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WHEREAS, it is the desire of the members of the <br />the Common Council of the Issuer that the additional jobs <br />and employment opportunities resulting from the Facility be <br />provided at the earliest possible moment and that the economic <br />improvement produced by the operation of the Facility within <br />the Issuer occur at the earliest possible time; and <br />WHEREAS, under the provisions of the Pct it will <br />be necessary for the South Vend Economic Development Commis- <br />sion (the "Commission ") and the Common Council of the Issuer <br />to undertake certain proceedings and adopt certain legislation <br />prior to the issuance of any additional economic development <br />revenue bonds to provide funds for the additional acquisition, <br />construction and installation of such Facility and prior to <br />the execution of any loan agreement therefor; and <br />WHEREAS, this Common Council desires to initiate <br />certain formal steps necessary to secure the commitment of <br />the Company to acquire and use the Facility and to Provide <br />for other matters incidental thereto;. <br />NOW, THEF.EFORE, BE IT RESOLVED by the Common <br />Council of the City of South Rend, Indiana, that: <br />SECTION 1. It does hereby approve a finding <br />and determination by the Commission that: <br />a. The real and personal property to be included <br />in the Facility will be an "economic development <br />facility" within the meaning of those terms in the <br />Act. <br />b. That the utilization of such real and personal <br />property in the creation and location of the <br />Facility would be economically sound and will <br />