Inducement Resolution Relating to Thomas W. Mittler, d/b/a T.A.N.K.S. Project

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Ms. Irene Gammon April 24, 1985 Page 2 2 . Applicant desires that the bonds be issued in the total principal amount of approximately $1, 250,000 and shall bear interest at the rate of 70% of the National Prime interest rate rounded up to the nearest quarter part and shall be payable over a term of approximately twelve (12) years. 3 . The proceeds of the bond issue will be utilized to pay the cost of acquiring approximately $1, 250,000 in specialty gas cylinders and equipment to be used in the manufacture of compressed gases. The cylinders and equipment shall be leased to Mittler Supply, Inc. at its business located at 3607 South Main Street, South Bend, Indiana. 4. Applicant would like to commence acquisition of the machinery and equipment forthwith. 5. Valley American Bank and Trust Company has agreed to purchase the bonds and act as trustee for the bond issue. 6. There are no contracts, covenants or prohibitions to the knowledge of the applicant which would preclude the issuance of such Economic Development Bonds and acquisition of the machinery and equipment. 7 . It is anticipated that the economic development facility will result in approximately 4 to 5 new jobs added to the payroll of Mittler Supply, Inc. within six months of the completion of the facility resulting in an increase in the annual payroll at the facility of approximately $80,000 to $120,000. 8 . Enclosed is a form of Inducement Resolution which we respectfully request be adopted by the Council in connection with this project. Very truly yours, BARNES & THORNBURG i EJS:kav Enclosure cc: Mr. Thomas W. Mittler Mr. Donald R. Kyle FILED IN CLERK'S OFFICE Ms . Janet L. Dawson Kenneth P. Fedder, Esq. APR 2 41985 IRENE GAMMON BARNES 8c THORNBURG CITY CLERK, SO. BEND, IN