Authorizing the Issuance & Sale $850,000 Economic Development Revenue Bonds Allied Products Corp

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CITY of SOUTH BEND ROGER 0. PARENT, Mayor Economic Deveiopment Commission Alice Neuuo SYdtf Huministratur Jerry Hammes, President 230 W. Jettersun 5uuievmrd Walter Szymkowiak, Vice President P.O. box 1877 Walter A. Mucha, Secretary South Bend, Inoiana Kenneth P. Fedder, Counsel 4o634.1677 Alice Neddo, Asst. Sec. (219) 234 -OU51 February 29, 1984 Members of the Common Council of the City of South Bend County -City Building South Bend, IN 46601 Re: Proposed Ordinance Authorizing the Issuance of Revenue Bonds for Allied Products Corporation Project Dear Councilemen: The South Bend Economic Development Commission has received an application from Allied Products Corporation for the issuance of $6,500,000 of Economic Revenue Bonds to purchase a portion of the leased complex of the Allied Products Corporation; to renovate the leased complex; to purchase additional equipment for existing operations and to renovate a portion of the properties already owned by the Corporation. The South Bend Economic Development Commission, on March 2, 1984, will be asked to approve the form of Ordinance and the financing documents being filed herewith. As you are probably all aware, Allied Products Corporation has operated an extensive manufacturing facility in South Bend, Indiana, which is engaged in stamping body parts for the automobile industry,since 1964. The enclosed Ordinance is for $850,000 of revenue bonds for the initial purchase of the leased complex, and we anticipate 25 additional employees when the initial operation is in full production,with the new equipment to be purchased and placed in opera ion at that location at an estimated gross annual payroll of $W' 000. 93757.9 _1 KFVN P . FEDDEI"" A torn y for the South Bend E�ono c Development Commission KPF:ram enc .