Authorizing the execution and delivery of a memorandum of intent between the City of South Bend and Cira's Timberline, Inc., providing for the ussuance by said city of its economic development revenue bonds

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RESOLUTION NO. _2L3 - gO A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND CIRA'S TIMBERLINE, INC., PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5, AS AMENDED. The area still has insufficient employment opportunities and insuf- ficient diversification of industries, which conditions are harmful to the economic stability and general welfare of the area and, if not rem- edied, will be detrimental to the development of such area. The City of South Bend, Indiana (the "City ") is authorized under the provisions of Indiana Code, Title 18, Article 6, Chapter 4.5, as amended (the "Act "), to acquire, construct and finance economic develop- ment projects for the users thereof and to provide for the issuance of revenue bonds in conjunction therewith. The City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce Cira's Timberline, Inc. (the "Borrower ") to construct leasehold improvements and to acquire and install furnishings, fixtures and equipment to be used in a supermarket (hereinafter collectively called the "Project ") within the limits of St. Joseph County, Indiana, has indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of the costs of the Project. The City has heretofore issued its Economic Development First Mort- gage Revenue Bonds, Series 1980 (Timberline Trace Project) in the aggre- gate principal amount of $500,000.00, to finance the acquisition and con- struction of certain real estate and improvements, a portion of which will be leased to the Borrower. The Project is designed to perfect and complete said Timberline Trace Project by providing for the construction of said leasehold improvements and the acquisition and installation of said fur- nishings, fixtures, and equipment in that portion of the improvements to be leased to the Borrower. The Borrower, after considering a number of possible locations within and outside the State of Indiana, and in reliance upon the intent of the City to finance the Project through the issuance of revenue bonds under the provisions of the Act, has determined to construct and Project within the limits of St. Joseph County, Indiana. It is now deemed advisable to authorize the execution and delivery by the City of a Memorandum of Intent expressing formally and in writing the understanding heretofore formally agreed upon by the City and the Borrower. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana as follows: SECTION 1 - The Mayor is hereby authorized and directed to execute a Memorandum of Intent by and between the City and the Borrower and the City Clerk is hereby authorized and directed to affix the seal of the City thereto and to attest the same; and said Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of Intent to be delivered to, accepted, and executed by the Borrower, said Memorandum of Intent, which is hereby approved and incorporated by reference and made a part of this authorizing resolution, to be in substantially the form attached hereto. SECTION 2 - All resolutions and orders, or parts thereof, in con- flict with the provisions of this resolution are, to the extent of such conflict, hereby repealed and this resolution shall be in immediate effect from and after its adoption.