HomeMy WebLinkAboutInducement Resolution Relating to Application by Monte & Betty Wechter for Issuance of Revenue Bonds RESOLUTION
NO. 1340-85
Passed by the Common Council of the City of South Bend, Indiana,
September 9 , 19 85 .
Attest: < )1.-3 City Clerk
Attest: I _ — • C ° dent of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 10, 19 85 .
City Clerk
Approved and signed by me �� �ti k Q 19 .
Mayor
RESOLUTION NO. 13(46-NS"
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
MONTE WECHTER AND BETTY M. WECHTER
FOR THE ISSUANCE OF
CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS
WHEREAS, at the present time there are insufficient
employment opportunities and insufficient diversification of
business , commerce and industry in and near the City of South
Bend, Indiana (the "City" ) ; and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition of economic development facilities
in the corporate limits of the City pursuant to the provisions
of Indiana Code 36-7-12 (the "Act" ) ; and
WHEREAS, Monte Wechter and Betty M. Wechter (the
"Wechters" ) propose to acquire economic development facilities
in South Bend, Indiana as defined in the Act if the City will
finance costs of such economic development facilities pursuant
to the Act ; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by the Wechters for the
issuance of City of South Bend Economic Development Revenue
Bonds in the approximate principal amount of Four Hundred
Thousand and no/100 Dollars ($400 , 000 . 00) with the terms of
repayment to be determined by the market rates at the time the
bonds are sold and the proceeds of the bonds will be used to
acquire and remodel a warehouse and distribution facility
located at 917 South Chapin Street , in the City of South Bend,
Indiana, for lease to Mid West Sales and Service, Inc . result-
ing in the preservation of fifteen ( 15) full-time and three (3)
part-time jobs and the addition of three (3 ) full-time and one
( 1) part-time jobs added to the payroll of Mid West Sales and
Service, Inc . resulting in an annual payroll of approximately
$600 , 000 for the facility.
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows :
1 . The project constitutes economic development
facilities which shall be financed by the City through the
issuance of revenue bonds pursuant to the Act and the City is
willing , upon compliance with all provisions of Indiana law, to
authorize approximately Four Hundred Thousand and no/100 Dol-
lars ($400, 000 . 00) of its revenue bonds , which bonds will not
be general obligations of the City but will be payable solely
from the limited sources authorized and permitted by the Act .
2 . The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act .
3 . The Company may proceed with acquisition and con-
struction of the economic development facility in reliance upon
this resolution.
4 . That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
-2-
Council 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 the South Bend Economic Development
Commission and the City of South Bend, Indiana , their officers
and agents , shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor .
.
Member of the C on Council
Dated September , 1985
PRESENTED 9 _9_
NOT APPROVED
ADOPTED 9 9—
-3-
/p�TRB�t, CITY of SOUTH 1lEND
7 0 11IL�,''°�!�,� �� ROGER O. PARENT, Mayor
! COUNTY CITY BUILDING SOUTH BEND, INDIANA 46601
•
',,��• 2861
Economic Development Commission
Jerry Hammes,President Shall Administration
Al E.Paszek, Vice President 401 East Colfax Avenue
Walter A.Mucha, Secretary September 4 , 1985 P.D. Box 1677
South Bend,P. Fodder, Counsel end, Indiana
Suzanne M. Rhedigan,Asst. Sec. 46634-1677
219/234-0051
Common Council
4th Floor
County-City Buidling
South Bend, Indiana
Dear Council Members :
Re : Monte Wechter and Betty Wechter Project -
Inducement Resolution
The South Bend Economic Development Commission has
received an application from Monte Wechter and Betty
M. Wechter for an Industrial Revenue Bond in the
amount of $400 , 000 . 00 for the acquisition and
rehabilitation of an Economic Development facility
located at 917 South Chapin Street, South Bend,
Indiana.
The new renovated facility is to be located in the
Enterprise Zone, and will result in approximately one
part-time and three full-time jobs, with an estimated
payroll of $100 , 000 . 00 .
Sincerely,
Kenneth P. Fedder,6
Attorney for the Economic
Development Commission