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HomeMy WebLinkAboutInducement Resolution Relating to Automatic Molded Plastics, Inc. and Aquarius Tool and Mold Inc. Project RESOLUTION NO. 1184-84 Passed by the Common Council of the City of South Bend, Indiana, August 13 , 19 84 . Attest: / �� � J City Clerk AHe ' C/L4 ( J President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana August 14 , 19 84 . i l City Clerk Approved and signed by me 19 (/ Mayor RESOLUTION NO. I [ ' 4 -84 INDUCEMENT RESOLUTION The City of South Bend, Indiana, Relating to: Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. Project. WHEREAS, at the present time, there are insufficient employment opportunities and insufficient diversification of business, commerce and industry and insufficient tax base in 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 devel- opment facilities, pursuant to the provisions of IND. CODE §36-7-12 (the "Act") ; and WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. desire to acquire certain economic develop- ment facilities in South Bend, Indiana, provided that the City will finance a portion of the costs of such facilities, pursuant to the Act, which facilities will constitute economic development facilities, as defined in the Act; and WHEREAS, The South Bend Economic Development Commission has received an application by Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. for the issuance of City of South Bend Economic Development Revenue Bonds in the amount of One Million Five Hundred Thousand and No/100 Dollars ($1,500 ,000. 00) for a period of ten (10) years, with interest at the fixed rate of ten per cent (10%) for the following economic development facilities ("Project") : A. Automatic Plastics, Inc. will acquire: Six (6) New Injection Molding Machines Support Equipment: Water Temperature Control Units Oil Temperature Control Units Material Dryers Material Loaders Material Grinders B. Aquarius Tool & Mold, Inc. will acquire: One General Electric Calma System Computer Aided Design/Computer Aided Machinery Two (2) C N C Bed Milling Machines One (1) C N C Wire Electrical Discharge Machine One (1) C N C Lathe One (1) Programmable Electrical Discharge Machine resulting in the addition of approximately one hundred sixty-four (164) new jobs and an increased annual payroll of approximately Three Million One Hundred Sixty-one Thousand Eight Hundred Forty and No/100 Dollars ($3 , 161, 840 . 00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, moves 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 Five Hundred Thousand and No/100 Dollars ($1,500,000.00) 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 proposed financing of the Project by the City for Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. is hereby found to comply with the purposes and provisions of the Act and Automatic Molded Plastics, Inc. and Aquarius Tool and Mold, Inc. may proceed with the Project in reliance upon this Resolution. 4 . The South Bend Economic Development Commission shall take such action as is necessary to facilitate the issuance of Industrial Development Revenue Bonds (the "Bonds") by the City of South Bend, Indiana, for the Project, but that all costs and expenses incurred in the issuance shall be Project costs to be disbursed from the proceeds of the Bonds. 5 . The South Bend Economic Development Commission, the South Bend Common Council and the City shall not be liable if the issuance of the Bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. I/ Member of the mmon Council PRESENTED — /3_az FILED IN CLEWS OFFICE Fiat APPROVED AUG 1984 7DOPTED g- /3 - ?V Irene Gammon CRY CLERK,SOWN BEND,IND. ..�.ys. a ypUTH 8 4 qA \ '; x, CITY of SOUTH BEND d ' • O . r / ROGER O. PARENT, Mayor 4%,` =866 t o 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 South Bend,Indiana Kenneth P.Fedder,Counsel 46634-1677 Alice Neddo,Asst.Sec. (219)234-0051 August 7 , 1984 Members of the Common Council County-City Building South Bend, IN 46601 Re : Automatic Molded Plastics , Inc. and Aquarius Tool & Mold, Inc . Project - Proposed Inducement Resolution Dear Councilmen: The South Bend Economic Development Commission has received an application from Automatic Molded Plastics , Inc . and Aquarius Tool & Mold, Inc . for a combined bond issue in the total amount of $1 , 500 ,000 . 00 " for the purchase of all new machinery, to be used in the Corporate operations . Both the South Bend Economic Development Commission and the South Bend Common Council have i-sued prior bonds to Automatic Molded Plastics , Inc „ who continues to expand its South Bend operations . With this expansion, it is anticipated that the new machinery, when in full operation, could result in approximately 164 additional jobs , with an annual payroll of $3 , 161 ,840. 00 . Your passage of the Inducement Resolution is hereby requested, Res. -ctfully, le 9`, / t NEIH P . FEDDER Iota ey for the South Bend Ec• omic Development Commission FILED IN CLEFS OFFICE KPF :ram AUG E 1984 Irene Gammon GUY CLERK,SOWN BEND,IND.