by the Clerk of South Bend, as attached, and WHEREAS, the requirements of the application as described in the "Municipal Economic Development Act of 1965 , of the State of Indiana" as amended have therefore been met to this point, including a projection of the number of jobs created, the estimated payroll created and the approximation of the cost of the land and construction, and the impact on utilities and fire and police facilities of the City of South Bend with the approvals of the school corporation and the Area Plan Commission have jurisdiction of the area in which the proposed facility is to be built, and WHEREAS, Allied Products Corporation seek approximately $4, 000 , 000. 00 from an issue of revenue bonds of the Economic Development Commission of the City of South Bend to be signed by its Mayor and by its City Clerk and further desires to enter into a lease of not to exceed 30 years duration to be known as a net net net lease sufficient to pay the principal and interest of these bonds and obtain title at the end of the lease, and WHEREAS , by virtue of the net net net lease , the Allied Products Corporation indicates its intention to pay all expenses of the operation, maintenance, insurance, property taxes , whatever of the facility.