Inducement Resolution of City of South Bend Relating to P.A.I. Properties

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RESOLUTION NO. 9311-X a INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: P.A.I. Properties , an Indiana partnership, Project WHEREAS , at the present time there are insufficinet employ- ment opportunities and insufficient diversification of business, com- merce 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 , Noel H. Yarger, G. Toms Yarger and John E. Reuthe, d/b/a P.A.I. Properties, an Indiana partnership, ("P.A.I . Properties") propose to acquire and construct economic development facilities in the City of South Bend as defined in the Act if the City will finance the costs of such economic development facilities pursuant to the Act; and WHEREAS , the South Bend Economic Development Commission has received an application by P.A.I. Properties for the issuance of City of South Bend Economic Development Bonds in an approximate amount of Three Hundred Fifty Thousand Dollars ($350,000.00) repayable upon terms governed by existing market rates at the time such bonds are issued in order to acquire real estate and construct and equip a manufacturing building to be leased to Plast Ad, Inc. , an Indiana corporation, for the purpose of the corporation conducting its business of manufactur- ing retail store fixtures in the facility resulting in improving and promoting job opportunities and commercial diversification in the City of South Bend, Indiana. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: