Inducement Resolution Relating to Application by Allied Products Corporation for Issuance of Revenue Bonds

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BARNES a THORNBURG 1313 MERCHANTS BANK BUILDING 600 1ST SOURCE BANK CENTER FEDERAL BAR BUILDING II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN ISIS H STREET,N.W. INDIANAPOLIS, INDIANA 96209 WASHINGTON,0.0.20006 13171638-1313 SOUTH BEND, INDIANA 46601 12021955-9500 1219) 233-1171 305 FIRST NATIONAL BANK BUILDING 301 SOUTH MAIN STREET EELKHART,INDIANA 46516 TWX B10-341-3427 B8T LAW IND 12191 293-0E81 TELECOPIER 1219) 237-1125 MARK C. KRCMARIC BY HAND DELIVERY November 25, 1985 Mrs. Irene K. Gammon City of South Bend City Clerk County-City Building South Bend, Indiana 46601 Re: $1,000, 000 City of South Bend Economic Development Revenue Bond (Allied Products Corporation Project) Dear Mrs. Gammon: This letter describes the proposed project with respect to the Ordinance and Inducement Resolution that were filed with your office on November 22, 1985. Allied Products Corporation, with corporate offices in Chicago, Illinois, proposes to purchase and rehabilitate the South Bend facility of White Farm Equipment Company, located at 701 South Chapin Street in the City of South Bend. The purchase and the bond financing are dependent upon approval by the Bankruptcy Court in White Farm Equipment Company' s proceeding under the provisions of Chapter 11 of the United States Bankruptcy Code. Allied Products Corporation proposes to acquire this facility and to spend an amount equal to several times the purchase price to rehabilitate the facility. The property to be acquired consists of approximately 35 acres and several buildings totaling 900, 000 square feet. The equipment is already owned by Allied Products Corporation. The project is expected to result in the preservation of approximately 10 jobs and the creation of approximately 100 jobs at the facility following completion of the project. 1st Source Bank has issued its commitment letter to purchase the bonds to finance the project.