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

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propriate financing agreements upon terms which will comply with the provisions of the Act and which will provide for the payment by the Developer of amounts which will be sufficient to enable the City to pay the principal of and interest on such revenue bonds. 3. That the financing of the Project by the City is for a proper public corporate purpose and that the financing thereof for the Developer is neces- sary to implement the public purposes enumerated in the Act. B. The Developer represents and intends: 1. That the Project will result in in- creased employment in the City. 2. That if the proposed revenue bonds (in- cluding the rate of interest thereon) of the City are satisfactory to the Developer, it will enter into financing agreements with the City upon terms which will be sufficient to pay the cost of the Project and expenses incidental thereto, as evidenced by such revenue bonds to be issued for the account of the Project, and will enter into such appropriate financing agreements with the City with regard to the foregoing prior to the issuance and delivery of any such reve- nue bonds by the City. 3. That the Developer intends during the term of any such financing agreements to cause the Project to be used or occupied primarily for use as a commercial development and expansion for the in- creasing of employment. C. It is further recognized and intended between the parties hereto as follows: 1. That the revenue bonds to be issued by -3-