Issue Economic Development Revenue Bonds Synthetic Diamond Technology Inc

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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, Counsel Alice Neddo, Asst. Sec. July 6, 1983 Members of the South Bend Common Council County -City Building South Bend, IN 46601 Alice Neddo Staff Administrator 230 W. Jefferson Boulevard P.O. Box 1677 South Bend, Indiana 46634.1677 (219) 234 -0051 Re: Synthetic Diamond Technology, Inc. - Proposed Ordinance Dear Councilmen: On the 18th day of February, 1983, the South Bend Economic Development Commission adopted an Inducement Resolution for a to -be- formed Indiana General Partnership, as Developer, and SDT,'Inc., as User, to acquire machinery and equipment to be used in the manufacturing of synthetic industrial diamonds in a facility to be located on an approximate 3 -acre tract of land in the South Bend Industrial Park. Subsequent to the receipt of the application, both the.Economic Development Commission and the South Bend Common Council approved the funding of this project with Industrial Revenue Bonds as outlined in South Bend Common Council Ordinance No. 7186 -83, which was passed on April 25, 1983, The purpose of the newly approved. Commission Resolution and proposed Common Council Ordinance is because of a change in the legal name of the entity to Synthetic Diamond Technology, Inc., and the approval of all the financial arrangements to that particular Corporation. Other than the approval of the newly named party, all other financing arrangements, including bonds issued, jobs created, payroll estimated and benefits to be generated remain the same as when the original bond issue was approved by the Ordinance preXiously passed by the Common Council. ram FILED IN CLE '11 OFFICE I 1983 Irene Gammon CITY CLERK, SOUTH BEND, IND.