HomeMy WebLinkAboutInducement Resolution relating to: Jeffry S. Beardsley/Bernell Corporation ProjectNO !�XI -lkI,*
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Jeffry S. Beardsley /Bernell Corporation 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, Jeffry S. Beardsley proposes 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 Jeffry S. Beardsley for the issuance
of City of South.Bend Economic Development Bonds in an amount
not to exceed Three Hundred Thousand ($300,000.00) Dollars 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
equipment to be leased to Bernell Corporation, an Indiana domestic
corporation, resulting in an increase of approximately ten (10)
additional employees by 1984 by the principal user with an increased-
annual payroll of approximately Five Hundred Fifty -two Thousand
($552,000.00) Dollars 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
Three Hundred Thousand ($300,000.00) Dollars 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. Jeffry S. Beardsley 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 adop - -
approval by the Mayor.
FILED IN CLUK'S OFFICE
OCT 2 1981
Irene Gammon
CITY CLERK, SOWN BEND, IND.
PRESENTED lC - /, S//
NOT APPROVED
2 -
ADOPTED 4�