HomeMy WebLinkAboutInducement Resolution relating to H.T.W. Partnership ProjectRESOLUTION
• •
Passed by the Common Council of the City of South Bend, Ind
March 12,
19
79
Attest: e ))r City Clerk
Attest:
Presented by me to the Mayor of the City of South Bend, I
Approved and signed by
March 13
President of Common Council
i79
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City Clerk
RESOLUTION NO. fr8l9 16)
INDUCEMENT RESOLUTION OF
SOUTH BEND COMMON COUNCIL
RELATING TO H.T.W. PARTNERSHIP 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 in order to improve and promote job
opportunities and commercial diversification within the City of
South Bend, Indiana, a financing agreement should be effected
with H.T.W. Partnership, an Indiana Partnership, relating to a
project to be known as the H.T.W. Partnership Project; and
WHEREAS, H.T.W. Partnership is an existing Indiana
Partnership who is presently leasing a building and related
facilities in the Airport Industrial Park, South Bend, Indiana to
Nyloncraft, Inc., an Indiana Corporation, for the purpose of
manufacturing molded plastics and plastic injection products and
Nyloncraft, Inc. as the principal user of said facility desires
to expand its operation and to employ a substantial number of
additional employees in said Airport Industrial Park; and
WHEREAS, to induce H.T.W. Partnership to expand its
present facilities in the South Bend Airport Industrial Park, the
South Bend Common Council desires to adopt this resolution; and
WHEREAS, it is apparent that the H.T.W. Partnership
Project will increase job opportunities and commercial diversi-
fication in South Bend, Indiana, resulting in a benefit to the
welfare of the public in the City of South Bend, Indiana, and St.
Joseph County, Indiana.
NOW, THEREFORE, BE IT RESOLVED, that the South Bend
Common Council approve the application of H.T.W. Partnership
relating to the expansion of such Economic Development Facilities
under an arrangement whereby the costs of such expansion would 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 Fifty Thousand Dollars ($150,000.00),
repayable with interest thereon over a period of time and with a
maturity date which does not extend beyond fifteen (15) years
after the issue date; and
BE IT FURTHER RESOLVED, that in order to encourage,
induce and solicit such application by H.T.W. Partnership 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 Indus-
trial Development Bonds by the City of South Bend, Indiana, to
provide funds to be used toward the payment of the costs for the
expansion of such Economic Development Facilities; and
BE IT FURTHER RESOLVED, that any costs or expenses
incurred in connection with said H.T.W. Partnership 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 obliga-
tion 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
rRESENTEQ , . 3 - I -.)L " -7 9
NOT APPROVED
ADOPTED ! L
day of March, 1979•
SOUTH BEND COMMO COUNCI
Member of Common Council
-2-
HLEDat`
1979
[rene Gammon
Cffy CLERK, SOUTH BEND, IND.