Amendment of Inducement Resolution: Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc.

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Plastic Finishers, Inc. , with a projected payroll from jobs saved of approximately One Million Seventy Thousand and No/100 Dollars ($1,070 ,000 . 00) for Automatic Molded Plastics, Inc. ; and WHEREAS, Automatic Molded Plastics, Inca will use Seven Hundred Fifty Thousand and No/100 Dollars ($750, 000 . 00) of. the bonds for the building addition and the period for these bonds will be ten (10) years , with interest at the fixed rate of ten per cent (10%) . The remaining Two Million Two Hundred fifty Thousand and No/100 Dollars ($2 ,250 , 000 . 00) of the bonds will be used by Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. for equipment acquisition and the period for these bonds will be seven (7) years with interest at the fixed rate of ten per cent (10%) . " shall be amended to read: "WHEREAS, Automatic Molded Plastics , Inc. desires to acquire certain economic development facilities in South Bend, Indiana, provided that the City will finance a portion of the costs of such facilities , pursuant to the Act, which facilities will constitute economic de- velopment facilities, as defined in the Act; and WHEREAS, The South Bend Economic Development Com- mission has received an application by Automatic Molded Plastics , Inc. for the issuance of City of South Bend Economic Revenue Bonds in the total amount of Three Mil- lion and No/100 Dollars ($3, 000 ,000 . 00) , for the fol- lowing economic development facilities ( "Project") : A. Automatic Molded Plastics , Inc. will acquire: One (1) building addition consisting of an additional 20,000 square feet which would bring the building to a total of 107 , 000 square feet Six (6) 200 ton molding machines Two (2) 300 ton molding machines Two (2) 400 ton molding machines Two ('2) 1 ,200 injection molding machines 'One (1) 700 ton injection molding machines resulting in the addition, over a 5 to 7 year range, of two hundred (200): new jobs with seventy-five (75) jobs being saved. There is an anticipated increased payroll of Two Million Seven Hundred Thousand and No/100 Dollars ($2, 700 ,000 . 00) with a projected payroll from jobs saved of approximately One Million Seventy Thousand and No/100 Dollars ($1, 070,000 . 00) ; and WHEREAS, Automatic Molded Plastics , Inc. will use Seven Hundred Fifty Thousand and No/100 Dollars ($750 , 000. 00) of the bonds for the building addition and the period for these bonds will be fifteen (15) years , with interest at the variable rate of seventy-five per cent (75%)_ of Citibank prime. The remaining Two Million 3.