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REGULAR MEETING
<br />A. Automatic Molded Plastics, Inc. will acquire:
<br />OCTOBER 14, 1985
<br />One (1) building addition consisting of an additional
<br />20,000 square feet which would bring the building to a
<br />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; and
<br />resulting in the addition, over a 5 to 7 year range, of one hundred (100) new jobs
<br />at Automatic Molded Plastics, Inc. and one hundred (100) new jobs at Aquarius
<br />Plastic Finishers, Inc., with seventy -five (75) jobs being saved at Automatic Molded
<br />Plastics, Inc. There is an anticipated increased payroll of One Million Found
<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 ($1,300,000.00) 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 for these bonds will be ten (10) years, with interest at the fixed rate of
<br />ten per cent (10 %). The remaining Two Million Two Hundred Fifty Thousand and No /100
<br />Dollars ($2,250,000.00) of the bonds will be used by Automatic Molded Plastics,
<br />Inc., and Aquarius Plastic Finishers, Inc. for equipment acquisition and the period
<br />for these bonds will be seven (7) years with interest at the fixed rate of ten per
<br />cent (10$)."
<br />shall be amended to read:
<br />WHEREAS, Automatic Molded Plastics, Inc. desires to acquire certain economic
<br />development facilities in South Bend, Indiana, provided that the City will finance a
<br />portion of the costs of such facilities, pursuant to the Act, which facilities will
<br />constitute economic development facilities, as defined in the Act; and
<br />WHEREAS, The South Bend Economic Development Commission has received an
<br />application by Automatic Molded Plastics, Inc. for the issuance of City of South
<br />Bend Economic Revenue Bonds in the total amount of Three Million and No /100 Dollars
<br />($3,000,000.00), for the following economic development facilities ( "Project "):
<br />A. Automatic Molded Plastics, Inc. will acquire:
<br />One (1) building addition consisting of an additional
<br />20,000 square feet which would bring the building to a
<br />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 />Two (2) 1,200 ton injection molding machines
<br />One (1) 700 ton injection molding machine; and
<br />resulting in the addition, over a 5 to 7 year range, of two hundred (200) new jobs
<br />with seventy -five (75) jobs being saved. There is an anticipated increased payroll
<br />of Two Million Seven Hundred Thousand and No /100 Dollars ($2,700,000.00) with a
<br />projected payroll from jobs saved of approximately One Million Seventy Thousand and
<br />No /100 Dollars ($1,070,000.00); 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 for these bonds will be fifteen (15) years, with interest at the variable
<br />rate of seventy -five percent (75 %) of Citibank prime. The remaining Two Million Two
<br />Hundred Fifty Thousand and No /100 Dollars ($2,250,000.00) of the bonds will be used
<br />by Automatic Molded Plastics, Inc. for equipment acquisition and the period for
<br />these bonds will be eight (8) years, with interest at the variable rate of
<br />seventy -five per cent (75 %) of Citibank prime."
<br />2. All other language and terms of Resolution No. 1338 -85 shall remain in
<br />effect as of the date of its adoption by the Common Council and approved by the
<br />Mayor of South Bend, Indiana.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution. John Van Laere, attorney, indicated
<br />that on September 9 the Council passed Resolution No. 1338 -85, which should be
<br />amended. He indicated Aquarius will no longer be involved in the bond issue and
<br />Automatic, the parent company, will be the sole entity involved in the bond.
<br />Council Member Zakrzewski made a motion to adopt this resolution, seconded by
<br />Council Member Taylor. The resolution was adopted by a roll call vote of nine ayes.
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