Authorizing the execution and devilery of a memorandum of intent between the City of South Bend and River Glen Office Plaza Associates

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RESOLUTION NO. A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA, AND RIVER GLEN OFFICE PLAZA ASSOCIATES, AN INDIANA GENERAL PARTNERSHIP, PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE, TITLE 18, ARTICLE 6, CHAPTER 4.5, AS AMENDED. The area still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area. The City of South Bend (the "City ") is authorized under the provisions of Indiana Code, Title 18, Article 6, Chapter 4.5, as amended (the "Act "), to acquire, construct and finance economic development projects for the users thereof and to provide for the issuance of revenue bonds in conjunction therewith. The City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce River Glen Office Plaza Associates, an Indiana general partnership (the "Developer ") to purchase land and construct and equip an office building (herein- after collectively called the "Project ") within the limits of the City, 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. The Developer, after considering a number of possible locations within and outside of the State of Indiana, and in reliance upon the intent of the City to finance the Project through the issuance of revenue bonds under the provisions of the Act, has determined to construct the Project within the limits of the City. It is now deemed advisable to authorize the execution and delivery by the City of a Memorandum of Intent expressing formally and in writing the understanding heretofore formally agreed upon by the City and the Developer. NOW, THEREFORE, be it resolved by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Mayor is hereby authorized and directed to execute a Memorandum of Intent by and between the City and the Developer and the City Clerk is hereby authorized and directed to affix the seal of the City thereto and to attest the same; and said Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of Intent to be delivered to, accepted, and executed by the Developer, said