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Home My WebLink AboutInducement Resolution Relating to Thomas W. Mittler, d/b/a T.A.N.K.S. Project RESOLUTION NO. 1282-85 Passed by the Common Council of the City of South Bend, Indiana, April 29 , 19 85 . Attest: ■l • " - AC `" "j City Clerk Attest: L / . . < _ , .!� . ,-- President of Common Council. ilf Presented by me to the Mayor of the City of South Bend, Indiana April 30 , 19 Rc . ue.u-c_ J- laixn..,..,_ City Clerk Approved and signed by me n X 0 19 g� r /774.4„.„- Mayor RESOLUTION NO. Ihf-8S INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to : Thomas W. Mittler, d/b/a T.A.N.K.S. , Project 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 and construction of economic development facilities in the corporate limits of the City pur- suant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; and WHEREAS, Thomas W. Mittler, d/b/a T.A.N.K. S. , an Indi- ana resident, proposes to acquire economic development facili- ties 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 Thomas W. Mittler, d/b/a T.A.N.K. S. , for the issuance of City of South Bend Industrial Development Revenue Bonds in the approximate principal amount of One Million Two Hundred Fifty Thousand and no/100 Dollars ($1 ,250 , 000 . 00) , to be repaid at 70% of the National Prime Rate rounded off to the nearest quarter point, with the proceeds of the bonds being used to acquire economic development facilities to be based and located in South Bend, Indiana, which will result in the creation of new jobs in and near South Bend, Indiana. 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 Two Hundred Fifty Thousand and no/100 Dollars ($1 ,250 ,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 permit- ted 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 . Thomas W. Mittler , d/b/a T.A.N.K. S . , may proceed with acquisition and construction 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. -2- 5 . The Mayor is hereby authorized to execute, upon the request by Thomas W. Mittler , d/b/a T .A.N.K. S . , a "Notice of Inducement" and/or a "Notice of Intent" and/or any other documents authorized under Executive Order 21-84 , as amended and supplemented. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor . ember of the or on Council FILED IN CLERK'S OFFICE APR 2 4 1985 IRENE GANIMON CITY CLERK, SO. BEND, IN PRESENTED '-2 9-(576i NOT APPROVED ADOPTED V a 37_J' -3- BARNES & THORNBURG 600 1ST SOURCE BANK CENTER OF COUNSEL JOHN W.HOUGHTON PERRY PALAN* ALAN W.BOYD LOUIS A.HIGHMARK WARREN E.MCGILL NELSON J.VOGEL,JR. CHARLES M.WELLS LESTER M.PONDER WARREN A.DEAHL JOHN A.DOUGLAS* 100 NORTH MICHIGAN THOMAS M.SCANLON THOMAS P.JENKINS JAMES F.THORNBURG EVERET F.SMITH GE R L. J.REV ROGER R. E TOO GE J.RAZA6 AVID R.MELTON JAMES flIC O.ANDERSON A.PHILIP JAM J..FACCENDA S HORN R.HARMAN BRIAN J.LAKE SOUTH BEND, INDIANA 46601 JERRY P.BELKNAP A.JAMES.LANN OBON HOWARD J.COFIELD BRYAN O.TABLER ROBERT S.ASXSY STEVEN R.LAMMERT RICHARD M.EINKE.TRECKELO DANIEL N.K.SMITH (2191 233-1171 WILLIAM J.REINKE STEPHEN K.SMITH RICHARD E.DEER RICHARD W.MORGAN EDWARD J.GRAY MICHAEL R.F RUEHWALD MARCUS B.CHANDLER CAROL C.KAESL BIER ROBERT E.XIONFIELD EDWARD 0.DELANEY TWX 810-341-3427 B&T LAW IND DOUGLAS P.LONG TIMOTHY T.CASADY DANIEL W.RUDY CYM H.LOWELL JOHN M.KYLE III JANET D.NEUENSCHWANDER JACK C.DUNFEE,JR. SAMUEL S.THOMPSON HENRY J.PRICE NALO E EBEL JAMES TELECOPIER 1219) 237-1125 A.COLES STEVEN W.THORNTON JAMES L.CALHOUN DOUGLAS O.SMALL HERBERT C.SNYDER,JR. WAYNE C.KREUSCHER JOHN C.ROTHXAAR PAULA M.TAYLOR JAMES A.McDERMOTT KRISTIN G.FRUEHWALD PAUL K.BROOKS HOWARD E.KOCHELL SHIRLEY A.S DOUGLAS K.DIETERLY RONALD E.CHRISTIAN ROBERT M.REYNOLDS KENT E.AGNESS SANDRA J.LONG MARK C.KRCMARIC CHARLES E.BRUESS MICHAEL R.CONNER CONNIE M.MCKEAN B.BRIAN GILLENWATER* WILLIAM R.COFFEY CLAUDIA V.SWHIER JEFFREY J.TONNEP M.SUE MICHAEL L.BRIDGE M. JERRY E.XYLAND ROBERT K. Y GREGORY L.KELLY DAVID F.HAMILTON BRUCE R.BANCROFT CATHERINE L.BRIDGE ANNE N.DEPRE2 J.A.WHITMER JOHN T.MULVIHILL RICHARD D.CONARD 1313 MERCHANTS BANK BUILDING RICHARD A.COVEN D FULLER FRANKLIN A.MORSE II LARRY J.STRORLE 11 SOUTH MERIDIAN STREET E.VICTOR INDIANO JAMES ROLAN MENEAL A. III STEPHEN A.SEALL MICHAEL PO SIE LLO ALAN A.LEVIN NANCY L.ICKLER GORDON S.ESLICK STEPHEN W.LEE INDIANAPOLIS, INDIANA 46204 F ANK SULLIVAN.JR. RICHARD A.REZEK RICHARD E.STEINBRONN DAVID A.HAIST 13171698-1313 KENNETH R.PETRINI DAVID P.WARSHAUER JOHN A.BURGESS SO N*E WILLIAM I.KOHN DONALD D. KENNETH H.INSKEEP JAMES 0.PERRIN STANLEY C.FICKLE KATHLEEN K.BRICKLEY NEAL J.PATTERSON OBERT P. ONE RNESTJ.6ZAR WA0.K 305 FIRST NATIONAL BANK BUILDING ALAN K.MILLS LYNN C.TYLER TOM CHARLES ES HUSTON PAUL E.BECHER 301 SOUTH MAIN STREET JOSEPH W.REBORE LU CAROLE KING AMES A.STRAIN MAVID M.POWLEN GEORGE X.BAKER MICHAEL P.LUCAS ELKHART, INDIANA 48516 RYARD A.KEIRN TIMOTHY J.PEADEN N M.FOUNTAIN* DAVID THUMA TONI SUE A% RENEE P.MAW NIN NEY 12191 2830681 TIMOTHY J.RIFFLE JACK M.FREEDMAN R.MICHAEL PARKER FEDERAL BAR BUILDING 1815 H STREET, N.W. WASHINGTON, D.C.20006 12021 933'4500 TO CALL WRITER *ADMITTED IN O.C.RUT NOT INDIANA April 24, 1985 Ms . Irene Gammon City Clerk 4th Floor County-City Building South Bend, Indiana 46601 Re: Application of Thomas W. Mittler, d/b/a T.A.N.K.S. for City of South Bend Economic Development Revenue Bonds Dear Ms. Gammon: Thomas W. Mittler, d/b/a T.A.N.K.S. , hereby makes application to the South Bend City Council for the issuance of City of South Bend Economic Development Revenue Bonds in connection with the acquisition of machinery and specialty gas cylinders to be located at 3607 South Main Street, in South Bend, Indiana. In support of this application, the applicant respectfully shows to the South Bend Economic Development Commission as follows: 1 . That he will cause to be prepared and will present for hearing before the Commission an appropriate form of loan agreement, security agreement, trust indenture and financing statements together with appropriate forms of economic development revenue bonds, transmittal forms, ordinance, notices and resolutions relating to such bond issue in compliance with the laws of the State of Indiana, the Internal Revenue Code of the United States and applicable Regulations . Ms. Irene Gammon April 24, 1985 Page 2 2 . Applicant desires that the bonds be issued in the total principal amount of approximately $1, 250,000 and shall bear interest at the rate of 70% of the National Prime interest rate rounded up to the nearest quarter part and shall be payable over a term of approximately twelve (12) years. 3 . The proceeds of the bond issue will be utilized to pay the cost of acquiring approximately $1, 250,000 in specialty gas cylinders and equipment to be used in the manufacture of compressed gases. The cylinders and equipment shall be leased to Mittler Supply, Inc. at its business located at 3607 South Main Street, South Bend, Indiana. 4. Applicant would like to commence acquisition of the machinery and equipment forthwith. 5. Valley American Bank and Trust Company has agreed to purchase the bonds and act as trustee for the bond issue. 6. There are no contracts, covenants or prohibitions to the knowledge of the applicant which would preclude the issuance of such Economic Development Bonds and acquisition of the machinery and equipment. 7 . It is anticipated that the economic development facility will result in approximately 4 to 5 new jobs added to the payroll of Mittler Supply, Inc. within six months of the completion of the facility resulting in an increase in the annual payroll at the facility of approximately $80,000 to $120,000. 8 . Enclosed is a form of Inducement Resolution which we respectfully request be adopted by the Council in connection with this project. Very truly yours, BARNES & THORNBURG i EJS:kav Enclosure cc: Mr. Thomas W. Mittler Mr. Donald R. Kyle FILED IN CLERK'S OFFICE Ms . Janet L. Dawson Kenneth P. Fedder, Esq. APR 2 41985 IRENE GAMMON BARNES 8c THORNBURG CITY CLERK, SO. BEND, IN