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Inducement Resolution relating to Financing of Economic Development Facilities for To-Be-Formed Indiana General Partnership & SDT, Inc.
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Inducement Resolution relating to Financing of Economic Development Facilities for To-Be-Formed Indiana General Partnership & SDT, Inc.
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12/3/2015 2:03:49 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
2/28/1983
Ord-Res Number
1029-83
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RESOLUTION NO . ma? ? -A3 <br /> INDUCEMENT RESOLUTION RELATING TO THE FINANCING OF <br /> ECONOMIC DEVELOPMENT FACILITIES FOR A TO-BE-FORMED <br /> INDIANA GENERAL PARTNERSHIP , AS DEVELOPER, AND <br /> SDT, INC . , AS USER <br /> WHEREAS , the City of South Bend , Indiana, (the "Issuer") , <br /> is authorized by I . C . 36-7-12 , (the "Act") , to issue revenue <br /> bonds for the financing of economic development facilities <br /> and to loan the proceeds of said financing to a company or <br /> companies to be used for the acquisition , construction and <br /> equipping of said facilities ; and, <br /> WHEREAS , a to-be-formed Indiana general partnership , as <br /> Developer , and SDT, Inc . , as User , (collectively , the <br /> "Applicant") , has advised the South Bend Economic Development <br /> Commission , (the "Commission") , and the Issuer that it <br /> proposes that the Issuer loan proceeds of an economic <br /> development financing to the Applicant for the financing of <br /> economic development facilities consisting of a certain <br /> machinery and equipment for the manufacture of industrial <br /> abrasives , said machinery and equipment to be located in a <br /> 15 , 000 square foot leased building , to be located in the <br /> Airport Industrial Park, in South Bend , on an approximate <br /> 3-acre tract of land, ("Project") ; and, <br /> WHEREAS , the diversification of industry and increase in <br /> job opportunities (60 new jobs) to be achieved by the Project <br /> will be of public benefit to the health, safety and general <br /> welfare of the Issuer and its citizens ; and, <br /> WHEREAS , having received the advise of the South Bend <br /> Economic Development Commission , it would appear that the <br /> financing of the Project would be of public benefit to the <br />
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