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AUGUST 14, 1972
<br />REGULAR MEETING
<br />u
<br />RESOLUTION NO. 323 -72 (CONTINUED)
<br />having jurisdiction of the area in which the proposed facility is to be built, and
<br />WHEREAS, International Bakers Services, Inc., seeks approximately $350,000.00 from an issue of
<br />revenue bonds of the Economic Development Commission of the City of South Bend to be signed by
<br />its Mayor and by its City Clerk and further desires to enter into a lease not to exceed 20 years
<br />duration to be known as a net net net lease sufficient to pay the principal and interest of these
<br />bonds and obtain title at the end of the lease, and
<br />WHEREAS, by virtue of the net net net lease, the International Bakers Services, Inc., indicates
<br />its intention to pay all expenses of the operation, maintenance, insurance, property taxes,
<br />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 and
<br />the South Bend City School Corporation be 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, International Bakers Services, Inc., in the nature of a conditional commitment
<br />to enter into a lease with International Bakers Services, Inc., and
<br />THEREFORE, be it resolved that the Economic Development Commission of the City of South Bend shah
<br />as soon as the new lease form is properly prepared, submit the same to the Clerk of the City of
<br />South Bend to be prepared by a member of the Common Council as a proposed ordinance for the
<br />acceptance of same and issuance of revenue bonds to cover the amount of money needed.
<br />/s/ Peter J. Nemeth
<br />President, South Bend Common Council
<br />/s/ Walter M. Szymkowiak
<br />Member, South Bend Common Council
<br />it July 7, 1972 "
<br />Mr. Karl G. King, Jr., Corporate Vice President
<br />in charge of the Downtown South Bend Council
<br />South Bend Chamber of Commerce
<br />320 W. Jefferson Blvd.
<br />South Bend, Indiana 46601
<br />Dear Mr. King:
<br />Further to our conversation, yesterday, International Bakers Services, Inc.
<br />would like to apply for financing under the Economic Development Commissions Industrial
<br />revenue bond plan. We will need $350,000 for twenty years and we have a commitment
<br />from the St.` Joseph Valley Bank, Elkhart, to purchase the bonds.
<br />Our company has been in business since 1946 and have been profitable down through
<br />the years. We have a net worth in excess of $325,000.00 and our annual sales this
<br />year should approach almost $1,000,000.00.
<br />International Bakers must move from the leased facilities at our present location
<br />on U.S. 31, North. We prefer to stay in South Bend and believe that our remaining
<br />here will not only keep a well -known international business in this area but benefit
<br />the community through increased employment because of our expansion plans.
<br />We now employ about 12 persons and this could double in the near future. Our
<br />employment while significant, should not present any unforeseen problems to the
<br />school system.
<br />The company controls land contiguous to the Airport Industrial Park Phase III and
<br />would like to build facing the'toll road, with an entrance on Cleveland Road. The
<br />land was initially zoned Industrial by the area plan commission when annexed by the
<br />city several years ago and, therefore, should comply with the planned expansion
<br />designated for this area.
<br />We plan to erect an all brick building with steel columns and steel beams.
<br />Utilities need not be extended just for our company. International Bakers will
<br />be able to tap in to those provided by the city to the Airport Industrial Park Phase
<br />III project. We do not have any pollution from the items we make. There are no
<br />unusual hazards associated with our industry, and, therefore, would not expect to
<br />become a burden to the police or fire departments.
<br />Please give me a call if there is a need for any further information.
<br />Sincerely,
<br />INTERNATIONAL BAKERS SERVICES, INC.
<br />William E. Busse, President
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