HomeMy WebLinkAboutInducement Resolution Relating to 1818 Realty, An Indiana Partnership Project RESOLUTION
NO. 1179-84
Passed by the Common Council of the City of South Bend, Indiana,
July 23 , 19 84 .
Attest: ( lC ( sue w cJ City Clerk
Attest: 46+ I
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
July 24, 19 84.
r� City Clerk
Approved and signed by me _19 cF/
Mayor
RESOLUTION NO. J / 77-
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
1818 REALTY, AN INDIANA PARTNERSHIP 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 , 1818 Realty, an Indiana partnership ( "Com-
pany") , proposes to acquire and construct 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 Commis-
sion has received an application by the Company for the issu-
ance of City of South Bend Economic Development Bonds in the
approximate principal amount of One Million Five Hundred Thou-
sand and no/100 Dollars ($1 ,500,000 .00) with the repayment of
the Bonds to be made over a period of ten (10) years with
interest thereon at a variable rate equal to 75% of the
national prime rate of interest;
WHEREAS, the proceeds of the Bonds will be used by the
Company to acquire , remodel , expand and equip manufacturing and
office facilities for use by Wells Electronics , Inc. located in
the 1700 and 1800 blocks of South Main Street, South Bend,
Indiana, which facility shall result initially in approximately
twenty (20) new jobs with an annual payroll of approximately
Three Hundred Fifty-four Thousand Dollars ($354 ,000) .
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows: