HomeMy WebLinkAboutInducement Resolution relating to Group FourRESOLUTION
NO. 728 -79
Passed by the Common Council of the City of South Bend, I
October 8
1
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana.
October 9
1
79
9
City Clerk
ident of Common Council
79
19
��u - -�- City Clerk
Approved and signed by me 19 �z
RESOLUTION NO. 728 -79
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Group Four
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
benefited by the acquisition and construction of economic develop-
ment facilities pursuant to the provisions of Indiana Code 18 -6-
4.5 (the "Act "); and
WHEREAS, Group Four, an Indiana partnership consisting
of Richard W. Stout, Philip G. Lux, Charles N. Miller and Richard
M. Treckelo, ( "Group Four ") proposes to acquire and construct
economic development facilities as defined in the Act for the use
of United Air Lines, Towne Air Freight, Inc. and Emery Air Freight
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 Group Four for the issuance of
City of South Bend Economic Development Bonds in an amount not to
exceed Five Hundred Fifty Thousand and no /100 Dollars ($550,000.00)
repayable with interest thereon at a rate of eight percent (8 %)
per annum over a period of fifteen (15) years in order to construct
a warehouse facility containing approximately 19,000 square feet
resulting in the preservation of the jobs of twelve (12) employees
of one of the users of the facility which twelve (12) employees
have an annual payroll of Two Hundred Two Thousand and no /100
Dollars ($202,000.00) per year.
NOW, THEREFORE, the Common Council of the City of South
Bend, Indiana resolves as follows:
1. The Project constitutes economic development 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 with all provisions of Indiana law, to authorize
approximately Five Hundred Fifty Thousand and no /100 Dollars
($550,000.00) 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 Company may proceed with acquisition and con-
struction of the economic development facilities in reliance upon
this resolution.
PRESENTED /L1 2 J
NOT APPROVED
ADOPTED ro _ S, 7
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FILED IN CLERX'S OFFICE
OCT 3IK.'.
Irene Gammon
CITY CLERK, SOUTH BEND, IND.