Inducement Resolution relating to East Bank Center Partnership Project

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RESOLUTION NO. 813 -80 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: East Bank Center Partnership Project WHEREAS, at the present time there are insufficient em- ployment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be bene- fited by the acquisition and construction of economic development facilities pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and WHEREAS, East Bank Center Partnership, an Indiana partner- ship, comprised of Thomas J. Suddes, Donald C. Bullock, Michael G. Suddes, David L. Foster, William B. Beedie and James Yoder, ( "East Bank Center ") proposes to acquire and construct economic develop- ment facilities as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by East Bank Center for the issuance of City of South Bend Economic Development Bonds in an amount of approximately Three Million Five Hundred Thousand and no /100 Dol- lars ($3,500,000.00), which bonds would bear interest thereon at the prevailing market rates at the time of issuance over a period not to exceed twenty -five (25) years in order to purchase and renovate the former Indiana and Michigan Electric Company service building located at 401 East Colfax Street, South Bend, Indiana, for use as an office and commercial building. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows: 1. The project constitutes economic development facil- ities which shall be financed by the City through the issuance of economic development revenue bonds pursuant to the act and the City is willing, upon compliance with all provisions of Indiana