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

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MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT, made and entered into on September , 1979, by and between the CITY OF SOUTH BEND, INDIANA, a municipality in St. Joseph County, Indiana (herein- after called the "City "), and DIVERSIFIED GROUP, an Indiana partnership (hereinafter called "Diversified "); W I T N E S S E T H: WHEREAS, the City recognizes that it has insufficient em- ployment 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 WHEREAS, 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 WHEREAS, the City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce Diversi- fied 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 acquiring and constructing the Project; and WHEREAS, Diversified, after considering a number of possible locations within and outside the State of Indiana, and in reliance upon the intent of the City to finance the acquisition and con - stuction of the Project through the issuance of its revenue bonds under the provisions of the Act, has determined to locate the Project within the corporate limits of the City; and