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REGULAR MEETING
<br />MARCH 12, 1984
<br />WHEREAS, the Common Council of the City of South Bend, Indiana adopted on the
<br />13th day of October, 1980 an Inducement Resolution attached hereto, made a part hereof
<br />and marked for indentification as Exhibit A; and
<br />WHEREAS, said Exhibit A was adopted pursuant to the application of Bremen Iron &
<br />Metal Co., Inc., which has since changed its name by amendment of its Articles of
<br />Incorporation desires to make certain changes to its Application for Industrial Development
<br />Bonds to be issued by the City of South Bend, Indiana ;. and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and building of economic development facilities pursuant to the provisions of Indiana
<br />Code 18- 6 -4 -.5 (the "Act "); and
<br />WHEREAS, it is apparent that Metal Resources Corporation will increase job opportunities
<br />and commercial diversification in South Bend, Indiana, resulting in a benefit to the
<br />welfare of the public in the City of South Bend, Indiana, and St. Jospeh County,
<br />Indiana; and
<br />WHEREAS, to induce Metal Resources Corporation to develop this project and become
<br />the principal user thereof, the South Bend Common Council desires to adopt this resolution.
<br />NOW, THEFORE, the Common Council of the City of South Bend, Indiana resolves as
<br />follows:
<br />1. Approval is hereby given to the amended application of Metal Resources Corporation
<br />relating to the acquisition of such economic development facilities and the building
<br />of other such facilities wherein Industrial Revenue Bonds would be issued by the City
<br />of South Bend, Indiana for an amount not exceeding Three Million Nine Hundred Thousand
<br />Dollars ($3,900,000.00), payable with interest thereon at a rate of seventy -five
<br />percent (75%) of the prime rate over a period not to exceed fifteen (15) years from
<br />and after the date said economic development facilities are placed in use by the
<br />users thereof.
<br />2. In order to encourage, induce and solicit such application by Metal Resources
<br />Corporation for such Industrial Revenue Bond issue relating to its acquisition of
<br />such Economic Development Facilities and the building of certain facilities, the
<br />South Bend Common Council shall proceed to cooperate with and take such action as may
<br />be necessary in the drafting of documents or the performance of such other acts as
<br />will facilitate the issuance of such Industrial Revenue Bonds by the City of South
<br />Bend, Indiana, to provide funds to be used toward the payment of the costs of acquisition
<br />and building for an economic development facility.
<br />3. Any costs or expenses incurred in connection with said Metal Resources Corporation
<br />project shall be included in the project costs and reimbursed from the proceeds of
<br />the Industrial Revenue Bonds to be issued with respect thereto.
<br />4. That the liability and obligation of the Common Council of the City of South
<br />Bend and the City of South Bend, Indiana, shall be solely to good faith efforts to
<br />consummate such proceedings and issue such bonds, and neither the South Bend Common
<br />Council nor the City of South Bend, Indiana, or its officers or agents, shall incur
<br />any liability whatsoever for any reason the proposed issuance of such bonds is not
<br />consummated.
<br />5. Metal Resources Corporation has proceeded with the acquisition of certain of
<br />the economic development facilities and may continue to proceed with such acquisition
<br />and the building of such facilities in reliance upon this resolution.
<br />6. This resolution shall be in full force and effect from and after its passage
<br />by the Common Council of the City of South Bend and approvall by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Jack Dunfee, attorney for
<br />the petitioner, indicated that on October 13 an inducement resolution was passed for
<br />Bremen Iron and Metal Company, Inc., since then their new legal corporate name is
<br />Metal Resources Corporation. He indicated that it was necessary to pass this resolution
<br />to change the name of the corporation. Council Member Taylor made a motion adopt
<br />this resolution, seconded by Council Member Zakrzewski. The resolution was adopted
<br />by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1124 -84 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
<br />DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS
<br />N.W. CORNER OF COLFAX AND MICHIGAN STS., SOUTH BEND, INDIANA,
<br />AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY
<br />TAX ABATEMENT.
<br />WHEREAS, a petition for real property tax abatement consideration has been filed
<br />with the Common Council of the City of South Bend, requesting that the area commonly
<br />known as N.W. corner of Colfax and Michigan Sts., South Bend, Indiana, and which is
<br />more particularly described by a line drawn as follows:
<br />1,-1;
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