HomeMy WebLinkAboutInducement Resolution relating to: Robert FreshleyRESOLUTION NO. 9025-V
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Robert Freshley
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 in the City of South Bend, Indiana,
would be benefited by the acquisition and construction of economic de-
velopment facilities in St. Joseph County pursuant to the provisions
of Indiana Code 18 -6 -4.5 (the "Act "); and
WHEREAS, Robert Freshley, an Indiana resident, proposes to ac-
quire real estate and remodel a building in the City of South Bend 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 Robert Freshley for the issuance of City
of South Bend Economic Development Bonds in an approximate amount
of Two Hundred Twenty Five Thousand Dollars ($225,000.00) repayable
over a period of not more than Fifteen (15) years in order to acquire
and remodel a commercial building to be leased to Basic Machine Pro-
ducts, Inc. for the purpose of conducting its relocation and ex-
pansion program in the facility resulting in improving and promoting
job opportunities within the City of South Bend, Indiana.
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
Two Hundred Twenty Five Thousand Dollars ($225,000.00) 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 eco-
nomic welfare of the City and will comply with the purposes and
provisions of the Act.
3) Robert Freshley may proceed with the acquisition 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,.
the City of South Bend, Indiana, the St. Joseph County Council
and St. Joseph County shall be limited solely to the good faith
efforts to consummate such proceedings and issue such Bonds, and
the South Bend Economic Development Commission, the City of South
Bend, Indiana and St. Joseph County, their officers or agents,
shall not incur any liability if for any reason the proposed is-
suance 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.
-;- PRESENTED
NOT APPROVED
ADOPTED
(7
Member of the Common Cod -8_1i
- 2 -
FILED 11 ALE �'S I�t ICE
Irene Gammon
Clay CLERK, SOU-M BEND, IND.