Authorizing the execution and delivery of a memorandum of agreement between the City and Diversified Group, and Indiana Partnership

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RESOLUTION NO. 7 7fi A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF AGREEMENT BETWEEN THE CITY OF SOUTH BEND, INDIANA, AND DIVERSIFIED GROUP, AN INDIANA PARTNERSHIP, PROVIDING FOR THE ISSUANCE BY SAID CITY OF ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF THE INDIANA CODE OF 1971, TITLE 18, CHAPTER 6, ARTICLE 4, 5, AS AMENDED. The City 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; and The City is authorized under the provisions of Indiana Code of 1971, 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 The City in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce Diversified Group, an Indiana partnership (hereinafter called "Diversified "), to construct an industrial building, including all necessary land, machinery, equipment, fixtures and furnishings (hereinafter collectively called the "Project "), within the corporate 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 financing the acquisition and construction of the Project; and Diversified 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 acquisition and construction of the Project through the issuance of revenue bonds under the pro- visions of the Act, has determined to construct the Project within the corporate limits of the City; and It is now deemed advisable to authorize the execution and delivery by the City of a Memorandum of Agreement expressing formally and in writing the understanding heretofore informally agreed upon by the City and Diversified: 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 Agreement by and between the City and Diversified 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 Agreement to be delivered to, accepted and executed by Diversified, said Memorandum of Agreement which is hereby approved and incorporated by reference and made a part of this authorizing resolution, to be in substantially the form attached hereto as Exhibit A. SECTION 2. All resolutions and orders, or parts thereof, in conflict with the provisions of this resolution, are, to the extent of such conflict, hereby repealed and this resolution shall be in immediate effect from and after its adoption. Member f the Common Council PRESENTEQ , 1 -4 - -;? y 110T APPPONM ADOPTER .7