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HomeMy WebLinkAboutInducement Resolution Relating to Mittler Supply, Inc. Project RESOLUTION NO. 1203-84 Passed by the Common Council of the City of South Bend, Indiana, September 24, 19 84 . Attest: / — C ^ O J City Clerk Attest: 45 Pte( President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana September 25, 19 84 City Clerk Approved and signed by me /tia.f- L` 19 F(7. Ava— Mayor RESOLUTION NO. tam-gV INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: Mittler Supply, Inc. 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, Mittler Supply, Inc. , which is an Indiana corporation, proposes to acquire and construct economic devel- opment 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 Mittler Supply, Inc. , for the issuance of City of South Bend Industrial Development Reve- nue Bonds in the approximate principal amount of One Million Eight Hundred Thousand and no/100 Dollars ($1,800 ,000 .00) , to be repaid at market rates, 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 crea- tion 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 Eight Hundred Thousand and no/100 Dollars ($1,800,000. 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 . Mittler Supply, Inc. 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. 5. The Mayor is hereby authorized to execute, upon the request by Mittler Supply, Inc. , a "Notice of Inducement" -2- and/or a "Notice of Intent" and/or any other documents autho- rized under Executive Order 21-84. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Mem•er of the Com�on Council IOC IN theft 1984 PRESENTED 9- :1 51-,:f Irene NOT APPROVED / Ory ciao,so_fimon !ADOPTED 9 -& 9/-(Y) -3- ocaa c6Q ®p 3 ' °`®`AAA CITY of SOUTH BEND vai c v t 0 ROGER O. PARENT, Mayor A ppo_ o�om a000H6�+ m Economic Development Commission Alice Neddo Staff Administrator Jerry Hammes.President 230 W. Jefferson Boulevard Walter Szymkowiak,Vice President P.O.Box 1677 Walter A.Mucha,Secretary September 11 , 1 9 84 South Bend,Indiana Kenneth P. Fodder,Counsel 46634-1677 Alice Neddo, Asst. Sec. (219) 234-0051 Members of the Common Council County-City Building South Bend, IN 46601 Re : Mittler Supply, Inc . - Proposed Inducement Resolution Dear Councilmen: The South Bend Economic Development Commission has received an application from Mittler Supply, Inc . for a bond issue in the amount of $1 ,800, 000. 00 to permit acquisition of new machinery and specialty gas cylinders , and the construction of an approximate 9 , 600-foot expansion to their present facility located at 3607 South Main Street , South Bend, Indiana . The South Bend Economic Development Commission did, on September 7 , 1984, pass a similar Inducement Resolution. With this expansion, it is anticipated that approximately 9 new jobs will be added to their payroll , with an estimated payroll of $175 , 000 .00 . Your passage of the Inducement Resolution is hereby requested. Resp•ctfully, K'N■ TH P . FEDDER orney for the South Bend Economic Development Commission FILED IN CLEF'S OFFICE KPF:ram S c`-' 1984 i _ , Irene Gammon CITY CLERK,SCUM BEND,IND.