Inducement Resolution relating to: Robert Freshley

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RESOLUTION NO. 9025-V INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Robert Freshley 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 in the City of South Bend, Indiana, would be benefited by the acquisition and construction of economic de- velopment facilities in St. Joseph County pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and WHEREAS, Robert Freshley, an Indiana resident, proposes to ac- quire real estate and remodel a building in the City of South Bend 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 Robert Freshley for the issuance of City of South Bend Economic Development Bonds in an approximate amount of Two Hundred Twenty Five Thousand Dollars ($225,000.00) repayable over a period of not more than Fifteen (15) years in order to acquire and remodel a commercial building to be leased to Basic Machine Pro- ducts, Inc. for the purpose of conducting its relocation and ex- pansion program in the facility resulting in improving and promoting job opportunities within the City of South Bend, Indiana. 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