HomeMy WebLinkAboutInducement Resolution Relating to Aucilla Plastics & Draft Realty Project RESOLUTION
NO. 1150-84
Passed by the Common Council of the City of South Bend, Indiana,
May 29 , 194—.
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Attest: T ( City Clerk
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Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
May 30, 19 84 .
h �r City Clerk
Approved and signed by me 5 2/ 19 F7.
,Ci7 / a"L-(.-77i Mayor
RESOLUTION NO. lire-fl
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Aucilla Plastics and Dafir Realty 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, Aucilla Plastics, Inc. , an Indiana corpora-
tion, and Dafir Realty, an Indiana partnership, propose 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 Aucilla Plastics, Inc. and
Dafir Realty for the issuance of City of South Bend Industrial
Development Revenue Bonds in the approximate principal amount
of One Million Six Hundred Thousand and no/100 Dollars
($1,600,000.00) , with the terms of repayment to be determined
by the market rates at the time the bonds are sold, with the
proceeds of the bonds being used to acquire real estate located
in Phase IV of the Airport Industrial Park in South Bend, Indi-
ana, and construct and equip a manufacturing facility thereon
resulting in approximately 16 to 24 new jobs by Aucilla
Plastics, Inc. and Dafir Realty with an annual payroll of
between $300,000 and $500,000.
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 Six Hundred Thousand and
no/100 Dollars ($1,600,000.00) 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. Aucilla Plastics, Inc. and Dafir Realty may pro-
ceed with acquisition and construction of the economic develop-
ment 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
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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.
-m•er of the Com C uncil
FILED IN CLEL 'S OFFICE
PRESENTED s—a
2 ae v
184
NOT APPROVED
ADOPTED S—a?—J / Irene Gammon
T CITY CLERK,SOUTH BEND,IND.
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