HomeMy WebLinkAboutInducement Resolution relating to Bremen Iron & Metal Co., Inc.RESOLUTION
NO. 823 -80
Passed by the Common Council of the City of South Bend, Indiana,
OCTOBER 13, 19 80.
Attest: fl�7 City Clerk
Attest: � v b
silent of Common Council.
Presented by me to the Mayor of the City of South Bend, Indian
OCTOBER 14 , 19 80 .
K7 'e City Clerk
Approved and signed by me y C 1 19 U
Mayor
RESOLUTION NO. rQ s_,q0
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO BREMEN IRON & METAL CO., INC.
WHEREAS, pursuant to I.C. 18- 6 -4.5, the Common Council of
the City of South Bend, Indiana created the South Bend Economic De-
velopment Commission, which Commission, following an investigation and
survey, has determined that need exists in the community for addi-
tional job opportunities and commercial and industrial diversification.
That in order to improve and promote job opportunities, commercial di-
versification and the general welfare of the community, certain con-
tractual agreements should be entered into with Bremen Iron & Metal
Co., Inc. relating to its acquisition, building, remodeling and pur-
chase of equipment for an economic development facility located at
1120 West Sample Street in the City of South Bend, Indiana; and
WHEREAS, the economic welfare of the City would be benefited
by the acquisition and remodeling of economic development facilities
pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and
WHEREAS, Bremen Iron & Metal Co., Inc., an Indiana corpora-
tion ( "Bremen ") purposes to acquire, build, remodel and purchase
equipment for an economic development facility as defined in the Act
for metal waste processing and brokerage if the City will finance costs
of such economic development facilities pursuant to the Act and it is
apparent that the development of this project will increase job oppor-
tunities and commercial diversification in the City of South Bend,
Indiana, resulting in benefit to the welfare of the public in the City
of South Bend and St. Joseph County, Indiana; and
WHEREAS, to induce Bremen to develop this project and become
the principal user thereof, the South Bend Common Council desires to
adopt this resolution.
NOW, THEREFORE, the Common Council of the City of South Bend,
Indiana resolves as follows:
1. Approval is hereby given to the application of Bremen re-
lating to the acquisition of such economic development facilities, the
remodeling of certain of those facilities and the installment of other
such facilities wherein Industrial Revenue Bonds would be issued by
the City of South Bend, Indiana for an amount not exceeding Four
Million Dollars ($4,000,000.00), payable with interest thereon at the
rate not to exceed ten and one -half percent (10 1/2%) per annum, over
a term not to exceed fifteen (15) years from and after the economic
development facilities are all placed in use.
2. In order to encourage, induce and solicit such applica-
tion by Bremen for such Industrial Revenue Bond issue relating to its
acquisition of such Economic Development Facilities and the remodeling
of certain of those facilities, the South Bend Common Council shall
proceed to cooperate with and take such action as may be necessary in
the drafting of documents or the performance of such other acts as
will facilitate the issuance of such Industrial Revenue Bonds by the
City of South Bend, Indiana, to provide funds to be used toward the
payment of the costs of acquisition, remodeling and purchase of equip-
ment for an economic development facility.
3. Any costs or expenses incurred in connection with the
said Bremen project shall be included in the project costs and reim-
bursed from the proceeds of the Industrial Revenue Bonds to be issued
with respect thereto.
4. That the liability and obligation of the Common Council
of the City of South Bend and the City of South Bend, Indiana, shall
be limited solely to good faith efforts to consummate such proceedings
and issue such bonds, and neither the South Bend Common Council nor
the City of South Bend, Indiana, or its officers or agents, shall incur
any liability whatsoever if for any reason the proposed issuance of
such bonds is not consummated.
5. Bremen may proceed with the acquisition of the economic
development facilities and with the remodeling of such facilities in
reliance upon this resolution.
6. This resolution shall be in full force and effect from
and after its passage by the Common Council of the City of South Bend
and approval by the Mayor.
PRESENTED 16 /3 _,�j
NOT APPROVED
ADOPTED 1*0
FILED IN CLERK'S OFFICEM
OCT 6 16.980
Irene Gammon -2-
CITI CLERK, SOUTH BEND, IND.
of the Common Council