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REGULAR, MEETING OCTOBER 22, 1979
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />RESOLUTION NO. 730 -79 AN INDUCEMENT RESOLUTION RELATING TO THE EXACTO, INC.
<br />OF SOUTH BEND PROJECT.
<br />WHEREAS, pursuant to I.C. 18- 6 -4 -5, the Common Council of the City of South Bend, Indiana,
<br />created the South Bend Economic Development Commission, which Commission has heretofore in-
<br />vestigated, studied, surveyed and reported to the Mayor and the Common Council of the City of
<br />South Bend, Indiana, that a need exists in the community for additional job opportunities and
<br />commercial and industrial diversification within the City of South Bend, Indiana; and in order
<br />to improve and promote job opportunities, commercial diversification and the general welfare
<br />of the area within the City of South Bend, Indiana, a financing agreement should be entered
<br />into with "EXACTO, INC. OF SOUTH BEND" or its assigns, relating to a project to be known as
<br />the EXACTO, INC. OF SOUTH BEND PROJECT ":
<br />WHEREAS, Exacto, Inc. of South Bend is an Indiana corporation organized in 1970 in South
<br />Bend, Indiana, and engaged in the business of manufacturing precision piece parts for turbo -
<br />chargers for high.speed diesel engines. It is the present intention of Exacto, Inc. of South
<br />Bend to purchase additional machinery and equipment which will be installed in its operation
<br />at 1119 S. Franklin Street, South Bend, Indiana, and used in conjunction with its present
<br />manufacturing operation, resulting in an expansion of its facility, which project is anticipated
<br />to create Twenty -five (25) new jobs; and
<br />WHEREAS, to induce Exacto, Inc. of South Bend, or its assigns, to become the principal
<br />user of such economic development properties, the Common Council of the City of South Bend
<br />desires to adopt this resolution; and
<br />WHEREAS, it is apparent that the development of the "EXACTO, INC. OF SOUTH BEND PROJECT"
<br />will increase job opportunities and commercial diversification in South Bend, Indiana, result-
<br />ing in a benefit to the welfare of the public in the City of South Bend, Indiana, and in St.
<br />Joseph County, Indiana.
<br />NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as
<br />follows:
<br />1. Section 1. That approval is hereby given to the application of Exacto, Inc. of South
<br />Bend, or its assigns, relating to the purchase of machinery and equipment and the installation
<br />thereof under an arrangement whereby the cost of such machinery and equipment, and installation,
<br />would be paid from the proceeds of the Industrial Revenue Bonds to be issued by the City of
<br />South Bend, Indiana, for an amount not exceeding Three Hundred Thousand Dollars ($300,000.00),
<br />repayable with interest thereon over a period of time and with a maturity date which does not
<br />exceed beyond Twenty (20) years after the issue date.
<br />2. Section 2. In order to encourage, induce and solicit such application by Exacto,
<br />Inc. of South Bend for such Industrial Revenue Bond issue relating to the purchase of
<br />machinery and equipment and the installation andevelopment of such economic development
<br />property, the South Bend Economic Development Commission, on behalf of the City of South
<br />Bend, shall proceed to cooperate with and take such action as may be necessary in the
<br />approval and drafting of documents or the performing of such other acts as will facilitate
<br />the issuance of such Industrial Revenue Bonds by the CIty of South Bend.to provide funds to
<br />be used in the purchase and installation of such economic Development property.
<br />3. Section 3. Any costs or expenses incurred on connection with said "EXACTO, INC.
<br />OF SOUTH BEND PROJECT" shall be included in the project costs and reimbursed from the proceeds
<br />of the Industrial Revenue Bonds to be issued with respect thereto.
<br />4. Section 4. This resolution shall be in full force and effect from and afters its
<br />passage by the Common Council of the City of South Bend and approved by the Mayor.
<br />/s /Roger 0. Parent
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, attorney for
<br />the Economic Development Commission, indicated this project is for the purchase of machinery
<br />and equipment in conjunction with the manufacturing operation for precision parts at 119 S.
<br />Franklin Street. He indicated that the bond issue would be for $300,000. He said that if the
<br />Economic Development Commission approves this funding, this will return to the Council in
<br />ordinance form. Council Member Kopdzynski made a motion to adopt this resolution, seconded
<br />by Council Member Dombrowski. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 731 -79
<br />A RESOLUTION OF THE SOUTH BEND COMMON COUNCIL REASSERTING
<br />ITS INTENT TO ISSUE MORTGAGE- BACKED HOUSING REVENUE BONDS.
<br />WHEREAS, the City of South Bend, Indiana has previously and by resolution indicated its
<br />intent to issue Single Family Mortgage Revenue Bonds, it hereby affirms and reasserts.such inten
<br />WHEREAS, there is a shortage of moderately priced, safe, sanitary housing in the City of
<br />South Bend, Indiana; and,
<br />WHEREAS, the city of South Bend, Indiana desires to assist low and moderate income citizens
<br />in obtaining the goal of home ownership where they are currently precluded from that goal; and
<br />WHEREAS, Kirchner, Moore and Company and local underwriting firm(s) (the Underwriters)
<br />are experienced in structuring Single Family Mortgage Revenue Bond issues; and
<br />WHEREAS, it is deemed necessary and advisable to indicate the City's intent to pursue an
<br />issue of Single Family Mortgage Revenue Bonds.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF SOUTH BEND, INDIANA:
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