HomeMy WebLinkAboutInducement Resolution relating to South Bend Toll and Die, Co., Inc.RESOLUTION
NO. 727 -79
Passed by the Common Council of the City of South Bend, Indiana-
IQ 79
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
City Clerk
October 9 _19-L9—
Of Common Council
Approved and signed by me iq_
City Clerk
yor
RESOLUTION NO. 727 -79
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: South Bend Tool and Die, Co., Inc.
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, South Bend Tool and Die Co., Inc., an Indiana
corporation ( "Tool and Die ") proposes to acquire and construct
economic development facilities as defined in the Act for the use
of South Bend Fabricating Co., ( "Fabricating ") a wholly owned
subsidiary of Tool and Die 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 Tool and Die for the issuance of
City of South Bend Economic Development Bonds in an amount not to
exceed Six Hundred Thousand and no /100 Dollars ($600,000.00)
repayable with interest thereon at a rate of eight and one -half
percent (8 -1/2 %) per annum over a period of fifteen (15) years in
order to construct a new industrial plant containing approximately
16,500 square feet resulting in an increase of approximately five
(5) employees of Fabricating with an increased annual payroll of
approximately Eighty Thousand and no /100 Dollars ($80,000.00) 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 Six Hundred Thousand and no /100 Dollars ($600,000.00)
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.
mbe f the Common Cq5i6cil
FILED IN CLERK-9s 6FFICE
OC 197r
PRESENTED . "'O— R _7 / Irene gammon
NOT APPRO_MM CITY CLERK, SOUTH BEND, IND.
ADOPTED /D -- (e• 2 y - 2 -