Inducement Resolution Relating to Mittler Supply, Inc. Project

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RESOLUTION NO. tam-gV INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Mittler Supply, Inc. Project WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City") ; and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic development facilities in the corporate limits of the City pur- suant to the provisions of Indiana Code 36-7-12 (the "Act") ; and WHEREAS, Mittler Supply, Inc. , which is an Indiana corporation, proposes to acquire and construct economic devel- opment facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commis- sion has received an application by Mittler Supply, Inc. , for the issuance of City of South Bend Industrial Development Reve- nue Bonds in the approximate principal amount of One Million Eight Hundred Thousand and no/100 Dollars ($1,800 ,000 .00) , to be repaid at market rates, with the proceeds of the bonds being used to acquire economic development facilities to be based and located in South Bend, Indiana, which will result in the crea- tion of new jobs in and near South Bend, Indiana.