HomeMy WebLinkAboutInducement Resolution relating to the Weltek, Inc. ProjectRESOLUTION
N0. 692 -79
Passed by the Common Council of the City of South Bend,
April 9
iq
79
Attest: +^-' '<'— City Clerk
Attest: '�Vj del - t -.//Z - President of Common Council
Presented by me to the Mayor of the City of South Bend,
Approved and signed by me
April 10 �9 79
X City Clerk
ayor
RESOLUTION NO. (0q2-749
AN INDUCEMENT RESOLUTION RELATING
TO THE WELTEK, 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
Development Commission, which Commission, following an investigation
and survey, 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 diversifi-
cation 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 agreement should be entered into with Weltek, Inc., or
its assigns, relating to a project to be known as the "Weltek, Inc.
Project; and
WHEREAS, Weltek, Inc. is an existing corporation organized
under the laws of the State of Indiana engaging in the business of
manufacturing and selling electronic products and desires to expand
substantially its operations with the result that it will retain a
substantial number of new employees, and,
WHEREAS, Weltek, Inc. proposes to acquire a parcel of real
estate located in Phase III of the Airport Industrial Park in the
City of South Bend, the same being Lot 1 in Block 4 of said Phase III,
and to construct thereon an industrial facility consisting of some
16,000 square feet; and,
WHEREAS, to induce Weltek, Inc., or its assigns, to become the
principal user of such Economic Development Facilities, the Common
Council of the City of South Bend desires to adopt this resolution; and
WHEREAS, it is apparent that the development of the Weltek, Inc.
Project will increase job opportunities and commercial diversification
in South Bend, Indiana, resulting in 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:
SECTION 1. That approval is hereby given to the application
of Weltek, Inc. relating to the acquisition of such real estate and the
construction of an industrial facility thereon, wherein Industrial
Revenue Bonds would be issued by the City of South Bend, Indiana for
an amount not exceeding $550,000.00 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
application by Weltek, Inc., for such Industrial Revenue Bond issue
relating to the acquisition and construction of such Economic
Development Facilities, the South Bend Economic Development Commission
on behalf of the City of South Bend, Indiana 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 Revenue Bonds by the City of South Bend,
Indiana, to provide funds to be used toward the payment of the costs
for the acquisition and construction of such Economic Development
Facilities.
SECTION 3. Any costs or expenses incurred in connection
with said Weltek, 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. 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.
- 2 -
NOT APPROVED
ADOPTED V — P- %f
r of the Common Council
FILED IN CLERK'S OFFICE
Irene Gammon
GAL CLERK, SOUTH BEND., !ND