Authorizing the Issuance & Sale $2,400,000 Allied Products Corp

Home Browse Search

AA CITY of SOUTH BEND ROGER O. PARENT, Mayor Economic Development Commission Jerry Hammes, President Walter Szymkowiak, Vice President Walter A. Mucha, Secretary Kenneth P. Fedder, Councel Alice Neddo, Asst. Sec. Alice Neddo Staff Administrator March 21, 1984 230 W. Jefferson Boulevard P.O. Box 1677 South Bend, Indiana 46634 -1677 (2 19) 234 -0051 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 - Phase II Dear Councilmen: As you are aware, the South Bend Economic Development Commission approved an application from Allied Products Corporation for $6,500,000.00 of economic development revenue bonds to purchase, renovate and equip certain economic development facilities in South Bend, Indiana. On March 2, 1984, your Council, at a special meeting, passed Ordinance No. 7308 -84, approving the financing arrangements for Phase I of the project in the amount of $850,000.00. Attached is the proposed Ordinance authorizing the issuance and sale of $2,400,000.00 of revenue bonds for further completion of the project. As we advised on March 2, 1984, we anticipate filing with this Ordinance the supplemental financing documents, and would respectfully request that at the March 26, 1984 meeting this Ordinance receive first reading, a suspension of your rules to permit second reading and public hearing, and a favorable vote thereon. As I outlined before, we are looking at upwards to 75 total new jobs be created when the entire project is finally finished throgh the various phases. t FILED IR U' qal'S GFICE ttfrney H PY. FENEKT ' F for the South Bend Economic Development Commission KPF :ram Irene Gammon CITY CLERK, SOUTH BEND, IND;