Authorizing Economic Development Revenue Bonds Steel Warehouse Co Inc Project

Home Browse Search

(the "Project "), together with the acquisition and installation of a temper mill and related machinery and equipment to be installed at said location. Section 3. It is hereby found that the above - described Project of Steel Warehouse Co., Inc. will not have an adverse competitive impact on other facilities of the same kind already operating in the same market area for the following reasons: (a) After published notice of a public hearing to be held before the Commission, no competitors made them- selves known or spoke against the proposed Project on any basis. (b) There are no facilities of the same kind as the Project in existence or under construction in South Bend or in St. Joseph County, Indiana, and, therefore, will have no adverse competitive impact on any other facility. (c) In the absence of any evidence of any adverse competitive impact, the benefits to the public from the new jobs and payroll to be generated by the Project clearly indicate that the Project should be supported by the issuance of economic development revenue bonds. Section 4. The substantially final forms of the Equipment Loan Agreement, Note and Security Agreement and Indenture of Trust approved by the South Bend Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agree- ment" referred to in I.C. 36- 7 -12), and all such documents shall be -3-