Inducement Resolution Relating to Harbor Metal Treating of Indiana, Inc. / Anthony Fortuna Project

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NO. Q73-n INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Harbor Metal Treating of Indiana, Inc. /Anthony Fortuna 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 of economic development facilities in the City pursuant to the provisions of Indiana Code 18-6-4 .5 (the "Act") ; and WHEREAS , Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna propose to acquire economic development facilities to be located in the City 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 Commission has received an application by Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna for the issuance of City of South Bend Economic Development Bonds in an amount not to exceed One Million Dollars ($1 ,000 ,000 . 00) repayable over a twelve (12) year period with interest thereon at a rate consistent with interest rates generally paid on tax-exempt bonds at the time the bonds are issued in order to purchase real property to be leased to Harbor Metal Treating of Indiana, Inc. , a Michigan corporation, authorized to do business in Indiana, resulting in an increase of approximately twelve (12) additional employees by 1984 by the principal user with an increased annual payroll of in excess of One Hundred Twenty Five Thousand Dollars ($125 ,000 . 00) per year. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, resolves as follows : 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of