HomeMy WebLinkAboutInducement Resolution Relating to Application by Inland distributing Corporation for Economic Development Revenue Bonds RESOLUTION
NO. 1263-85
Passed by the Common Council of the City of South Bend, Indiana,
February 25, 19 85 .
Attest: K ` "'`°"� City Clerk
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Attest A / — 'resident of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 26, 19 85.
�o Uzi /�K—��✓ City Clerk
Approved and signed by me 0. 19
7/11. Mayor
RESOLUTION NO. Ia(,5 - $C
INDUCEMENT RESOLUTION OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
INLAND DISTRIBUTING CORPORATION,
AN INDIANA CORPORATION FOR
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 , Inland Distributing Corporation, an Indiana
Corporation, ("INLAND") , 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 Commission has
received an application by Inland for the issuance of City of
South Bend Economic Development Revenue Bonds in the approximate
principal amount of Eight Hundred and Fifty Thousand ($850 , 000. 00)
Dollars , with the terms of repayment at a rate of interest not to
exceed ten (10%) percent, and to be amortized over a period not
to exceed fifteen (15) years .
The proceeds of the bonds will be used to acquire,
remodel , expand and equip manufacturing and office facilities
for use by Inland Distributing Corporation, located at 1145
Prairie Avenue, South Bend, Indiana, resulting in approximately
five (5) new full time jobs added to Inland' s payroll with an
increase in its annual payroll of approximately One Hundred
Thousand ($100, 000 . 00) Dollars .
NOW, THEREFORE, the Couuuon 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 Eight Hundred and Fifty Thousand ($850, 000 . 00)
Dollars 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 construction
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
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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.
1C(/‘ 14--e LiO—CJ
Member of the Col t ouncil
DATED: this 20th day of February, 1985 .
FieG �N
GO\OWN°
PRESENTED dye
NOT APPROVED
ADOPTED C -aS-es"
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