Inducement Resolution of the City of South Bend Relating to: Automatic Molded Plastics, Inc. and Aquarius Plastics Finishers, Inc.

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RESOLUTION NO. 13 3 % - 85 INDUCEMENT RESOLUTION The City of South Bend, Indiana, Relating to: Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. WHEREAS, at the present time, there are insufficient em- ployment opportunities and insufficient diversification of business, commerce and industry and insufficient tax base in the City of South Bend, Indiana (the "City") ; and WHEREAS, the economic welfare of the City would be bene- fited by the acquisition and construction of economic development facilities, pursuant to the provisions of IND. CODE §36-7-12 (the "Act") ; and WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. desire to acquire certain economic develop- ment 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 development facilities, as defined in the Act; and WHEREAS, The South Bend Economic Development Commission has received an application by Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. for the issuance of City of South Bend Economic Development Revenue Bonds in the total amount of Three Million and No/100 Dollars ($3, 000, 000. 00) , with One Million Nine Hundred Forty-five Thousand and No/100 Dollars ($1,945 , 000. 00) , for Automatic Molded Plastics, Inc. and One Million Fifty-five Thousand and No/100 Dollars ($1, 055, 000. 00) for Aquarius Plastic Finishers, Inc. , for the following economic development facilities ( "Project") : A. Automatic Molded Plastics, Inc. will acquire :