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REGULAR MEETING
<br />RESOLUTION NO. 1307 -85
<br />JULY 8, 1985
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY GRIFFITH
<br />LABORATORIES U.S.A., INC., AN INDIANA PARTNERSHIP, FOR
<br />THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT
<br />REVENUE BONDS.
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />of economic development facilities in the corporate limits of the City pursuant to
<br />the provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, Griffith Laboratories, U.S. A., Inc., a Delaware corporation
<br />( "Griffith ") with its corporate headquarters in Alsip, Illinois, proposes to acquire
<br />economic development facilities near South Bend, Indiana as defined in the Act if
<br />the City will finance costs of such economic development facilities pursuant to the
<br />Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by the Partnership for the issuance of City of South Bend Economic
<br />Development Revenue Bonds in the approximate amount of Ten Million and no /100
<br />Dollars ($10,000,000.00) with the terms of repayment to be determined by the market
<br />rates at the time the bonds are sold and the proceeds of the bonds will be used to
<br />acquire real estate, make improvements to real estate and acquire equipment to be
<br />used as a manufacturing and distribution facility located in St. Joseph County,
<br />Indiana, resulting in fifty new jobs with an annual payroll of approximately one
<br />million dollars per year.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as 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, including
<br />consent of the St. Joseph County Council, to authorize approximately Ten Million
<br />no /100 Dollars ($10,000,000.00) of its revenue bonds, which bonds will not be
<br />general obligations of the City but will be payable solely from the limited sources
<br />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 Company may proceed with acquisition and rehabilitation of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall
<br />be limited solely to the good faith efforts to consummate such proceedings and issue
<br />such Bonds, and the South Bend Economic Development Commission and the City of South
<br />Bend, Indiana, their officers and agents, shall not incur any liability if for any
<br />reason the proposed issuance of such 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 approval 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. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated the bond issue will be used to
<br />acquire real estate and to construct and equip a 55,000 square foot manufacturing
<br />facility to be located in Phase I of the Toll Road Industrial Park. He indicated
<br />fifty new jobs will be created. Howard Bessire, Director of the Industrial
<br />Foundation, indicated he had toured this company's facilities in Chicago and no odor
<br />was emitted outside the plant. Council Member Taylor made a motion to adopt this
<br />resolution, seconded by Council Member Serge. The resolution was adopted by a roll
<br />call vote of nine ayes.
<br />REPORTS
<br />Council Member Puzzello indicated that the Personnel and Finance Committee had met
<br />on bill nos. 64, 65, 66 70 and 71 -85 and recommended them favorable. She indicated
<br />that Bill No. 72 -85 and 73 -85 were recommended favorable, as amended.
<br />Council Member Serge indicated that the Utilities Committee had met on bill nos. 68
<br />and 69 -85 and recommended them favorable.
<br />Council Member Braboy indicated that the Human Resources Committee had met on
<br />resolutions A & B and recommended them favorable.
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