Preliminary Approval of the Issuance of Economic Development Revenue Bonds to Finance certain Economic Development Facilities - Bonds

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RESOLUTION NO. 3 ~'~ ~ ~ ~~" A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, COMMON COUNCIL, PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO FINANCE CERTAIN ECONOMIC DEVELOPMENT FACILITIES AND PROVIDING THAT CERTAIN PRELIMINARY COSTS BE REIMBURSED FROM THE PROCEEDS OF SAID BONDS WHEREAS, the City of South Bend, Indiana (the "City"), is authorized by I.C. 36-7-11.9 and 12, as supplemented and amended (the "Act"), to issue revenue bonds for the financing of economic development facilities, the funds for said financing to be used for the development, construction, installation and equipping of said facilities; and WHEREAS, PEUGenesis, Inc. ("PEI") and Tuliptree Associates, LLC ("Tuliptree") (PEI and Tuliptree, collectively, the "Applicant") desire to finance the acquisition, construction and equipping of an approximate 142,000 square foot manufacturing facility to be located at 4747 West Cleveland Road in South Bend, Indiana, which facility will be owned by Tuliptree and leased to PEI (the "Project"); and WHEREAS, the Applicant has advised the South Bend Economic Development Commission (the "Commission") and the City that the Applicant proposes that the City issue economic development revenue bonds for the purpose of providing financing for certain economic development facilities consisting of the development, construction and equipping of the Project; and WHEREAS, it is anticipated that the Project will result in the creation of approximately twelve (12) new, full-time, permanent jobs with an estimated annual payroll of $340,000 and will retain one hundred forty (140) full-time, permanent jobs and four (4) part-time, permanent jobs with a total estimated annual payroll of $3,700,000; and WHEREAS, the issuance of said bonds shall not obligate the full faith and credit of the taxing power of the City; and WHEREAS, subject to required approvals, it appears that the financing of the Project would be a public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; and WHEREAS, to induce Applicant to proceed with the Project, the Common Council of the City desires to adopt this resolution. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. It is apparent that said Project will increase job opportunities and industrial diversification within the City, resulting in a benefit to the welfare of the public in the City.