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____REGULAR_ MEETING.__.____ Y. _ __ ._ __ ._AUGUST_. 13,-198t.-
<br />A public hearing was held on the resolution at this time. Tim Brassell, Fire Chief,
<br />indicated the proposed purchase would be made from the emergency medical service
<br />fund. Council Member Serge made a motion to adopt this resolution, seconded by
<br />Council Member Taylor. The resolution was adopted by a roll call vote of eight
<br />ayes.
<br />RESOLUTION NO. 11,84-84
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, IDNIANA,
<br />RELATING TO: AUTOMATIC MOLDED PLASTICS, INC., AND AQUARIUS
<br />TOOL AND MOLD, INC. PROJECT.
<br />WHEREAS, at the present time, there are insufficient employment opportunities
<br />and insufficient diversification of business, commerce and.industry and insufficient
<br />tax base in the City of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and construction of economic development facilities, pursuant to the provisions of
<br />Ind. Code S36 -7 -12 (the "Act "); and
<br />WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. desire
<br />to acquire certain economic development facilities in South Bend, Indiana, provided
<br />that the city will finance a portion of the costs of such facilities, pursuant to
<br />the Act, which facilities will constitute economic development facilities, as defined
<br />in the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. for the issuance
<br />of City of South Bend Economic Development Revenue Bonds in he amount of One Million
<br />Five Hundred Thousand and No /100 Dollars ($1,500,000.00) for a period of ten (10)
<br />years, with interest at the fixed rate of ten per cent (10 %) for the following economic
<br />development facilities ( "Project ");
<br />A. Automatic Plastics, Inc. will acquire:
<br />Six (6) New injection Molding Machines
<br />Support Equipiment•
<br />Water TemperatureCOntrol lUnits
<br />Oil Temperature Control Units
<br />Material Dryers
<br />Material Loaders
<br />Material Grinders
<br />B. Aquarius Tool & Mold, Inc. will acquire:
<br />One General Electric Calma System
<br />Competer Aided Design /Computer
<br />Aided Machinery
<br />Two (2) CNC Bed Milling Machines
<br />One (1) CNC Wire Electrical Discharge Machine
<br />One (1) CNC Lathe
<br />One (1) Programmable Electrical Discharge Machine
<br />resulting in the addition of approximately one hundred sixty -four (164) new jobs and
<br />an increased annual payroll of approximately Three Million One Hundred sixty -one
<br />Thousand Eight Hundred Forty and No /100 Dollars ($3,161,840.00).
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, moves as
<br />follows:
<br />1. The Project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act, and
<br />the City is willing, upon compliance with all provisions of Indiana law, to authorize
<br />approximately One Million Five Hundred Thousand and No /100 Dollars ($1,500,000.00)
<br />of its revenue bonds, which bonds will not be general obligations of the City but
<br />will be payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
<br />3. The proposed financing of the Project by the City for Automatic Molded
<br />Plastics, Inc. and Aquarius Tool and Mold, Inc. is hereby found to comply with the
<br />purposes and provisions of the Act and Automatic Molded Plastics, Inc. and Aquarius
<br />Tool and Mold, Inc. may proceed with the Project in reliance upon this resolution.
<br />4. The South Bend Economic Development Commission shall take such action as is
<br />necessary to facilitate the issuance of Industrial Development Revenue Bonds (the
<br />"Bonds ") by the City of South Bend, Indiana, for the Project, but that all costs and
<br />expenses incurred in the issuance shall be Project costs to be disbursed from the
<br />proceeds of the Bonds.
<br />5. The South Bend Economic Development Commission, the South Bend Common Council
<br />and the City shall not be liable if the issuance of the Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and aprrved by. the Mayor.
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