Industrial Development Revenue Bonds - Schafer Gear Works Inc Project

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COMMISSION RESOLUTION NO. -- WHEREAS, the City of south Bend, Indiana, still has insuf- ufficient tax base and insuf- ficient employment opportunities, ins ficient diversification of economic development facilities, which conditions are harmful to the health, prosperity, economic stability and general welfare of the area and, if not remedied, will be detri- mental to the development of such area and its environs; and WHEREAS, Schafer Gear Works, Inc., an Indiana corporation, has filed an application with the South Bend, Economic Development Commission ( "Commission ") to finance the installation and constrtrc- tion of an approximate 10,000 sq. ft. expansion (facilities) to the on realty situated main plant building of Schafer Gear Works, Inc., at and commonly known as 814 S. Main Street, South Bend, Indiana, 46624 including new walls, roof, flooring, partitions, ceilings, ibution system, and lighting, service wiring and. outlets, air distr other facilities commonly incorporated in a plant expansion to con - stituted economic development facilities resulting in the creation of a substantial number of new jobs as well as other benefits; and WHEREAS, Commission has prepared and placed on file a report as specified in IC 18- 6 -45 -16 and has forwarded copies to the Chair l - man of the St. Joseph ..County Area Pan Commission and the Superinten- dent of the South Bend Community School Corporation where the eco- nomic development facilities are proposed'to be located and has re- ceived favorable reports from each of them; and ission has found on behalf of the City of WHEREAS, Comm sed financing will be of benefit t< South Bend, Indiana that the propo the health and welfare of the City of South Bend, Indiana, and com- plies with the purposes and provisions of the Indiana Code of 1971, Title 18, Chapter 6, Article 4.5 as amended; and WHEREAS, Commission has considered and determined that suc proposed economic development facilities will not have an adverse cc petitive effect on similar facilities already constructed or opera- ting in the City Of South Bend, Indiana, and environs. NOW, THEREFORE, the South Bend Economic Development Commi blic hearing on not less than fiv< Sion at this meeting, being a pu (5) days notice of the proposed financing of such economic develop