HomeMy WebLinkAboutInducement Resolution of City of South Bend to STC Recycling, Inc. Project RESOLUTION
NO. 1040-83
Passed by the Common Council of the City of South Bend, Indiana,
April 11 , 19 83 . -
Attest: ! City Clerk
Attest: % �/ _ I �'_ / President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April 12, 19 83 .
City Clerk
Approved and signed by me a/2,6;d ( j 19 oS .
Mayor
RESOLUTION NO. 10y0-83
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: STC Recycling, Inc. Project
WHEREAS, at the present time there are insufficient em-
ployment 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 St. Joseph County pursuant to the provisions of Indiana Code 18-
6-4 .5 (the "Act") ; and
WHEREAS, Copelco Leverage Leasing Corp. , a New Jersey cor-
poration ("Copelco") proposes to acquire economic development facili-
ties in South Bend, Indiana as defined in the Act if the City will
finance costs of such economic development facilities pursuant to
the Act, which facilities are to be leased to STC Recycling, Inc. , a
Delaware corporation; and
WHEREAS, the South Bend Economic Development Commission
has received an application by Copelco and STC Recycling for the
issuance of City of South Bend Economic Development Bonds in the
approximate principal amount not to exceed One Million Two Hundred
Thousand and no/100 Dollars ($1,200 ,000 .00) with the terms of re-
payment to be determined by the market rates at the time the bonds
are sold and the proceeds of the bonds will be used to purchase equip-
ment and make certain improvements to real estate in connection with
the utilization of the equipment at 445 North Sheridan Avenue, South
Bend, Indiana, which equipment will be leased to STC Recycling, Inc.
for the purpose of conducting a metal and base manufacturing material
recovery process resulting in the creation of approximately 30 jobs
by the principal user with an annual payroll of approximately Five
Hundred Thousand and no/100 Dollars ($500 ,000 .00) .
NOW, THEREFORE, the Common Council of the City of South
Bend, Indiana resolves as follows:
1. The project constitutes economic development facili-
ties 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 approxi-
mately One Million Two Hundred Thousand Dollars ($1,200,000 .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. Copelco and STC Recycling may proceed with acquisi-
tion and construction of the economic development 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 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.
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.ED PI CLEM'S CFElCE
"RESENIEJ q'..` //`J3 Pr lcE3
P�(2� APPROR""'s
OPTED `71-N-63 Irene Gammon
COY affix,SDUM BEND,IND.
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