Approving Industrial Development Revenue Bonds STC Recycling Inc Project

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VOOR, ALLEN, FEDDER, HERENDEEN 8 KOWALS ATTORNEYS b COUNSELORS AT LAW WILLIAM E. VOOR 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS LARRY L. AMBLER FRED R.HAIN5 DAVID M. MCTIGUE August 3, 1983 Members of the South Bend Common Council County City Building South Bend, Indiana 46601 Re: STC Recycling, Inc. Proposed Ordinance Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACK50N GUY H. McMICHAEL The South Bend Economic Development Commission has received an application from STC Recycling, Inc., a Delaware corporation ( "STC "), and Copelco Leverage Leasing Corp., a New Jersey corporation ( "Copelco "), requesting your consideration of a revenue bond issue not to exceed $1,300,000.00. It is intended that the proceeds of this issue be used by Copelco for the purchase of certain equipment which will be leased to STC so that the latter corporation may initiate business operations in South Bend. It is anticipated that the equipment in question will be located at leased facilities at 445 North Sheridan Avenue, South Bend. STC will be involved in the recovery of metals and other base manufacturing materials from used electrical eqiupment through a dry process which involves no chemical changes and is non - polluting. STC will initially directly employ 30 people with an annual payroll of approximately $500,000.00. In addition, it is estimated that STC will be purchasing materials and services for leasehold improvements which it believes are available locally, in.the amount of $300,000.00, and will be spending additional amounts annually for local services and facilities requir in the operation of its business. spectful Ken h� Fedder KPF /mrg