Relating to Schafer Gear Works, Inc. Project

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No. INDUCEMENT RESOLUTION OF COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, RELATING TO SCHAFER GEAR WORKS, INC. PROJECT WHEREAS, the City of South Bend, Indiana (the "Issuer) is authorized by I.C. 18- 6 -4.5 -1 through I.C. 18- 6- 4.5 -30 (the "Act ") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the construction and installation of said economic development facilities, to be either sold or leased to the user or developer; and WHEREAS, Schafer Gear Works, Inc., an Indiana corporation (the. "Applicant "), has applied'to the South Bend Economic Development Commission (the "Commission ") for an Economic Development Bond issue in the principal amount of Two Hundred Fifty Thousand Dollars ($250,000) in order that the proceeds thereof may be used to pay a part of the costs of the construction and installation of an approximately 10,000 square foot expansion to the main plant of the applicant at 814 South 'lain Street, South Bend, Indiana 46624 including new walls, roof, flooring, partitions, ceilings, lighting, service wiring and outlets, air distribution system, and other features commonly incorporated in a plant expansion, which such economic development facilities are sometimes referred to as the "Schafer Gear Works, Inc. Project "; and WHEREAS, the diversification of industry and increase in job opportunities to be achieved by'the completion of the Schafer Gear Works, Inc. Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and