HomeMy WebLinkAboutSteel Warehouse Co. Inc. Issue Revenue Bonds for Financing of Economic Development RESOLUTION
NO. 1104-83
Passed by the Common Council of the City of South Bend, Indiana,
December 5, 19 R3 .
Attest: r City Clerk
Attest: f ,� _ � a 'resident of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
December 6 , 19 83 .
L .n . < City Clerk
Approved and signed by me , " .s, J-� b 196' 3 .
( X70 - g a
RESOLUTION OF THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA
(STEEL WAREHOUSE CO. , INC. )
WHEREAS, the City of South Bend, Indiana (the "Issuer") is
authorized by IC 36-7-12 (the "Act") to issue revenue bonds for
the financing of economic development facilities, the funds
from said financing to be used for the acquisition, construction
and equipping of said facilities, and said facilities to be
either sold or leased to a company or directly owned by a
company; and
WHEREAS , Steel Warehouse Co. , Inc. , an Indiana corporation
(the "Applicant") has advised the South Bend Economic Develop-
ment Commission (the "Commission") and the Issuer that it
proposes that the Issuer either acquire, construct and equip an
economic development facility and sell or lease the same to the
Applicant or loan proceeds of an economic development financing
to the Applicant for the same, said economic development
facility to consist of the construction of a 10 ,400 square foot
addition to the Applicant ' s existing steel manufacturing
facility and the acquisition of a temper mill and other
machinery and equipment to be installed therein, so that the
Applicant may expand its business in the area of heavy gauge,
low carbon, hot rolled steel, said existing facility being
located at 2722 Tucker Drive, in the City of South Bend, on an
approximate 22 acre tract of land ( "Project") ; and
WHEREAS, the diversification of industry and increase in
job opportunities (6 to 12 new jobs) to be achieved by the
construction and equipping of the Project will be of public
benefit to the health, safety and general welfare of the Issuer
and its citizens; and
WHEREAS , having received the advice of the South Bend
Economic Development Commission, it would appear that the
financing of the Project would be of public benefit to the
health, safety and general welfare of the Issuer and its
citizens; and
WHEREAS , it is preliminarily found that the acquisition and
construction of the facility will not have an adverse
competitive effect on any similar facility already constructed
or operating in South Bend, Indiana;
NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the
City of South Bend, as follows:
1. The Common Council of the City of South Bend
finds, determines, ratifies and confirms that the
promotion of diversification of economic development
and job opportunities in and near South Bend, Indiana,
is desirable to preserve the health, safety and
general welfare of the citizens of the Issuer ; and
that it is in the public interest that the Commission
and the Issuer take such action as they lawfully may
to encourage economic development, diversification of
industry and promotion of job opportunities in and
near the Issuer.
2 . The Common Council of the City of South Bend
approves, determines, ratifies and confirms that the
issuance and sale of economic development revenue
bonds in an amount of approximately $1,750 ,000 of the
Issuer under the Act for the acquisition, construction
and equipping of the Project and the sale or leasing
of the Project to the Applicant or the loan of the
proceeds of the revenue bonds to the Applicant, will
serve the public purposes referred to above, in
accordance with the Act.
3. In order to induce the Applicant to proceed
with the acquisition, construction and equipping of
the Project, the Common Council of the City of South
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Bend hereby approves, determines, ratifies and
confirms that ( i) it will take or cause to be taken
such actions pursuant to the Act as may be required to
implement the aforesaid financing, or as it may deem
appropriate in pursuance thereof; provided that all of
the foregoing shall be mutually acceptable to the
Issuer and the Applicant; and ( ii) it will adopt such
ordinances and resolutions and authorize the execution
and delivery of such instruments and the taking of
such action as may be necessary and advisable for the
authorization, issuance and sale of said economic
development revenue bonds; and ( iii) it will use its
best efforts at the request of Applicant to authorize
the issuance of additional bonds for refunding and
refinancing the outstanding principal amount of the
bonds, for completion of the Project and for additions
to the Project, including the costs of issuance
(providing that the financing of such addition or
additions to the Project is found to have a public
purpose (as defined in I.C. 36-7-12-1] at the time of
authorization of such additional bonds) , and that the
aforementioned purposes comply with the provisions of
I.C. 36-7-12.
4. All costs of the Project incurred after the
adoption of this inducement resolution, including
reimbursement or repayment to the Applicant of moneys
expended by the Applicant for planning, engineering,
interest paid during construction, underwriting
expenses, attorney and bond counsel fees, acquisition,
construction and equipping of the Project will be
permitted to be included as part of the bond issue to
finance the Project, and the Issuer will sell or lease
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the same to the Applicant or loan the Proceeds from
the sale of the bonds to the Applicant for the same
purposes . Also , certain indirect expenses , including
but not limited to , planning, architectural work and
engineering incurred prior to this inducement
resolution will be permitted to be included as part of
the bond issue to finance the Project .
6 ..._
Member o the Common Council
HIED !N CLERK'S OFFICE
? II.:13
Irene Gammon
PRt:>EN ;D /cg -6-- 3 CITY am( sour~,BEND;MD.
NOT APPROVED
ADOPTED l A —6— —81
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