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Home My WebLink AboutAmendment of Inducement Resolution: Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. RESOLUTION NO. 1358-85 Passed by the Common Council of the City of South Bend, Indiana, October 14 , 19 85 • Attest: �S. City Clerk Attest: �� / ' ' _ .r President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana October 15, 19 85 . l z.az- City Clerk Approved and signed by me EG±ob'z.- /5 1985 . / Z li,,x Mayor RESOLUTION NO. 3 9 R - 85 AMENDMENT OF INDUCEMENT RESOLUTION The City of South Bend, Indiana, Relating to: Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. project. WHEREAS, on September 9, 1985, this Common Council of the City of South Bend, Indiana ("Council") adopted Resolution No. 1338-85 , Inducement Resolution, the City of South Bend, Indiana, relating to : Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers , Inc. project ("Resolution") ; and WHEREAS , the Resolution included a request by Aquarius Plastic Finishers, Inc. to acquire certain economic development facilities in South Bend, Indiana; and WHEREAS, the Resolution defined the economic development facilities ("Project") as follows: A. Automatic Molded Plastics, Inc. will acquire: One (1) building addition consisting of an additional 20 ,000 square feet which would bring the building to a total of 107 , 000 square feet Six (6) 200 ton molding machines Two (2) 300 ton molding machines Two (2) 400 ton molding machines . B. Aquarius Plastic Finishers, Inc. will acquire: Two (2) 1, 200 ton injection molding machines One (1) 700 ton injection molding machine; and WHEREAS , in reliance on Resolution No. 1338-85 , Automatic Molded Plastics, Inc. started construction on the building addition; and WHEREAS, Automatic Molded Plastics, Inc. desires to ac- quire all of the equipment and building addition in its own name and eliminate Aquarius Plastic Finishers, Inc. from this acquisition; and WHEREAS, this Common Council finds that the acquisition of the building addition and equipment by only Automatic Molded Plastics, Inc. satisfies the qualifications and declarations of Resolution No. 1338-85, and that Resolution should be amended. NOW, THEREFORE, the Common Council moves as follows: 1. Resolution No. 1338-85 is amended, nunc pro tunc, eliminating all reference to Aquarius Plastic Finishers , Inc. and further amended so that the following language : "WHEREAS, Automatic Molded Plastics , Inc. and Aquarius Plastic Finishers, Inc. desire to acquire certain economic development facilities in South Bend, Indiana, provided that the City will finance a por- tion of the costs of such facilities, pursuant to the Act, which facilities will constitute economic develop- ment facilities, as defined in the Act; and WHEREAS , The South Bend Economic Development Com- mission has received an application by Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. for the issuance of City of South Bend Economic Development Revenue Bonds in the total amount of Three Million and No/100 Dollars ($3, 000, 000. 00) , with One Million Nine Hundred Forty-five Thousand and No/100 Dollars ($1, 945, 000. 00) , for Automatic Molded Plastics , Inc. and One Million Fifty-five Thousand and No/100 Dollars ($1, 055,000. 00) for Aquarius Plastic Finishers, Inc. , for the following economic development facilities , ("Project") : A. Automatic Molded Plastics, Inc. will acquire : One (1) building addition consisting of an additional 20 ,000 square feet which would bring the building to a total of 107 , 000 square feet Six (6) 200 ton molding machines Two (2) 300 ton molding machines Two (2) 400 ton molding machines. B. Aquarius Plastic Finishers, Inc. will acquire: Two (2) 1, 200 ton injection molding machines One (1) 700 ton injection molding machine resulting in the addition, over a 5 to 7 year range, of one hundred (100) new jobs at Automatic Molded Plastics, Inc. and one hundred (100) new jobs at Aquarius Plastic Finishers, Inc. , with seventy-five (75) jobs being saved at Automatic Molded Plastics, Inc. There is an antici- pated increased payroll of One Million Four Hundred Thou- sand and No/100 Dollars ($1,400 ,000. 00) for Automatic Molded Plastics, Inc. and One Million Three Hundred Thou- sand and No/100 Dollars ($1,300,000 . 00) for Aquarius 2. Plastic Finishers, Inc. , with a projected payroll from jobs saved of approximately One Million Seventy Thousand and No/100 Dollars ($1,070 ,000 . 00) for Automatic Molded Plastics, Inc. ; and WHEREAS, Automatic Molded Plastics, Inca will use Seven Hundred Fifty Thousand and No/100 Dollars ($750, 000 . 00) of. the bonds for the building addition and the period for these bonds will be ten (10) years , with interest at the fixed rate of ten per cent (10%) . The remaining Two Million Two Hundred fifty Thousand and No/100 Dollars ($2 ,250 , 000 . 00) of the bonds will be used by Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc. for equipment acquisition and the period for these bonds will be seven (7) years with interest at the fixed rate of ten per cent (10%) . " shall be amended to read: "WHEREAS, Automatic Molded Plastics , Inc. desires to acquire certain economic development facilities in South Bend, Indiana, provided that the City will finance a portion of the costs of such facilities , pursuant to the Act, which facilities will constitute economic de- velopment facilities, as defined in the Act; and WHEREAS, The South Bend Economic Development Com- mission has received an application by Automatic Molded Plastics , Inc. for the issuance of City of South Bend Economic Revenue Bonds in the total amount of Three Mil- lion and No/100 Dollars ($3, 000 ,000 . 00) , for the fol- lowing economic development facilities ( "Project") : A. Automatic Molded Plastics , Inc. will acquire: One (1) building addition consisting of an additional 20,000 square feet which would bring the building to a total of 107 , 000 square feet Six (6) 200 ton molding machines Two (2) 300 ton molding machines Two (2) 400 ton molding machines Two ('2) 1 ,200 injection molding machines 'One (1) 700 ton injection molding machines resulting in the addition, over a 5 to 7 year range, of two hundred (200): new jobs with seventy-five (75) jobs being saved. There is an anticipated increased payroll of Two Million Seven Hundred Thousand and No/100 Dollars ($2, 700 ,000 . 00) with a projected payroll from jobs saved of approximately One Million Seventy Thousand and No/100 Dollars ($1, 070,000 . 00) ; and WHEREAS, Automatic Molded Plastics , Inc. will use Seven Hundred Fifty Thousand and No/100 Dollars ($750 , 000. 00) of the bonds for the building addition and the period for these bonds will be fifteen (15) years , with interest at the variable rate of seventy-five per cent (75%)_ of Citibank prime. The remaining Two Million 3. Two Hundred Fifty Thousand and No/100 Dollars ($2 , 250 , 000. 00) of the bonds will be used by Automatic Molded Plastics , Inc. for equipment acquisition and the period for these bonds will be eight (8.) years , with interest at the variable rate of seventy-five per cent (75%) of Citibank prime. " 2 . All other language and terms of Resolution No. 1338-85 shall remain in effect as of the date of its adoption by the Common Council and approved by the Mayor of South Bend, Indiana. Ade !. e ,tom .er of the 1 on Counci at OCT % 1985 IRENE GAMMON CT" C1COK Cfl pm,'n iS1 PRESENTED I - ) LI ` S NOT APPROVED ADOPTED lb 15 4