Inducement Resolution Relating to 1818 Realty, An Indiana Partnership Project

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RESOLUTION NO. J / 77- INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA 1818 REALTY, AN INDIANA PARTNERSHIP 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 , 1818 Realty, an Indiana partnership ( "Com- pany") , proposes to acquire and construct economic development 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 the Company for the issu- ance of City of South Bend Economic Development Bonds in the approximate principal amount of One Million Five Hundred Thou- sand and no/100 Dollars ($1 ,500,000 .00) with the repayment of the Bonds to be made over a period of ten (10) years with interest thereon at a variable rate equal to 75% of the national prime rate of interest; WHEREAS, the proceeds of the Bonds will be used by the Company to acquire , remodel , expand and equip manufacturing and office facilities for use by Wells Electronics , Inc. located in the 1700 and 1800 blocks of South Main Street, South Bend, Indiana, which facility shall result initially in approximately twenty (20) new jobs with an annual payroll of approximately Three Hundred Fifty-four Thousand Dollars ($354 ,000) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: