Inducement Resolution relating to: Jeffry S. Beardsley/Bernell Corporation Project

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NO !�XI -lkI,* INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Jeffry S. Beardsley /Bernell Corporation 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, Jeffry S. Beardsley proposes 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 Jeffry S. Beardsley for the issuance of City of South.Bend Economic Development Bonds in an amount not to exceed Three Hundred Thousand ($300,000.00) Dollars 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 equipment to be leased to Bernell Corporation, an Indiana domestic corporation, resulting in an increase of approximately ten (10) additional employees by 1984 by the principal user with an increased- annual payroll of approximately Five Hundred Fifty -two Thousand ($552,000.00) Dollars 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 revenue bonds pursuant to the Act and the City is willing, upon compliance