Resolution of the Common Council Relating to Steel Warehouse Co. Inc.

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RESOLUTION NO. i yes, - 4 RESOLUTION OF THE COMMON COUNCIL OF THE. CITY OF SOUTH BEND, INDIANA: RELATING TO STEEL WAREHOUSE CO. , INC. WHEREAS, the City of South Bend, Indiana (the "Issuer") is authorized by IC 36-7- 11.9 and 12 (the "Act") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS, Steel Warehouse Co., Inc., an Indiana corporation (the "Applicant") has advised the South Bend Economic Development Commission (the "Commission") and the Issuer that it proposes that the Issuer either acquire, construct and equip an economic development facility and sell or lease the same to the Applicant or loan proceeds of an economic development financing to the Applicant for the same, said economic develop- ment facility to consist of the expansion of the Applicant's existing steel processing facility, by the acquisition of machinery and equipment to be used as a continuous pickier system and the expansion of the existing building in order to house said system, all to be used in the Applicant's business of cutting and treating flat rolled, low carbon steel, which existing facility is located at 2722 W. Tucker Drive, in South Bend, Indiana ("Project"); and WHEREAS, the diversification of industry and increase in job opportunities (7 to 15 new jobs) to be achieved by the acquisition and expansion of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, having received the advice of the South Bend Economic Development Commission, it would appear that the financing of the Project would be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, it is tentatively found that the acquisition and expansion of the facility will not have an adverse competitive effect on any similar facility already constructed or operating in South Bend, Indiana; NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the City of South Bend, as follows: 1. The Common Council of the City of South Bend finds, determines. ratifies and confirms that the promotion of diversification of economic development and job opportu- nities in and near South Bend, Indiana, is desirable to preserve the health, safety and general welfare of the citizens of the Issuer; and that it is in the public interest that the Commission and the Issuer take such action as they lawfully may to encourage economic