Industrial Development Revenue Bonds - Schafer Gear Works Inc Project

Home Browse Search

ORDINANCE NO. (a R (o ;� — g AN ORDINANCE APPROVING THE FORM AND TERMS OF INDENTURE OF TRUST AND LOAN AGREEMENT, INDUSTRIAL DEVELOPMENT REVENUE BONDS, NOTE, REAL ESTATE MORTGAGE AND GUARANTY AND AUTHOR- IZING THE EXECUTION OF INDENTURE OF TRUST, LOAN AGREEMENT AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND APPROVING RESOLUTION NO. 11 -81 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AND THE FILING OF A STATEMENT PURSUANT TO THE INTERNAL REVENUE CODE RELATING TO THE SCHAFER GEAR WORKS, INC. PROJECT. STATE OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, here- tofore has created the South Bend Economic Development Commission, hereinafter referred to as "Commission" pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 186- 4.5 -30, hereinafter referred to as the "Act "; and SCHAFER GEAR WORKS, INC., an Indiana Corporation, has filed an application with the Commission to finance the installation and construction of an approximately 10,000 sq. ft. expansion (facilities) to the main plant building on realty situated at and commonly known as 814 S. Main Street, South Bend, Indiana, 46624 including walls, roof, flooring, partitions, ceilings, lighting, service wiring and outlets, air distribution system, and other facilities commonly in- corporated in a plant expansion to constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits, and in connection therewith the Commission has pre- pared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corpora- tion, being the area in wich the proposed facilities will be located, and has timely received favorable reports from each of them, and the Commission held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing