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REGULAR MEETING SEPTEMBER _9,_.1985
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<br />One (1) building addition consisting of an additional 20,000 square feet
<br />which would bring the building to a total of 107,000 square feet
<br />Six (6) 200 ton molding machines
<br />Two (2) 300 ton molding machines
<br />Two (2) 400 ton molding machines.
<br />B. Aquarius Plastic Finishers, Inc: will acquire:
<br />Two (2) 1,200 ton injection molding machines
<br />One (1) 700 ton injection molding machine
<br />resulting in the addition, over a 5 to 7 year range of one hundred (100) new jobs at
<br />Automatic Molded Plastics, Inc and one hundred (100) new jobs at Aquarius Plastic
<br />Finishers, Inc., with seventy -five (75) jobs being saved at Automatic Molded
<br />Plastics, Inc. There is an anticipated increased payroll of One Million Four
<br />Hundred Thousand and No /100 Dollars ($1,400,000.00) for Automatic Molded Plastics,
<br />Inc. and One Million Three Hundred Thousand and No /100 Dollars ($2,300,000.00) for
<br />Aquarius Plastic Finishers, Inc., with a projected payroll from jobs saved of
<br />approximately One Million Seventy Thousand and No /100 Dollars ($1,070,000.00) for
<br />Automatic Molded Plastics, Inc.; and
<br />WHEREAS, Automatic Molded Plastics, Inc. will use Seven Hundred Fifty Thousand
<br />and No /100 Dollars ($750,000.00) of the bonds for the building addition and the
<br />period of these bonds will be ten (10) years, with interest at the fixed rate of ten
<br />per cent (10 %). The remaining Two Million Two Hundred Fifty Thousand and No /100
<br />Dollars ($2,250,000.00) of the bonds will be used by Automatic Molded Plastics, Inc.
<br />and Aquarius Plastic Finishers, Inc. for equipment acquisition and the period for
<br />these bonds will be seven (7) years, with interest at the fixed rate of ten per cent
<br />(10 %) .
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana, moves as
<br />follows:
<br />1. The Project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act, and
<br />the City is willing, upon compliance with all provisions of Indiana law, to
<br />authorize approximately Three Million and No /100 Dollars ($3,000,000.00) of its
<br />revenue bonds, which bonds will not be general obligations of the City but will be
<br />payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
<br />3. The proposed financing of the Project by the City for Automatic Molded
<br />Plastics, Inc. and Aquarius Plastic Finishers, Inc. is hereby found to comply with
<br />the purposes and provisions of the Act and Automatic Molded Plastics, Inc. and
<br />Aquarius Plastic Finishers, Inc. may proceed with the Project in reliance upon this
<br />resolution.
<br />4. The South Bend Economic Development Commission shall take such action as is
<br />necessary to facilitate the issuance of Industrial Development Revenue Bonds (the
<br />"Bonds ") by the City of South Bend, Indiana, for the Project, but that all costs and
<br />expenses incurred in the issuance shall be Project costs to be disbursed from the
<br />proceeds of the Bonds.
<br />5. The South Bend Economic Development Commission, the South Bend Common
<br />Council and the City shall not be liable if the issuance of the Bonds is not
<br />consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approved by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on resolution at this time. Kenneth Fedder, attorney for
<br />the Economic Development Commission, indicated the petitioners were planning an
<br />expansion of their business, as well as the purchase of new machinery. He indicated
<br />that two hundred new jobs will be creased over a five to seven year range. Council
<br />Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member
<br />Puzzello. The resolution was adopted by,a roll call vote of nine ayes.
<br />RESOLUTION NO. 1339 -85 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA, AUTHORIZING THE CITY OF SOUTH BEND TO
<br />ENTER INTO, ALONG WITH THE COUNTY OF ST. JOSEPH AND THE
<br />CITY OF MISHAWAKA, A JOINT COMMISSION TO BE KNOWN AS
<br />THE DISABILITY RIGHTS COMMISSION.
<br />WHEREAS, the City of South Bend promotes the full integration of persons with
<br />disabilities into all areas of economic, political, and community life,
<br />WHEREAS, it is the policy of the City of South Bend to promote equal opportunity
<br />in employment and access to public accomodations, and to eliminate practices which
<br />discriminate in these areas on the basis of disability. It is further the policy of
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