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

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/ 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 (21 300 ton molding machines Two (2) 400 ton molding machines. B. Aquarius Plastic Finishers, Inc. will acquire: Two (2) 1,200 ton injection molding machines One (11 700 ton injection molding machine resulting in the addition, over a 5 to 7 year range, of one hundred (100) new jobs at Automatic Molded Plastics, Inc. and one hundred (100) new jobs at Aquarius Plastic Finishers, Inc. , with seventy- five (75) jobs being saved at Automatic Molded Plastics , Inc. There is an anticipated increased payroll of One Million Four Hundred Thousand and No/100 Dollars ($1, 400, 000. 00) for Automatic Molded Plastics, Inc. and One Million Three Hundred Thousand and No/100 Dollars ($1, 300, 000. 00) for Aquarius 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, 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 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%) . NOW,. THEREFORE, the Common Council of the City of South Bend, Indiana, moves as follows: 1. The Project constitutes economic development facili- ties which shall be financed by the City through the issuance of 2.