Inducement Resolution Relating to Application by Steel Warehouse Co. Inc. for Issuance of Economic Development Revenue Bonds

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RESOLUTION NO . ) aCitp- S5• INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY STEEL WAREHOUSE CO . , INC . , AN INDIANA CORPORATION, FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS The City of South Bend, Indiana (the "Issuer") is authorized by IC 36-7-12 (the "Act") to issue revenue bonds for the financing of economic development facilities , the funds from said financing to be used for the acquisition, construction and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and, Steel Warehouse Co . , Inc . , an Indiana Corporation, (the "Applican") has advised the South Bend Economic Development Commission (the "Commission") and the Issuer that it proposes that the Issuer either acquire, construct and equip an economic development facility and sell or lease the same to the Applicant or loan proceeds of an economic development financing to the Applicant for the same, said economic development facility to consist of the construction of an addition to an existing building, the purchase of new machinery and equipment, and "make ready" other portions of existing buildings to accommodate said machinery and equipment, so that the Applicant may expand its business in cutting and treating flat rolled low-carbon steel, slitting, levelling, shearing, pickling and storing such steel, said existing facility being located at 2722 W. Tucker Drive, South Bend, Indiana, on an approximate 22 acre tract of land (the "Project") ; and, The diversification of industry and increase in job opportunities (3 jobs saved and 6 to 10 new jobs) to be achieved by the construction and equipping of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and,