HomeMy WebLinkAboutInducement Resolution relating to Schilling's Sales Co., Inc. ProjectAttest:
RESOLUTION
Passed by the Common Council of the City of South Bend, Indiana,
September 15, 19-8—Q_.
Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 16, 19 80
4"`-, x City Clerk
Approved and signed by me ! Q 19 eo.
Mayor
RESOLUTION NO. 914 -80
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Schilling's Sales Co., Inc. Project.
WHEREAS, at the present time there are insufficient em-
ployment 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 bene-
fited by the acquisition and construction of economic development
facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the
"Act`); and
WHEREAS, Schilling's Sales Co., Inc., an Indiana corpo-
ration ( "Schilling's "), proposes to acquire and construct economic
development facilities as defined in the Act if the City will fi-
nance costs of such economic development facilities pursuant to
the Act and
WHEREAS, the South Bend Economic Development Commission
has received an application by Schilling's for the issuance of
City of South Bend Economic Development Bonds in an amount not to
exceed Two Hundred Fifty Thousand and no /100 Dollars ($250,000.00)
repayable with interest thereon of eight and seven - eighths per-
cent (8 7/8 %) per annum over a period not to exceed fifteen (15)
years in order to enlarge and remodel the commercial buildings
located at 329 S. Lafayette Blvd., South Bend, Indiana, occupied
by Schilling's Sales Co., Inc. and Schilling's Printing Co., Inc.,
an Indiana corporation, resulting in an increase of approximately
two (2) additional employees by the two (2) corporations with an
increased annual payroll of a minimum of Thirty Thousand Dollars
($30,000.00) per year.
NOW, THEREFORE, the Common Council of the City of South
Bend, Indiana resolves as follows:
1. The project constitutes economic development facil-
ities which shall be financed by the City through the issuance of
economic development revenue bonds pursuant to the act and the
City is willing, upon compliance with all provisions of Indiana
law, to authorize approximately Two Hundred Fifty Thousand Dol-
lars ($250000..00) of its revenue bonds, which bonds will not be
general obligations of the City but will be payable solely from
the limited sources authorized and permitted by the Act..
2. The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act.
3. The Partnership may proceed with acquisition and
construction of the economic development facilities in reliance
upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission, and the City of South Bend, Indiana, their officers
or agents, shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and ap-
proval by the Mayor.
Member of the Common Council
FIT 97.1
-r�
Irene Ganirron
CITY CLERX,SOUTH BEND,IND"
PRESENTED 9' /s
NOT APPROVED
ADOPTED