Laserfiche WebLink
"Commission ") and the Common Council of the Issuer to undertake <br />certain proceedings and adopt certain legislation prior to the <br />issuance of any economic development revenue bonds to provide <br />funds for the construction and installation of such Facility and <br />prior to the execution of any loan agreement therefor; and <br />WHEREAS, this Common Council desires to initiate certain <br />formal steps necessary to secure the commitment of the Company <br />to construct and use the Facility and to provide for other matters <br />incidental thereto; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br />the City of South Bend, Indiana that: <br />SECTION 1. It does hereby approve a finding and deter- <br />mination by the Commission that: <br />a. The real and personal property to be included in <br />the Facility will be an "economic development facili- <br />ty" within the meaning of those terms in the Act. <br />b. That the utilization of such real and personal <br />property in the creation and location of the Facility <br />would be economically sound and will benefit the <br />health, prosperity, economic stability and general <br />welfare of the Issuer and that because of existing <br />insufficient employment opportunities and insufficient <br />diversification of industry within the Issuer, the <br />economic welfare of the Issuer would be benefited by <br />the construction and use of the Facility by the Company. <br />SECTION 2. In order to overcome insufficient employment <br />opportunities and insufficient diversification of industry <br />which the Common Council of the Issuer has heretofore found <br />to exist in the Issuer, this Common Council determines to <br />commence negotiations with the Company concerning the terms <br />of a loan agreement and desires to initiate certain formal <br />steps to secure the commitment of the Company to construct <br />-2- <br />