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RESOLUTION NO.
<br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
<br />OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND,
<br />INDIANA, AND ROMANA R. PRIMUS, M.D., PROVIDING FOR THE ISSUANCE
<br />BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO
<br />THE PROVISIONS OF INDIANA CODE, TITLE 18,
<br />ARTICLE 6, CHAPTER 4.5, AS AMENDED.
<br />The area still has insufficient employment opportunities and
<br />insufficient diversification of industries, which conditions are
<br />harmful to the economic stability and general welfare of the area
<br />and, if not remedied, will be detrimental to the development of
<br />such area.
<br />The City of South Bend, Indiana (the "City ") is authorized
<br />under the provisions of Indiana Code, Title 18, Article 6, Chapter
<br />4.5, as amended (the "Act "), to acquire, construct and finance
<br />economic development projects for the users thereof and to provide
<br />for the issuance of revenue bonds in conjunction therewith.
<br />The City, in order to implement the public purposes enumerated
<br />in the Act and in furtherance thereof to induce Romana R. Primus, M.D.
<br />(the "Borrower "), to purchase and construct an office complex, inclu-
<br />ding all necessary land, improvements, machinery, equipment, fixtures
<br />and furnishings (hereinafter collectively called the "Project ") within
<br />the limits of the City of South Bend, Indiana, has indicated its intent
<br />to issue its revenue bonds under and pursuant to the provisions of the
<br />Act and to apply the proceeds therefrom to the payment of the costs of
<br />the Project.
<br />The Borrower, after considering a number of possible locations
<br />within and outside the State of Indiana, and in reliance upon the intent
<br />of the City to finance the Project through the issuance of revenue bonds
<br />under the provisions of the Act, has determined to construct the Project
<br />within the limits of the City of South Bend, Indiana.
<br />It is now deemed advisable to authorize the execution and
<br />delivery by the City of a Memorandum of Intent expressing formally
<br />and in writing the understanding heretofore formally agreed upon by
<br />the City and the Borrower.
<br />NOW, THEREFORE, be it resolved by the Common Council of the
<br />City of South Bend, Indiana as follows:
<br />SECTION 1. The Mayor is hereby authorized and directed to
<br />execute a Memorandum of Intent by and between the City and the
<br />Borrower and the City is hereby authorized and directed to affix
<br />the seal of the City thereto and to attest to the same; and said
<br />Mayor and City Clerk are hereby authorized and directed to cause said
<br />Memorandum of Intent to be delivered to, accepted, and executed by
<br />the Borrower, said Memorandum of Intent, which is hereby approved and
<br />incorporated by reference and made a part of this authorizing resolu-
<br />tion, to be in substantially the form attached hereto.
<br />SECTION 2. All resolutions and orders, or parts thereof, in
<br />conflict with the provisions of this resolution are, to the extent of
<br />such conflict, hereby repealed and this resolution shall be in imme-
<br />diate effect from and after its adoption.
<br />This inducement resolution shall be in full force and effect
<br />from and after its adoption by the Common Council and approved by the
<br />Mayor.
<br />PRESENTER
<br />Member o-f the Common Council
<br />NOT APPROVER
<br />ADOPTED 9--/6- -,Sb —n rn 0 il
<br />CITY CLEniS, SOUTH KIM, IND.
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