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Home My WebLink AboutAmended Inducement Resolution Relating to Metal Resources Corporation RESOLUTION NO. 1122-84 Passed by the Common Council of the City of South Bend, Indiana, March 12, 19 84 . Attest: City Clerk Attest: President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana March 13, 19 84 . 1e SOB x v< City Clerk Approved and signed by me / 0 / 3 19 <E5! o �Z �/ u/✓v Mayor RESOLUTION NO. 11 .124,/ AMENDED INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO METAL RESOURCES CORPORATION WHEREAS, the Common Council of the City of South Bend, Indiana adopted on the 13th day of October, 1980 an Inducement Resolution attached hereto, made a part hereof and marked for iden- tification as Exhibit A; and WHEREAS, said Exhibit A was adopted pursuant to the appli- cation of Bremen Iron & Metal Co. , Inc. , which has since changed its name by amendment of its Articles of Incorporation to Metal Resources Corporation; and WHEREAS, Metal Resources Corporation desires to make certain changes to its Application for Industrial Development Bonds to be issued by the City of South Bend, Indiana; and WHEREAS, the economic welfare of the City would be benefited by the acquisition and building of economic development facilities pursuant to the provisions of Indiana Code 18-6-4 . 5 (the "Act") ; and WHEREAS, it is apparent that Metal Resources Corporation will increase job opportunities and commercial diversification in South Bend, Indiana, resulting in a benefit to the welfare of the public in the City of South Bend, Indiana, and St. Joseph County, Indiana; and WHEREAS, to induce Metal Resources Corporation to develop this project and become the principal user thereof, the South Bend Common Council desires to adopt this amended resolution. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1. Approval is hereby given to the amended application of Metal Resources Corporation relating to the acquisition of such economic development facilities and the building of other such facilities wherein Industrial Revenue Bonds would be issued by the City of South Bend, Indiana for an amount not exceeding Three Million Nine Hundred Thousand Dollars ($3, 900,000.00) , payable with interest thereon at a rate of seventy-five percent (75%) of the prime rate over a period not to exceed fifteen (15) years from and after the date said economic development facilities are placed in use by the users thereof. 2. In order to encourage, induce and solicit such appli- cation by Metal Resources Corporation for such Industrial Revenue Bond issue relating to its acquisition of such Economic Development Facilities and the building of certain facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquisition and building for an economic development facility. 3. Any costs or expenses incurred in connection with said Metal Resources Corporation project shall be included in the project costs and reimbursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, -2- • • shall be limited solely to good faith efforts to consummate such proceedings and issue such bonds, and neither the South Bend Common Council nor the City of South Bend, Indiana, or its officers or agents , shall incur any liability whatsoever for any reason the proposed issuance of such bonds is not consummated. 5. Metal Resources Corporation has proceeded with the acquisition of certain of the economic development facilities and may continue to proceed with such acquisition and the building of such facilities in reliance upon this resolution. 6. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approval by the Mayor. i , ) ,n C ember of the Co n Council FILED IN CLERK'S OFFICE MAR 1984 cL Irene Gammon PRESENTED 3 - I a - S' 7 CITY CLERK,SOUTH BEND,IND. NOT APPROVED ADOPTED 3- I a --y -3- RESOLUTION NO. °,13-E00 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO BREMEN IRON & METAL CO. , INC. WHEREAS, pursuant to I.C. 18-6-4.5, the Common Council of the City of South Bend, Indiana created the South Bend Economic De- velopment Commission, which Commission, following an investigation and survey, has determined that need exists in the community for addi- tional job opportunities and commercial and industrial diversification. That in order to improve and promote job opportunities, commercial di- versification and the general welfare of the community, certain con- tractual agreements should be entered into with Bremen Iron & Metal Co., Inc. relating to its acquisition, building, remodeling and pur- chase of equipment for an economic development facility located at 1120 West Sample Street in the City of South Bend, .Indiana; and WHEREAS, the economic welfare of the City would be benefited by the acquisition and remodeling of economic development facilities pursuant to the provisions of Indiana Code 18-6-4.5 (the "Act") ; and WHEREAS, Bremen Iron & Metal Co. , Inc., an Indiana corpora- tion ("Bremen") purposes to acquire, build, remodel and purchase equipment for an economic development facility as defined in the Act for metal waste processing and brokerage if the City will finance costs of such economic development facilities pursuant to the Act and it is apparent that the development of this project will increase job oppor- tunities and commercial diversification in the City of South Bend, • Indiana, resulting in benefit to the welfare of the public in the City of South Bend and St. Joseph County, Indiana; and WHEREAS, to induce Bremen to develop this project and become the principal user thereof, the South Bend Common Council desires to adopt this resolution. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. Approval is hereby given to the application of Bremen re- lating to the acquisition of such economic development facilities, the remodeling of certain of those facilities and the installment of other -such .facilities wherein Industrial Revenue Bonds would be issued by EXHIBIT g t • the City of South Bend, Indiana for an amount not exceeding Four Million Dollars ($4,000,000.00) , payable with interest thereon at the rate not to exceed ten and one-half percent (10 1/2%) per annum, over a term not to exceed fifteen (15) years from and after the economic development facilities are all placed in use. 2. In order to encourage,' induce and solicit such applica- tion by Bremen for such Industrial Revenue Bond issue relating to its acquisition of such Economic Development Facilities and the remodeling of certain of those facilities, the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will facilitate the issuance of such Industrial Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of the costs of acquisition, remodeling and purchase of equip- ment for an economic development facility. 3. Any costs or expenses incurred in connection with the said Bremen project shall be included in the project costs and reim- bursed from the proceeds of the Industrial Revenue Bonds to be issued with respect thereto. 4. That the liability and obligation of the Common Council of the City of South Bend and the City of South Bend, Indiana, shall be limited solely to good faith efforts to consummate such proceedings and issue such bonds, and neither the South Bend Common Council nor the City of South Bend, Indiana, or its officers or agents, shall incur any liability whatsoever if for any reason the proposed issuance of such bonds is not consummated. 5. Bremen may proceed with the acquisition of the economic development facilities and with the remodeling of such facilities in reliance upon this resolution. 6. This resolution shall be in full force and effect from and after its passage by the Common Council of the City of South Bend and approval by the Mayor. MED III CLERK'S OFFIC ra Member of the Common Council OCT 6 1980 PRESENTED /D-/3-az, NOT APPROVED gene GamEmon -2 CLERK,SOUTH ADOPTED net i 3 1980