Inducement Resolution relating to the authorizing of a memorandum of intent between the City of South Bend and Claeys Realty

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MEMORANDUM OF INTENT THIS MEMORANDUM OF INTENT, made and entered into this day of 1980, by and between the CITY OF SOUTH BEND, INDIANA, a municipality, in St. Joseph County, State of Indiana (hereinafter called "City ") and CLAEYS REALTY, an Indiana partnership, of South Bend, Indiana (hereinafter called "Developer "). W I T N E S S E T H: WHEREAS, the City recognizes that it is necessary for the general welfare and economy of the area that the City en- deavor to provide sufficient employment opportunities, an in- crease in the tax base, and a diversification of industries; and WHEREAS, the City is authorized under the provisions of Indiana Code, Title 18, Chapter 6, Article 4.5, as amended (the "Act "), to acquire, construct and finance economic develop- ment projects for the user thereof, and to provide for the is- suance of revenue bonds in conjunction therewith; and WHEREAS, the City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce Claeys Realty, an Indiana partnership, to add on to, build and increase the premises at 525 South Taylor Street, South Bend, Indiana, hereinafter called the "Project ", within the limits of the City of South Bend, 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 and expenses incidental thereto; and WHEREAS, the Developer, 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 acquisi- tion and construction of the Project through the issuance of its