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Inducement Resolution relating to the Exacto, Inc. of South Bend Project
RESOLUTION NO. 730 -79 Passed by the Common Council of the City of South Bend, Attest: Attest: October 22 Presented by me to the Mayor of the City of South Bend, October 23 r9 79 City Clerk President of Common Council r 79 g Approved and signed by me 19 City Clerk ayor RESOLUTION No. AN INDUCEMENT RESOLUTION RELATING TO THE EXACTO, INC. OF SOUTH BEND PROJECT WHEREAS, pursuant to I.C. 18- 6 -4 -5, the Common Council of the City of South Bend, Indiana, created the South Bend Economic Development Commission, which Commission has heretofore investigated, studied, sur- veyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and commercial and industrial diversification within the City of South Bend, Indiana; and in order to improve and promote job opportunities, commercial diversification and the general welfare of the area within the City of South Bend, Indiana, a financing agree- ment should be entered into with "EXACTO, INC. OF SOUTH BEND" or its assigns, relating to a project to be known as the EXACTO, INC. OF SOUTH BEND PROJECT ": WHEREAS, Exacto, Inc. of South Bend is an Indiana corporation organized in 1970 in South Bend, Indiana, and engaged in the business of manufacturing precision piece parts for turbochargers for high speed diesel engines. It is the present intention of Exacto, Inc. of South Bend to purchase additional machinery and equipment which will be in- stalled in its operation at 1119 S. Franklin Street, South Bend, Indiana, and used in conjunction with its present manufacturing operation, result- ing in an expansion of its facility, which project is anticipated to create Twenty -five (25) new jobs; and WHEREAS, to induce Exacto, Inc. of South Bend, or its assigns, to become the principal user of such economic development properties, the Common Council of the City of South Bend desires to adopt this resolution; and WHEREAS, it is apparent that the development of the "EXACTO, INC. OF SOUTH BEND PROJECT" will increase job opportunities and commer- cial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana, and in St. Joseph County, Indiana. NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 1. Section 1. That approval is hereby given to the appli- cation of Exacto, Inc. of South Bend, or its assigns, relating to the purchase of machinery and equipment and the installation thereof under an arrangement whereby the cost of such machinery and equipment, and installation, would be paid from the proceeds of the Industrial Revenue Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding Three Hundred Thousand Dollars ($300,000.00), repayable with interest thereon over a period of time and with a maturity date which does not exceed beyond Twenty (20) Years after the issue date. 2. Section 2. In order to encourage, induce and solicit such application by Exacto, Inc. of South Bend for such Industrial Revenue Bond issue relating to the purchase of machinery and equipment and the installation and development of such economic development prop- erty, the South Bend Economic Development Commission, on behalf of the City of South Bend, shall proceed to cooperate with and take such action as may be necessary in the approval and drafting of documents or the performing of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend to provide funds to be used in the purchase and installation of such economic development property. 3. Section 3. Any costs or expenses with said "EXACTO, INC. OF SOUTH BEND PROJECT" project costs and reimbursed from the proceeds Bonds to be issued with respect thereto. -1- incurred on connection shall be included in the of the Industrial Revenue PAGE TWO 4. Section 4. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approved by the Mayor. ADOPTED /'Q `cV P -�y ©o signed only to Prov: cle an. Pportunit7 fOr Public discussion and Council action on the issue. FRED O$-1 NUERINVS `IFFICE OCT 16 19/- Irene Garm-non C Y CLERK, SOUT!! BEND, IND. VOOR, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H. Mc MICHAEL 300 FIRST BANK BUILDING 234 -6061 LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN OF COUNSEL: ANTHONY D. KOWALS October 16, 1979 WILLIAM O. JACKSON Mrs. Irene Gammon, Clerk City of South Bend, Indiana County -City Building South Bend, Indiana 46601 Re: Exacto, Inc. of South Bend, Indiana Inducement Resolution - EDC Dear Mrs. Gammon: Enclosed please find a proposed form of Inducement Resolution relating to the Exacto, Inc. of South Bend Project. The EDC has already passed its Inducement Resolution. This project is for the purchase of machinery and equipment used in conjunction with the manufacturing operation for pre- cision parts of the applicant located at 1119 S. Franklin Street in the City of South Bend, Indiana. We would appreciate it if you could place the Resolution on the agenda of the Common Council for first reading on October 22, 1979. Thank you for your assistance and cooperation. Very truly yours, George E. Herendeen GEH /jk Encl.