HomeMy WebLinkAboutInducement Resolution Authorizing & Approving between City of South Bend and Curtis Products Inc. RESOLUTION
NO. 964-82
Passed by the Common Council of the City of South Bend, Indiana.
June 14 , z9 82
Attest: T "`�' City Clerk
Attest .�_ (L President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
June 15, z9 82
City Clerk
Approved and signed by me z98`
7 0 111449---/ Mayor
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INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA
RESOLUTION AUTHORIZING AND APPROVING AN INDUCEMENT RESOLUTION BETWEEN
THE CITY OF SOUTH BEND, INDIANA, AND CURTIS PRODUCTS, INC. , AN
INDIANA CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE
STATE OF INDIANA, PROVIDING FOR THE ISSUANCE BY THE SAID CITY OF
ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF
INDIANA CODE 36-7-12-1, AS AMENDED
WHEREAS, at the present time there are insufficient em-
ployment opportunities and insufficient diversification of busi-
ness, 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 develop-
ment facilities in St. Joseph County pursuant to the provisions
of Indiana Code 36-7-12-1, as amended (the "Act") ; and
WHEREAS, Curtis Products , Inc. , an Indiana corporation
duly organized and existing under the laws of the State of Indiana
("Curtis Products" ) proposes to acquire real estate and construct
economic development facilities in the City of South Bend, Indiana,
as defined in the Act if the City will finance the costs of such
economic development facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commission
has received an application by Curtis Products, Inc. for the is-
suance of City of South Bend Economic Development Bonds in an ap-
proximate amount of not to exceed One Million Two Hundred Thousand
($1,200, 000 . 00) Dollars repayable over a period not to exceed
twenty (20) years and on terms governed by existing market rates
at the time such bonds are issued in order to acquire real estate
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and construct a manufacturing facility to be used by the corpora-
tion for the purposes of manufacturing automotive, agricultural
and other products in such facility resulting in improving and
promoting job opportunities and commercial diversification within
and near South Bend, Indiana; and
WHEREAS, the said Curtis Products, Inc. , after considering
a number of possible locations within and outside the State of
Indiana and the City of South Bend, and in reliance upon the intent
of the City to finance the project through the issuance of revenue
bonds under the provisions of the Act above referred to, has de-
termined to construct the project within the limits of the City
of South Bend, Indiana.
NOW, THEREFORE, be it resolved by the Common Council of
the City of South Bend, Indiana, as follows:
1. The project constitutes economic development facilities
which shall be financed by the City of South Bend through the is-
suance of revenue bonds pursuant to the Act and the City of South
Bend is willing, upon compliance with all provisions of Indiana
law, to authorize a bond issue not to exceed One Million Two Hun-
dred Thousand ($1, 200, 000 . 00) Dollars of its revenue bonds, which
bonds will not be general obligations of the City of South Bend
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. Curtis Products, Inc. may proceed with the acquisi-
tion and construction of the economic development facilities in
reliance upon this resolution as an inducement to enter into the
purchase of real estate and enter into contracts for the equip-
ment and building of the said facility.
4 . That the liability and obligation of the South Bend
Economic Development Commission, the South Bend Common Council,
the City of South Bend, Indiana, its officers, employees and agents,
shall be limited solely to the good faith efforts to consummate said
proceedings and issue the bonds and neither the South Bend Economic
Development Commission, the Mayor, the Common Council of the City
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of South Bend, its officers or agents shall incur any liabilities
whatsoever if for any reason the proposed issuance of the bonds is
not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and ap-
proved by the Mayor.
m,
Member of the Common Council
FILED IN CLERK'S OFFICE
JUN 8 1982
Irene Gammon
PRESENTED - / t�/_p� -3-
CITY CLERK,SOUTH BEND,IND.
NOT APPROVED
ADOPTED C