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HomeMy WebLinkAboutInducement Resolution relating to Derby, Inc. ProjectRESOLUTION NO. 699 -79 Passed by the Common Council of the City of South Bend, I May 14 61�- Presented by me to the Mayor of the City of South Bend, I IQ79 q City Clerk ident of Common Council May 15 19 79 City Clerk Approved and signed by me 5! fin.— I 19— a RESOLUTION NO. 699 -79 INDUCEMENT RESOLUTION OF SOUTH BEND COMMON COUNCIL RELATING TO DERBY, INC. PROJECT WHEREAS, The South Bend Economic Development Commission heretofore has investigated, studied, surveyed 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 diversification within the City of South Bend, Indiana, and the surrounding area; and in order to improve and promote job opportunities and commercial diversification within the City of South Bend, Indiana and the surrounding area, a financing agreement should be effected with DERBY, INC., an Indiana Corporation, relating to a project to be known as the DERBY, INC. PROJECT; and WHEREAS, DERBY, INC. is an existing Indiana Corporation who is presently leasing a facility in South Bend for the manufacturing of vinyl cases and desires to expand its operation and to employ a substantial number of additional employees, at 24350 State Road 23, South Bend, Indiana; and WHEREAS, to induce DERBY, INC. to expand its present operations and to purchase real estate and construct a new economic development facility, the South Bend Common Council desires to adopt this Resolution; and WHEREAS, it is apparent that the DERBY, INC. PROJECT will increase job opportunities and commercial diversification in South Bend, Indiana and the surrounding area, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana and the surrounding area. NOW, THEREFORE, BE IT RESOLVED, that the South Bend Common Council approve the application of DERBY, INC. relating to the purchase of real estate and the construction of an economic development facility under an arrangement whereby the costs of such purchase of real estate and construction of an economic development facility will be paid from the proceeds of Industrial Development Bonds to be issued by the City of South Bend, Indiana, for an amount not exceeding One Hundred Eighty Thousand ($180,000.00) Dollars, repayable with interest thereon over a period of time and with a maturity date which does not extend beyond twenty years and six months (20 years and 6 months) after the issue date; and BE IT FURTHER RESOLVED, that in order to encourage, induce and solicit such application by DERBY, INC. for such Industrial Development Bond issue, 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 facilitate the issuance of such Industrial Development Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs for the purchase of real estate and the construction of an economic development facility; and BE IT FURTHER RESOLVED, that any costs or expenses incurred in connection with said DERBY, INC. PROJECT shall be included in the project costs and reimbursed from the proceeds of the Industrial Development Bonds to be issued with respect thereto; and BE IT FURTHER RESOLVED, that the liability and obligation of the South Bend. Economic Development Commission 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 neither the South Bend Economic Development Commission nor the City of South Bend, Indiana, or its officers or agents, shall incur any liability if for any reason the proposed issuance of such Bonds is not consummated. Dated this PRESENTED / �• i NOT APPROVED ADOPTED day of May, 1979. SOUTH BEND COMMON COUNCIL Member of the Common Council - - -2 - -- MAY CiiY CLERK, SOUTH GEDiD, W.