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REGULAR MEETING AUGUST 14, 1972
<br />RESOLUTION NO. 321 -72 (CONTINUED)
<br />City of South Bend with the approvals of the school corporations and the Area Plan Commission
<br />having jurisdiction of the area in which the proposed facility is to be built, and
<br />WHEREAS, Metal Stamp, Inc. seeks approximately $250,000.00 from an issue of revenue bonds of the
<br />Economic Development Commission of the City of South Bend to be signed by its Mayor and by its
<br />City Clerk and further desires to enter into a lease of not more than 25 years duration to be
<br />known as a net net net lease sufficient to pay the principal and interest of these bonds and
<br />obtain title at the end of the lease, and
<br />WHEREAS, by virtue of the net net net lease, the Metal Stamp, Inc. indicates its intention to pa
<br />all expenses of the operation, maintenance, insurance, property taxes, whatever of the facility,
<br />THEREFORE, be it resolved by the Common Council of the City of South Bend that the statement of
<br />public service on the part of the Economic Development Commission of the Area Plan Commission
<br />and the South Bend City School Corporation and the Polk, Lincoln, Johnson School Corporation be
<br />accepted and approved, and
<br />THEREFORE, be it resolved that the South Bend City Common Council authorize the Economic Devel-
<br />opment Commission of the City of South Bend to proceed to make preliminary agreements with the
<br />proposed lessee, Metal Stamp, Inc., in the nature of a conditional commitment to enter into a
<br />lease with Metal Stamp, Inc., and
<br />THEREFORE, be it resolved that the Economic Development Commission of the City of South Bend
<br />shall, as soon as the new lease form is properly prepared, submit the same to the Clerk of the
<br />City of South Bend to be prepared by a member of the Common Council as a proposed ordinance for
<br />the acceptance of same and issuance of revenue bonds to cover the amount of money needed.
<br />Mr. Karl G. King, President
<br />Economic Development Commission
<br />320 W. Jefferson Boulevard
<br />South Bend, Indiana 46601
<br />Dear Mr. King:
<br />/s/ Peter J. Nemeth
<br />President, South Bend City Common Council
<br />m
<br />This letter is our formal application to your Commission to underwrite.. .-an
<br />Industrial Revenue Bond for the needed plant expansion by Metalstamp, Inc. As back-
<br />ground information, Metalstamp, Inc. is an Indiana Corporation formed in April,
<br />1968 to purchase the Walkerton stamping plant of Arrowhead Engineering Corp. At
<br />that time the plant employed nine persons with annual sales of approximately
<br />$400,000. Presently we are employing thirty persons and have a sales volume in
<br />excess of $1,500,000. Our company has a sound financial statement, to which our
<br />bank can attest, with a net worth.n excess of $200,000. The officers--and sole
<br />owners of Metalstamp, Inc. are Robert W. Klotz, President and Treasurer, and
<br />Ernest Zeller, Vice President and Secretary.
<br />With regard to our need for a new plant, we have reached near full production
<br />capacity at our Walkerton plant and have just been awarded a large automotive
<br />stamping contract. We are proposing to build a- 131750 square foot all -steel building
<br />on a 15 -acre tract of land located on Indiana Highway 23 south of town in Greene
<br />Township. We will be equipping the building with several large presses to handle
<br />heavy and high volume stamping work. There will be sufficient floor space to
<br />install several additional large presses as new jobs warrant the equipment. We
<br />plan to employ ten to fifteen new people within the first year and will have potential
<br />employment of fifty or more within a few years. Included in the employment will be
<br />skilled tool and die makers as well as general laborers. The utility needs of our
<br />plant will be minimal. We have checked with Indiana & Michigan Electric Co. and
<br />there is ample electricity in the area to handle our needs. There will be no need
<br />for water and sewage as we will be providing our own well and septic system. Police
<br />and fire protection will be provided by the now existing county authorities.
<br />The total revenue bond issue that we are requesting to finance the above project
<br />is $250,000. Of the total amount, $130,000 will be for land and building and the
<br />balance for equipment. We -have presented this project to our bank, The National Bank
<br />and Trust Co. of South Bend and they are very willing to be the direct purchaser of
<br />the bonds. Your Commission should have a letter of record from ahe bank confirming
<br />their commitment.
<br />Based upon the above information, we respectfully request that your Commission
<br />will act favorably to approve our application for this Industrial Revenue Bond issue
<br />and proceed with the necessary work to get the bond issue approved by the earliest
<br />possible date.
<br />Respectfully yours,
<br />Robert W. Klotz, President
<br />It June 23, 1972 "
<br />Mr. Howard Goodhew, President
<br />South Bend School Board
<br />635 South Main Street
<br />South Bend, Indiana
<br />Dear Mr. Goodhew:
<br />Our Commission has an application for an industrial revenue bond issue for Metal-
<br />stamp, Inc. at Walkerton, Indiana. Mr. Robert W. Klotz, President and Treasurer,
<br />and Mr. Ernest Zeller, Vice President and Secretary, desire to build a 13,750
<br />square foot all -steel plant building on a fifteen acre tract of land located on
<br />Indiana Highway #23 south of town in Greene Township. They will be equipping
<br />the building with several large presses to handle heavy and high volume stamping
<br />
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