Authorizing the Mayor to Submit Application to Indiana Department of Commerce fro State Investment Incentive Program (Bangor Refrigeration Corporation)

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RESOLUTION NO. l (.aa" W9 RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO SUBMIT AN APPLICATION TO THE INDIANA DEPARTMENT OF COMMERCE FOR THE STATE INVESTMENT INCENTIVE PROGRAM. (BANGOR REFRIGERATION CORPORATION) WHEREAS, the City of South Bend, Indiana, is dedicated to pursuing economic development through promoting growth of businesses which stimulate the local economy and thereby benefit the people of South Bend as a whole; and WHEREAS, Bangor Refrigeration Corporation project will benefit the local economy specifically by adding 30 new jobs to the area and within two years increasing that level of employment by 10 additional jobs; and WHEREAS, Bangor Refrigeration Corporation has purchased lot 3 -5A in the Airport Industrial Park and needs assistance with the purchase of Machinery and Equipment; and WHEREAS, the Bangor Refrigeration Corporation will require various Machinery and Equipment costing $250,000. The receipt of a State Industrial Development Grant will enable the City of South Bend to finance this project with a $100,000 loan to be matched with a $150,000 loan from the Industrial Revolving Fund of South Bend, IN. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Council Hereby establishes the authority of the Mayor of the City of South Bend to submit a State Investment Incentive Program Grant application to the Indiana Department of Commerce for the Bangor Refrigeration Corporation project. SECTION II. This Resolution shall be in full force and effect immediately upon passage by the Common Council of the City of South Bend, Indiana, and approval by the Mayor. PRESENTED (�- .-7 14M APPROVED (` i '-S AP -Pra) M ber If the Common Council Filed In Clerl ;`S Office JUN 2 21988 IRENE GAMMON CITY Cam So. BEND, IM.