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INDUCEMENT RESOLUTION <br />OF <br />THE CITY OF SOUTH BEND, INDIANA <br />Relating to: American Energy Corporation Project <br />WHEREAS, at the present time there are insufficient employ- <br />ment opportunities and insufficient diversification of business, com- <br />merce and industry in and near the City of South Bend, Indiana (the <br />"City "); and <br />WHEREAS, the economic welfare of the City would.be benefited <br />by the acquisition and construction of economic development facilities <br />in St. Joseph County pursuant to the provisions of Indiana Code <br />18 -6 -4.5 (the "Act "); and <br />WHEREAS, American Energy Corporation, a Virginia corporation <br />( "American Energy ") proposes to acquire and construct economic develop- <br />ment facilities in St. Joseph County as defined in the Act if the City <br />will finance costs of such economic development facilities pursuant <br />to the Act; and <br />WHEREAS, the South Bend Economic Development Commission has <br />received an application by American Energy for the issuance of City <br />of South Bend Economic Development Revenue Bonds in an amount not to <br />exceed Three.Million Two Hundred Fifty Thousand and no /100 Dollars <br />($3,250,000.00) repayable with interest thereon to be determined but <br />not expected to exceed fourteen percent (14 %) over a period not to <br />exceed twelve (12) years in order to purchase real estate and equip- <br />ment and construct an industrial building for an anhydrous full grade <br />alcohol distilling plant resulting in approximately fourteen (14) new <br />jobs by the principal user with an annual payroll of approximately <br />Two Hundred Thirty -four Thousand Dollars ($234,000.00) per year. <br />NOW, THEREFORE, the Common Council of the City of South Bend <br />r <br />Indiana resolves as follows: <br />i <br />1. The project constitutes economic development facilities <br />which shall be financed by the City through the issuance of revenue <br />bonds pursuant to the Act and the City is willing, upon compliance <br />with all provisions of Indiana law, to authorize approximately Three <br />Million Two Hundred Fifty Thousand Dollars ($3,2501000.00)'of its <br />