Inducement Resolution of the South Bend Common Council relating to the issuance of economic development revenue bonds to William G. York and Gloria J. York

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INDUCEMENT RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WHEREAS, the South Bend Economic Development Commission has heretofore investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and industrial diversification within the City of South Bend, Indiana; and that to improve and promote job opportunities and industrial diversification within the City a financing agreement should be effected with William G. York and Gloria J. York; and WHEREAS, William G. York and Gloria J. York are engaged in the operation,-of an abstract and title insurance business known as The Abstract and Title Corporation of South Bend and they desire to acquire and renovate an existing building to house and expand their business and to continue their operations in this County, if the Commission and the City will agree to a financing agreement acceptable to them pursuant to which the existing building will be acquired and improved with the proceeds from bonds to be issued by the City in the approxi- mate amount of One hundred seventy thousand dollars ($170,000); and WHEREAS, to induce William G. York and Gloria J. York to acquire and reno- vate said building, purchase the equipment and operate said business, the Commission desires to adopt this resolution; and WHEREAS, it appears clear from the application submitted to the Commission dated September 23, 1980, and other information received by the Commission that the new facility will increase job opportunities and industrial diversification in the County resulting in a benefit to the welfare of the County; NOW, THEREFORE, BE IT RESOLVED that the South-Bend Economic Development Commission approves the proposal of William G. York and Gloria J. York to acquire and renovate an existing building in St. Joseph County at an estimated project cost of approximately One hundred seventy thousand dollars ($170,000). BE IT FURTHER RESOLVED that to induce the continuation of the operation of the facility in the City, the Commission will proceed to cooperate and take such action as may be necessary in the drafting of documents as may be necessary to issue the City's Economic Development Revenue Bonds to provide funds to pay for the acquisition and renovation of the building and purchase of equipment. BE IT FURTHER RESOLVED that any expenses incurred in connection with said proceedings and the acquisition and renovation of the building and purchase of equipment shall be included in the project cost and reimbursed from the proceeds of said bonds. BE IT FURTHER RESOLVED that the liability and obligation of the Commission and the City shall be limited solely to the good faith efforts to consummate said proceedings and issue the bonds, and neither the Commission, the City, its