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IIREGULAR MEETING - RECONVENED (CONTINUED)
<br />IIRESOLUTION NO. 373 -73
<br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
<br />OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, IN THE
<br />MATTER OF PLAS /STEEL PRODUCTS, INC., AN INDIANA
<br />CORPORATION.
<br />WHEREAS, Plas /Steel Products, Inc., an Indiana corporation, of Walkerton, Indiana,
<br />has submitted its intention to the Economic Development Commission of South Bend, for the
<br />construction and equipping of a facility in Walkerton, Indiana.
<br />WHEREAS, the Economic Development Commission, pursuant to the statute, has found by
<br />written resolution that there exists insufficient employment opportunities and that the
<br />economic welfare of the City of South Bend, Indiana, would be benefited and the purpose
<br />of the statute would be accomplished by the acquisition and leasing of the above described
<br />property to Plas /Steel Products, Inc., an Indiana corporation, and
<br />WHEREAS, Plas /Steel. Products, Inc., an Indiana corporation, has submitted a statement
<br />of public service to the above Economic Development Commission of the City of South Bend,
<br />and said Commission has forwarded this statement of public service with their approval
<br />and comments to the South Bend School Corporation, a copy of which is attached, and
<br />WHEREAS, the affirmative response and analysis of the South Bend School Corporation
<br />has been received as presented to the Clerk of the City of South Bend and attached, and
<br />WHEREAS, the statement of public service by Plas /Steel Products, Inc., an Indiana
<br />corporation, and the Economic Development Commission of the City of South Bend have been
<br />submitted for approval and comments to the Area Plan Commission of St. Joseph County and
<br />the affirmative action and comments of the Area Plan Commission have been received by the
<br />Clerk of the City of South Bend, as attached, and
<br />WHEREAS, the requirements of the application as described in the "Municipal Economic
<br />Development Act of 1965, of the State of Indiana" as amended, have therefore been met to
<br />this point, including a projection of the number of jobs created, and the estimated
<br />payroll created and the approximation of the cost of the land and construction, and the
<br />impact on utilities and fire and police facilities of the City of South Bend with the
<br />approvals of the School Corporation and the Area Plan Commission have jurisdiction of
<br />the area in which the proposed facility is to be built, and
<br />WHEREAS, now the Plas /Steel Products, Inc., an Indiana
<br />mately $500,000 from an issue of revenue bonds of the Econa
<br />the City of South Bend to be signed by the Mayor and by its
<br />to enter into a lease of not more than 20 years duration to
<br />lease sufficient to pay the principal and interest of these
<br />end of the lease, and
<br />corporation, seeks approxi-
<br />nic Development Commission of
<br />City Clerk and further desires
<br />be known as a net net net
<br />bonds and obtain title at the
<br />WHEREAS, by virtue of the net net net lease, the Plas /Steel Products, Inc., an
<br />Indiana corporation indicates its intention to pay all expenses of the operation, maintenance,
<br />insurance, property taxes, whatever of the facility.
<br />THEREFORE, be it resolved by the Common Council of the City of South Bend, Indiana,
<br />that the resolution and findings of the Economic Development Commission pertaining to this
<br />project be approved and incorporated in this resolution, and
<br />THEREFORE, be it resolved by the Common Council of the City of South Bend, Indiana,
<br />that the statement of public service on the part of the Economic Development Commission,
<br />of the Area Plan Commission and of the South Bend School Corporation be accepted and
<br />approved, and
<br />THEREFORE, be it resolved that the South Bend City Common Council authorize the
<br />Economic Development Commission of the City of South Bend to proceed to make preliminary
<br />agreements with the proposed lessee, Plas /Steel Products, Inc., an Indiana corporation,
<br />and
<br />THEREFORE, be it resolved that the Economic Development Commission of the City of
<br />South Bend, shall, as soon as the new lease form is properly prepared, submit the same
<br />to the Clerk of the City of South Bend to be prepared by a member of the Common Council
<br />as a proposed ordinance for the acceptance of same, and issuance of revenue bonds to
<br />cover the amount of money needed.
<br />s/ Odell Newburn
<br />Member of South Bend Common Council
<br />A RESOLUTION SETTING FORTH THE NEED FOR ECONOMIC
<br />DEVELOPMENT
<br />WHEREAS:
<br />WHEREAS:
<br />NOW, THEREFORE, BE IT RESOLVED:
<br />Resolution No. 13 -73
<br />Plas /Steel Products, Inc., has made application
<br />for the purposes of the issuance of industrial
<br />revenue bonds, and
<br />The Commission finds that the granting of said
<br />application is in the best interests of the
<br />economic stability and general welfare of the
<br />community,
<br />by the Economic Development Commission of the City of
<br />South Bend that the proposed financing for the
<br />application of Plas /Steel Products, Inc., com-
<br />plies with the purposes and provisions of the
<br />Economic Development Act, and the Commission
<br />hereby approves said financing as being in the best
<br />interests of the economic welfare of the community.
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