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WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and construction of economic development facilities in St. Joseph County pursuant to
<br />the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and
<br />WHEREAS, John P. Carrico and Sonya K. Carrico, husband and wife, Indiana resi-
<br />dents, ( "Carrico ") propose to acquire real estate and construct economic development
<br />facilities in the City of South Bend as defined in the Act if the City will finance
<br />costs of such economic development facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an applica-
<br />tion by Carrico for the issuance of City of South Bend Economic Development Bonds in
<br />an approximate amount of Five Hundred Thousand Dollars ($500,000.00) repayable over a
<br />period not more than fifteen (15) years and on terms governed by existing market
<br />rates at the time such bonds are issued in order to acquire real estate and construct
<br />a commercial building to be leased to QSI, Inc., an Indiana corporation, for the
<br />purpose of the corporation conducting its commercial printing operation in the faci-
<br />lity resulting in improving and promoting job opportunities and commercial diversi-
<br />fication within and near South Bend, Indiana.
<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 fi-
<br />nanced by the City through the issuance of revenue bonds pursuant to the Act and the
<br />City is willing, upon compliance with all provisions of Indiana law, to authorize
<br />approximately Five Hundred Thousand Dollars ($500,000.00) of its revenue bonds, which
<br />bonds will not be general obligations of the City but will be payable solely from the
<br />limited sources authorized and permitted by the Act.
<br />2. The proposed financing will b@ of 0,pp @fit tp t�? @op .o ,io Wol €are of t}?q
<br />City and will comply with the puproses and provisions of the.
<br />3. Carrico May proceed vith the acquisition and construction of economic de-
<br />velopment facilities 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, the city of South Bend, Indiana, the St.
<br />Joseph County Council and St. Joseph County shall be limited solely to the good faith
<br />efforts to consummate such proceedings and issue such Bonds, and the South Bend Eco-
<br />nomic Development Commission, the City of South Bend, Indiana and St. Joseph County,
<br />their officers or agents, shall not incur any liability if for lany reason the pro-
<br />posed issuance of such Bonds is not consumated.
<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 /Lewis A. McGann
<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 they planned to construct a com-
<br />mercial building to be leased to QSI, Inc., a commercial printing operation. He
<br />indicated this would be a $500,000 bond issue, and six new full -time jobs will be
<br />created. Council Member Szymkowiak made a motion to adopt this resolution, seconded
<br />by Council Member Beck. The resolution was adopted by a roll call vote of eight
<br />ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 905 -81
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO: ROBERT FRESHLEY
<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 />and construction of economic development facilities in St. Joseph County pursuant to
<br />the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and
<br />WHEREAS, Robert Freshley, an Indiana resident, propose to acquire real estate
<br />and remodel a building in the City of South Bend as defined in the Act if the City
<br />will finance costs of such economic development facilities pursuant to 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 applica-
<br />tion by Robert Freshley for the issuance of City of South Bend Economic Development
<br />Bonds in an approximate amount of Two Hundred Twenty Five Thousand Dollars ($225,000.00)
<br />repayable over a period not more than fifteen (15) years in order to acquire and r-
<br />emodel a commercial building to be leased to Basic Machine Products, Inc. for the
<br />purpose of conducting its relocation and expansion program in the facility resulting
<br />in improving and promoting job opportunities within the City of South Bend, Indiana.
<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 fi-
<br />nanced by the City through the issuance of revenue bonds pursuant to the Act and the
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