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HomeMy WebLinkAboutInducement Resolution Relating to Application by Data-Link Systems, Inc. for Issuance of Revenue Bonds RESOLUTION NO. 1273-85 Passed by the Common Council of the City of South Bend, Indiana, April 8 , 19 85 . Attest: 4e„ —=. ,,../ City Clerk Attest: LS ,CIfSe—o--4_/ President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana April 9 , 19 85 . I "".� < 74_„,` ,,,, ^-' City Clerk Approved and signed by me %DAL, ( d 19 CPC 'l Mayor 7/77 RESOLUTION NO. i a`1 s- g J INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY DATA-LINK SYSTEMS, INC. AN INDIANA CORPORATION 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 expansion 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, Data-Link Systems, Inc. , an Indiana Corporation, (Data-Link) , doing business in the City, proposes to expand and equip 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 Commission has received an application by Data-Link for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of One Million Dollars ($1,000,000) with the terms of repayment at a rate of interest to be determined by the market and to be amortized over a period not to exceed twelve (12) years. The proceeds of the bonds will be used to expand and equip business and office facilities for use by Data Link, located at 1818 Commerce Drive, South Bend, Indiana, resulting in approximately thirty (30) new full time jobs increasing to over one hundred (100) added to Data-Link ' s payroll with an initial increase in its annual payroll of approximately Seven Hundred Fifty Thousand Dollars ($750,000) , 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 One Million Dollars ( $1,000,000) of its revenue bonds, which bonds will not be general obligations to 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 expansion and equipping of the economic development facilities 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 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 force and effect from and after its adoption by the Common Council and approval by the Mayor. FILED IN CLERK'S OF#10E PRESENTED if-2-g-5- APP 3 1985 NOT APPROVED Irene Gammon Member of t5Common Council ADOPTED V-2-8,5- CITY CLERK,SOUTNBEN" DATED: this _ day of _ , 1985 VOOR,ALLEN, FEDDER,HERENDEEN 8 KOWALS ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 WILLIAM E.VOOR 234-6061 300 FIRST BANK BUILDING LLOYD M.ALLEN KENNETH P.FEDDER 205 WEST JEFFERSON BLVD. OF COUNSEL: GEORGE E.HERENDEEN SOUTH BEND, INDIANA 46601 WILLIAM O.JACKSON ANTHONY D.KOWALS GUY H.McMICHAEL LARRY L.AMBLER FRED R.HAINS DAVID M.McTIGUE April 3, 1985 Members of the South Bend Common Council County-City Building South Bend, IN 46601 Re : Data-Link Systems , Inc . Project - Proposed Inducement Resolution Dear Councilmen : The South Bend Economic Development Commission has received an application from Data-Link Systems , Inc . for a revenue bond in the amount of $1 , 000 , 000 .00 for the expansion and equipment for use by Data-Link Systems , Inc . , located at 1818 Commerce Drive , South Bend, Indiana. The economic development facility ensures that Data-Link Systems , Inc . will remain in the City, resulting in the creation of 30 jobs with .n annual payroll of approximately $750, 000 . 00 . Re- .ectfull K N N E T I eiVi-‘244-V P P . FEDDER ��Q IN CLERK'S OFFICE At .r.. --y for the South Bend Economic Development Commission APR 3 1985 KPF :ram Irene Gammon CITY CLERK,SOUTH BFN'