Loading...
HomeMy WebLinkAboutInducement Resolution relating to the Laidig Silo Unloaders, Inc. ProjectRESOLUTION NO. 70 -4-79 Passed by the Common Council of the City of South Bend, June 11 79 Iq Attest: City Clerk Attest: of Common Council Presented by me to the Mayor of the City of South Bend, I June 12 �9 79 City Clerk Approved and signed by me a*-' —� 9 19 �� RESOLUTION NO. 74 V- 7 I AN INDUCEMENT RESOLUTION RELATING TO THE LAIDIG SILO UNLOADERS, INC. 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 Develop- ment Commission, which Commission, following an investigation and survey, has determined that a need exists in the community for additional job opportunities and commercial and industrial diversification. That in order to improve and promote job opportunities, commercial diversifica- tion, and the general welfare of the community, a financing agreement should be entered into with Laidig Silo Unloaders, Inc., or its assigns, relating to a project to be known as the "Laidig Silo Un- loaders, Inc. Project "; and WHEREAS, Laidig Silo Unloaders, Inc. is an existing corporation organized under the laws of the State of Delaware engaging in the business of manufacturing and desires to expand its operations with the result that it will retain a substantial number of new employees, and, WHEREAS, Laidig Silo Unloaders, Inc. proposes to acquire a parcel of real estate located on Dragoon Trail, approximately one - quarter mile west of Elm Road in St. Joseph County, Indiana, and to construct thereon and equip an industrial facility consisting of some 50,000 square feet; and, WHEREAS, to induce Laidig Silo Unloaders, Inc., or its assigns, to become the principal user of such Economic Development Facilities, the South Bend Common Council desires to adopt this resolu- tion; and, WHEREAS, it is apparent that the development of the Laidig Silo Unloaders, Inc. Project will increase job opportunities and commercial diversification in St. Joseph County, Indiana, resulting in benefit to the welfare of the public in the City of South Bend and in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Coun- cil as follows: SECTION 1. That approval is hereby given to the application of Laidig Silo Unloaders, Inc. relating to the acquisition of such real estate and the construction and equipping of an industrial facili- ty thereon, wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana, for an amount not exceeding $1,100,000.00 repayable with interest thereon over a period of time and with a maturity date which does not extend beyond thirty (30) years after the issue date. SECTION 2. In order to encourage, induce and solicit such aplication by Laidig Silo Unloaders, Inc. for such Industrial Revenue Bond issue relating to the acquisition, construction and equipping of such Economic Development 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 facilitiate 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 acquiring such real estate and the construc- tion, and equipping of such Economic Development Facilities. SECTION 3. Any costs or expenses incurred in connection with the Laidig Silo Unloaders, Inc. Project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. SECTION 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. SECTION 5. 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 - (� - / / - 7 7 NOT APPROVED ADOPTED G -l/ - 2 5 -2- I Common iCounci JUN 6 1579 Enna Gammon CITY CLERK, SOUTH BEND, IND.