HomeMy WebLinkAboutInducement Resolution Relating to Harbor Metal Treating of Indiana, Inc. / Anthony Fortuna Project RESOLUTION
NO. 973-82
Passed by the Common Council of the City of South Bend, Indiana.
July 12, Ns 82
Attest: f City Clerk
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
July 13 , ig82
LA—'— -e City Clerk
Approved and signed by me a i ig
a
!/,L. Mayor
NO. Q73-n
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Harbor Metal Treating of Indiana, Inc. /Anthony
Fortuna 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 of economic development facilities in the City
pursuant to the provisions of Indiana Code 18-6-4 .5 (the "Act") ;
and
WHEREAS , Harbor Metal Treating of Indiana, Inc. and Anthony
Fortuna propose to acquire economic development facilities to be
located in the City 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 Commission has
received an application by Harbor Metal Treating of Indiana, Inc.
and Anthony Fortuna for the issuance of City of South Bend
Economic Development Bonds in an amount not to exceed One Million
Dollars ($1 ,000 ,000 . 00) repayable over a twelve (12) year period
with interest thereon at a rate consistent with interest rates
generally paid on tax-exempt bonds at the time the bonds are
issued in order to purchase real property to be leased to Harbor
Metal Treating of Indiana, Inc. , a Michigan corporation,
authorized to do business in Indiana, resulting in an increase of
approximately twelve (12) additional employees by 1984 by the
principal user with an increased annual payroll of in excess of
One Hundred Twenty Five Thousand Dollars ($125 ,000 . 00) per year.
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 Dollars ($1 ,000 ,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 . Harbor Metal Treating of Indiana, Inc. may proceed with
acquisition 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 or 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.
ember o the Common Counci1T
FILED IN CLERK'S OFFICE
JUL 1 2 1982
Irene Gammon
CITY CLERK,SOUTH BEND,M.
NOT APPRQVED
ADOPTED e 7—/a-d'.; 2