HomeMy WebLinkAboutInducement Resolution Relating to Application by Griffith Laboratories U.S.A. Inc. for Issuance of Revenue Bonds RESOLUTION
NO. 1307-85
Passed by the Common Council of the City of South Bend, Indiana,
July 8, 19 85 .
Attest: C` ` 1� /°O`"'-2"" City Clerk
\1St Attest: "-y/4l SL � ` ' / President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
July 9, 19 85 .
s IC /0 J City Clerk
Approved and signed by me JILL/ q 19 .
l
yeie,,,,-/` Mayor
/ It
RESOLUTION NO. 1367-g
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
GRIFFITH LABORATORIES U.S.A. , INC. ,
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
out the corporate limits of the City pursuant to the provisions
of Indiana Code 36-7-12 (the "Act" ) ; and
WHEREAS, Griffith Laboratories, U.S.A. , Inc. , a Dela-
ware corporation ( "Griffith" ) with its corporate headquarters
located in Alsip, Illinois, proposes to acquire economic devel-
opment facilities near 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 Grriffith for the issuance
of City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of Ten Million and no/100 Dollars
($10, 000, 000 . 00) with the terms of repayment to be determined
by the market rates at the time the bonds are sold and the pro-
ceeds of the bonds will be used to acquire real estate, make
improvements to real estate and acquire equipment to be used as
a manufacturing and distribution facility in St . Joseph County,
Indiana, resulting in a minumum, of fifty (50) , full-time new
jobs added to Griffith' s payroll within three (3) years of
completion of the project with an annual payroll of approxi-
mately one million dollars per year.
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,
including consent of the St . Joseph County Council, to autho-
rize approximately Ten Million no/100 Dollars ($10 , 000, 000 . 00)
of its revenue bonds, which bonds will not be general obliga-
tions 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
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
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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 .
1
Member of the •mi4<on Council
Dated July , 1985
FILED IN CLERK'S OFFICE
PiESENTED 7 �8s JUL2 1985
NOT APPROVED
ADOPTED 7-8-g',S"
BREVE GIV.16.C:' .y
CITY CLERK, SC. .L•i: )< %, iP1
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