Authorizing the Execution and Delivery of a memorandum of intent between the City of South Bend, IN, and Romana R. Primus, M.D.

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MEMORANDUM OF INTENT THIS MEMORANDUM OF INTENT, made and entered into on Septem- ber , 1980, by and between the CITY OF SOUTH BEND, INDIANA, a muni- cipality in St. Joseph County, Indiana (hereinafter called the "City "), and Romana R. Primus, M.D. (hereinafter called "Borrower "); 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 endeavor to provide suf- ficient employment opportunities, an increase 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 development projects for the user thereof, and to provide for the issuance 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 Borrower to purchase and construct an office complex, including all necessary land, improvements, machinery, equipment, fixtures and furnishings (hereinafter collectively called the "Project "), within the limits of the City of South Bend, Indiana, 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, Borrower, after considering a number of possible loca- tions within and outside the _State of Indiana, and in reliance upon the intent of the City to finance the acquisition and construction of the Project through the issuance of its revenue bonds under the pro- visions of the Act, has determined to locate the Project within the limits of the City of South Bend, Indiana; and WHEREAS, it is now deemed advisable to express formally and in writing the understanding heretofore informally discussed by the parties hereto, NOW, THEREFORE, in consideration of the premises and of the mutual undertakings herein expressed, the parties hereto recognize and intend as follows: A. The City represents and intends: 1. That the City is authorized by the provisions of the Act to finance the Project and for the purpose of paying the cost of the Project, including expenses incidental thereto, is authorized as aforesaid to issue its revenue bonds payable from the revenues and income derived by the City from the Project.