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HomeMy WebLinkAboutIndustrial Development Revenue Bonds Metalstamp IncORDINANCE ,:.. • 6452-78 Passed by the Common Council of the City of South Bend, Indiana September 11 1978 Attest: - �--� City Clerk IRENE K. GAMMON Attest: .r/ll�" President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana September 12 19 78 City Clerk IRENE K. GAMMON Approved and signed by me ORDINANCE NO. &44s2.71? AN ORDINANCE APPROVING THE FORM AND TERMS OF SUPPLEMENTAL MORTGAGE AND LEASE AND INDUSTRIAL DEVELOPMENT "REVENUE BONDS, AND AUTHORIZING THE EXECUTION' THEREOF PERTAINING TO METALSTAMP INC. STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development commission, hereinafter referred to as "Commission," pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 7- 4.5 -2, through IC 18- 6- 4.5 -28, hereinafter referred to as the "Act;" and METALSTAMP, INC. has filed an application with the Commission to finance the acquisition of real estate and the construction thereof of an industrial and commercial building (facilities) which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which the facilities will be located, and has timely received favorable reports from each of them; and the Commission held a public hearing on the proposed financing of such facilities on August 18, 1978, after giving the required notice as provided for in Section 17 of IC 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and NOW, THEREOFRE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Supplemental Mortgage and Lease and Industrial Development Revenue Bonds pertaining to METALSTAMP, INC. facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of Supplemental Mortgage and Lease together with Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana and shall be kept on file by the City Clerk of South Bend, Indiana. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such METALSTAMP, INC. facilities, may be issued in amounts not to exceed Four Hundred Sixty Thousand ($460,000.00) Dollars for a period not exceeding Eight C8} years after the first monthly installment due thereon, in accordance with the terms of said Supplemental Mortgage and Lease and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said City. Section 5. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. Memb r the Common Counci� FILED IN CLERK'S OFFICE AUG 18 1978 A- - - - M VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H. McMICHAEL 300 FIRST BANK BUILDING 234 -6061 LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN OF COUNSEL' MICHAEL P. BARNES WILLIAM O. JACKSON JOHN B. RAMMING ANTHONY D. KOWALS BRIAN J. MAY Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application METALSTAMP, INC. Dear Gentlemen: Application of a Revenue Bond Issue for Four Hundred Sixty Thousand ($460,000.00) Dollars, for and on behalf of METALSTAMP, INC., for the proposed financing of the construction of an addition to their present facility located at 24545 State Road 23, South Bend, Indiana. It is estimated that this new addition to this facility will result in the employment of approximately 12 new employees with a gross annual payroll increase of $150,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /gwo Respectfully, KENNE H P : REDDER IJ ATTO Y OR THE ECONOMIC f DEVEJdOPMENT COMMISSION FILED IN CLERK'S OFFICE UG181978 Irene Daman CITY CLERK, SOUTH BEND, IND.