Inducement Resolution of City of South Bend to STC Recycling, Inc. Project

Home Browse Search

RESOLUTION NO. 10y0-83 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: STC Recycling, Inc. Project WHEREAS, at the present time there are insufficient em- ployment 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 St. Joseph County pursuant to the provisions of Indiana Code 18- 6-4 .5 (the "Act") ; and WHEREAS, Copelco Leverage Leasing Corp. , a New Jersey cor- poration ("Copelco") proposes to acquire economic development facili- ties in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act, which facilities are to be leased to STC Recycling, Inc. , a Delaware corporation; and WHEREAS, the South Bend Economic Development Commission has received an application by Copelco and STC Recycling for the issuance of City of South Bend Economic Development Bonds in the approximate principal amount not to exceed One Million Two Hundred Thousand and no/100 Dollars ($1,200 ,000 .00) with the terms of re- payment to be determined by the market rates at the time the bonds are sold and the proceeds of the bonds will be used to purchase equip- ment and make certain improvements to real estate in connection with the utilization of the equipment at 445 North Sheridan Avenue, South Bend, Indiana, which equipment will be leased to STC Recycling, Inc. for the purpose of conducting a metal and base manufacturing material recovery process resulting in the creation of approximately 30 jobs by the principal user with an annual payroll of approximately Five Hundred Thousand and no/100 Dollars ($500 ,000 .00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: