HomeMy WebLinkAboutAuthorizing the Mayor to Submit Application to Indiana Department of Commerce fro State Investment Incentive Program (Bangor Refrigeration Corporation)RESOLUTION
NO. 1622 -88
Passed by the Common Council of the City of South Bend, Indiana
Attest: "'k, �9a City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend,
Approved and signed by me '�-9 , 1988
Clerk
Mayor
RESOLUTION NO. l (.aa" W9
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO
SUBMIT AN APPLICATION TO THE INDIANA DEPARTMENT OF
COMMERCE FOR THE STATE INVESTMENT INCENTIVE
PROGRAM. (BANGOR REFRIGERATION CORPORATION)
WHEREAS, the City of South Bend, Indiana, is dedicated to
pursuing economic development through promoting growth of
businesses which stimulate the local economy and thereby benefit
the people of South Bend as a whole; and
WHEREAS, Bangor Refrigeration Corporation project will
benefit the local economy specifically by adding 30 new jobs to the
area and within two years increasing that level of employment by 10
additional jobs; and
WHEREAS, Bangor Refrigeration Corporation has purchased
lot 3 -5A in the Airport Industrial Park and needs assistance with
the purchase of Machinery and Equipment; and
WHEREAS, the Bangor Refrigeration Corporation will require
various Machinery and Equipment costing $250,000. The receipt of a
State Industrial Development Grant will enable the City of South
Bend to finance this project with a $100,000 loan to be matched
with a $150,000 loan from the Industrial Revolving Fund of South
Bend, IN.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of South Bend, Indiana, as follows:
SECTION I. The Council Hereby establishes the authority of
the Mayor of the City of South Bend to submit a State Investment
Incentive Program Grant application to the Indiana Department of
Commerce for the Bangor Refrigeration Corporation project.
SECTION II. This Resolution shall be in full force and
effect immediately upon passage by the Common Council of the City
of South Bend, Indiana, and approval by the Mayor.
PRESENTED (�- .-7
14M APPROVED
(` i '-S
AP -Pra)
M ber If the Common Council
Filed In Clerl ;`S Office
JUN 2 21988
IRENE GAMMON
CITY Cam So. BEND, IM.