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RESOLUTION NO. 343-72
<br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
<br /> OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN
<br /> THE MATTER OF WELLS ELECTRONICS, INC. , OF
<br /> SOUTH BEND, INDIANA
<br /> WHEREAS, Wells Electronics , Inc. , of South Bend, has submitted
<br /> its intention to the Economic Development Commission of South Bend,
<br /> to construct a new building located at 1801 South Main Street,
<br /> within the City of South Bend, 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 welfare
<br /> of the City of South Bend, Indiana, would be benefited and the
<br /> purpose of the statute would be accomplished by the acquisition
<br /> and leasing of the above described property to Wells Electronics ,
<br /> Inc. , of South Bend, Indiana, and
<br /> WHEREAS, Wells Electronics , Inc, of South Bend has submitted
<br /> a statement of public service to the above Economic Development
<br /> Commission of the City of South Bend and said Commission has
<br /> forwarded this statement of public service with their approval and
<br /> comments to the South Bend School Corporation, a copy of which is
<br /> attached, and
<br /> WHEREAS, the affirmative response and analysis of the
<br /> South Bend School Corporation has been received as presented to the
<br /> Clerk of the City of South Bend, and attached, and
<br /> WHEREAS, the statement of public service by Wells Electronics ,
<br /> Inc. , of South Bend and the Economic Development Commission of the
<br /> City of South Bend have been submitted for approval and comments
<br /> to the Area Plan Commission of St. Joseph County and the affirmative
<br /> action and comments of the Area Plan Commission have been received
<br /> by the Clerk of the City of South Bend, as attached, and
<br /> WHEREAS, the requirements of the application as described
<br /> in the "Municipal Economic Development Act of 1965 of the State of
<br /> Indiana" as amended have therefore been met to this point,
<br /> including a projection of the number of jobs created, the estimated
<br /> payroll created and the approximation of the cost of the land and
<br /> construction, and the impact on 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 Wells Electronics, Inc. , of South Bend, seeks
<br /> approximately $180, 000. 00 from an issue of revenue bonds of the
<br /> Economic Development Commission of the City of South Bend to be
<br /> signed by the Mayor and by its City Clerk and further desires to
<br /> 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 virture of the net net net lease, the Wells
<br /> Electronics , Inc. , of South Bend indicates its intention to pay all
<br /> expenses of the operation, maintenance, insurance,property taxes ,
<br /> whatever of the facility.
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