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INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA <br />RESOLUTION NO. <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMO- <br />RANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND <br />CLAEYS REALTY, AN INDIANA PARTNERSHIP, PROVIDING FOR THE <br />ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE <br />BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE, TITLE 18, <br />ARTICLE 6, CHAPTER 4.5, AS AMENDED <br />The area still has insufficient employment opportunities <br />and insufficient diversification of industries, which conditions <br />are harmful to the economic stability and general welfare of the <br />area, and if not remedied, will be detrimental to the develop- <br />ment of such area. <br />The City of South Bend, Indiana (the "City ") is autho- <br />rized under the provisions of Indiana Code, Title 18, Article 6, <br />Chapter 4.5, as amended (the "Act ") to acquire, construct and <br />finance economic development projects for the users thereof and <br />to provide for the issuance of revenue bonds in conjunction <br />therewith. <br />The City, in order to implement the public purposes <br />enumerated in the Act and in furtherance thereto to induce Claeys <br />Realty, an Indiana partnership (the "Borrower ") to add on to, <br />increase facilities and build a structure at 525 South Taylor <br />Street, South Bend, Indiana, hereinafter collectively called <br />(the "Project ") within the limits of the City of South Bend, <br />has indicated its intent to issue its revenue bonds under and <br />pursuant to the provisions of the Act and to apply the proceeds <br />therefrom to the payment of the costs of the Project. <br />The Borrower, after considering a number of possible <br />locations within and outside of the State of Indiana, and in <br />reliance upon the intent of the City to finance the Project <br />through the issuance of revenue bonds under the provisions of <br />