Inducement Resolution Relating to Teachers Credit Union Project

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HARDIG AND SOPKO ATTORNEYS AT LAW 419 W.JEFFERSON BLVD.-P.O.BOX 928 TELEPHONE EDWARD W.HARDIG SOUTH BEND,INDIANA 46624 234-0041 THOMAS C.SOPHO AREA CODE 219 July 19, 1984 Common Council of the City of South Bend 4th Floor, County-City Building South Bend, Indiana 46601 Re: Request for Inducement Resolution for Teachers Credit Union Project Gentlemen: Teachers Credit Union of South Bend, Indiana, hereby makes application to the Common Council of the City of South Bend for an inducement resolution relating to the potential issuance of the City of South Bend Economic Development Revenue Bonds in connection with the acquisition of real estate and the construction and equipping of an office building located on the southeast intersection of Main and Washington Streets in South Bend, Indiana. Petitioner desires that the bonds be issued in the total principal amount of approximately $7 ,900,000.00, the terms of which bonds will be governed by market conditions at the time the bonds will be issued by the City. The proceeds of the bond issue will be utilized to pay the cost of the purchase of land and the construction of an approximate 70, 000 square foot office facility, part of which will be occupied by Teachers Credit Union and part of it will be leased to other occupants plus the acquisition of equipment to be located in the office building. It is anticipated that the economic development facility will result in approximately 113 new jobs added to the payroll of Teachers Credit Union plus additional new jobs as a result of the lease of space in the building to other enterprises. That the new jobs will be added to the payroll of Teachers Credit Union within 9 months of the completion of the facility resulting in an increase in the annual payroll of Teachers Credit Union of approximately $130,000. 00. Very truly yours, �cJ• Edward W. Hardie EWE/sb cc : Mr. Kenneth P. Fedder Mr. Richard W. Morgan Mr. W. B. Hawkins