Inducement Resolution Relating to Aucilla Plastics & Draft Realty Project

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RESOLUTION NO. lire-fl INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Aucilla Plastics and Dafir Realty 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, Aucilla Plastics, Inc. , an Indiana corpora- tion, and Dafir Realty, an Indiana partnership, propose 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 Aucilla Plastics, Inc. and Dafir Realty for the issuance of City of South Bend Industrial Development Revenue Bonds in the approximate principal amount of One Million Six Hundred Thousand and no/100 Dollars ($1,600,000.00) , with the terms of repayment to be determined by the market rates at the time the bonds are sold, with the proceeds of the bonds being used to acquire real estate located in Phase IV of the Airport Industrial Park in South Bend, Indi-