HomeMy WebLinkAboutInducement Resolution Relating to an Application By Industrial Fuels & Resources Inc. for Economic Development Revenue Bonds RESOLUTION
NO. 1305-85
Passed by the Common Council of the City of South Bend, Indiana,
July 8, 19 85 .
Attest: ; /l City Clerk
Attest: '/ ()LP/t ti� ,gc-AA President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
July 9 . 19 85 .
e- -e- r i v City Clerk
Approved and signed by me / 7 J '(iA. 19
PP 9 Y / � C!
JAI 9 R Cs Mayor
•
RESOLUTION NO. J3oS-2S'
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
INDUSTRIAL FUELS AND RESOURCES, 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
in the corporate limits of the City pursuant to the provisions
of Indiana Code 36-7-12 (the "Act") ; and
WHEREAS, Industrial Fuels and Resources, Inc . , an
Indiana corporation ( "Industrial" ) doing business in the City,
proposes 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 Industrial for the issuance
of City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of Two Million and no/100 Dollars
($2 , 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, rehabilitate and
equip improvements to real estate at 604 South Scott Street , in
the City of South Bend, Indiana, for a petroleum processing and
districution facility resulting in nineteen (19) full-time new
jobs added to Industrial ' s payroll with an increase in its
annual payroll of approximately $416, 000 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, to
authorize approximately Two Million and no/100 Dollars
($2 , 000, 000 . 00) of its revenue bonds , which bonds will not be
general obligations of the City but will be payable solely from
the limited sources authorized and permitted by the Act .
2 . The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act .
3 . The Company may proceed with acquisition and
rehabilitation of the economic development facility in reliance
upon this resolution.
4 . That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds , and the South Bend Economic Development •
Commission and the City of South Bend, Indiana, their officers
-2-
and agents , shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor .
----- 22,,-e/L_-<,( _e_. Nk-:_yL,&---/-L /
Member of the Co m Council
/✓
Dated July , 1985
PRESENTED -$ `$ S FILED IN CLERK'S NICE
NO/ APPROVED J U Li 2 1985
ADOPTED 7-2-PC
JRHINE Gi i1.li;?E514. 33"11
CITY CLER , SO, BEND, IN
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�\\\ /� g1' CITY ®� SOUTH ;i1`A�119
i` �," _ ,)44%.9/ ROGER O. PARENT, Mayor
Economic Development Commission
Staff Administrator
Jerry Hammes, President 401 East Colfax Avenue
At E. Paszek, Vice President July 2' 1985 P.O. Box 1677
Walter A. Mucha, Secretary South Bend, Indiana
Kenneth P. Fodder, Counsel 46634-1677
Denice Schock, Asst. Sec. 219/234-0051
Members of the South Bend
Common Council
County-City Building
South Bend, IN 46601
Re : Industrial Fuels and Resources , Inc . - Proposed Inducement Resolution
Dear Councilmen:
The South Bend Economic Development Commission has received an application
from Industrial Fuels and Resources , Inc . , an Indiana Corporation, for
City of South Bend Economic Development Revenue Bonds in the amount of
$2 , 000, 000 . 00, with interest thereon and maturity to be governed by the
market conditions at the time of the sale of the Bonds . The Bond proceeds
will be used to acquire and rehabilitate an economic development facility
at 604 South Scott Street, South Bend, Indiana, and to purchase equipment
to be utilized by the applicant , who is a petroleum processor.
The new facility, when in operation, would result in approximately 19 new
jobs to be added to the existing Company's payroll within the next 2 years
resulting in an annual payroll of approximately $416, 000 . 00 .
We would appreciate your favorable action on the passage of this
Inducement Resolution.
R O'ectfully, 1•. •� p
K NETH P . FEDDER
Att•rne; for the South Bend BLED IN CLERK'S OFFICE
Eco ••• c Development Commission
JUL 2 1985
KPF :ram
RENE GAMMON
CITY CLERK, SO. BEND, IN