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RESOLUTION NO. IS-442 <br /> RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF <br /> SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO <br /> SUBMIT AN APPLICATION TO THE INDIANA DEPARTMENT <br /> OF COMMERCE FOR THE STATE INVESTMENT INCENTIVE <br /> PROGRAM FUND (SIBLEY MACHINE AND FOUNDRY <br /> CORPORATION) <br /> WHEREAS, the City of South Bend is dedicated to pursuing <br /> economic development through promoting growth of businesses which <br /> stimulate the local economy and thereby benefit the people of South <br /> Bend as a whole; and <br /> WHEREAS, the Sibley Machine and Foundry Corporation project <br /> will benefit the local economy, specifically by increasing foundry <br /> employment by 75 jobs in South Bend, and, in time, add an additional <br /> 15 - 40 local machining jobs; and <br /> WHEREAS, the acquisition of General Castings Corporation <br /> assets in Waukesha, Wisconsin by Sibley would serve to introduce <br /> approximately $6. 5 million of sales volume to the South Bend <br /> operations, utilize the drastically underutilized capacity of both <br /> the machining and casting operations, and stabilize the future <br /> employment potential for the existing work force of 195; and <br /> WHEREAS, the receipt of a State Investment Incentive Grant <br /> will enable the City of South Bend to finance a portion of the <br /> acquisition cost of manufacturing equipment necessary to allow Sibley <br /> Machine & Foundry Corporation to increase their sales and thus <br /> enhance the long term viability of the entire Sibley operation. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA; <br /> SECTION I. Hereby establishes the authority of the Mayor <br /> of the City of South Bend to submit a State Investment Incentive <br /> Grant application to the Indiana Department of Commerce for the <br /> Sibley Machine & Foundry Corporation project. <br /> SECTION II. This Resolution shall be in full force and <br /> effect immediately upon passage by the Common Council of the City of <br /> South Bend, Indiana, and approval by the Mayor. <br /> Me r of the Common '•uncil <br /> lied irs Odes Offict <br /> MAY 81987 <br /> PRESENTED .6"-//- Si 7 Gait W' SK, SO, BEND, I? <br /> NOT APPROVED <br /> ADOPTED S-//-8 7 <br />