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RESOLUTION NO. 653 -78
<br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY
<br />OF A MEMORANDUM OF AGREEMENT BETWEEN THE CITY OF
<br />SOUTH BEND, INDIANA, AND CROWE, CHIZEK AND COMPANY,
<br />AN INDIANA PARTNERSHIP, PROVIDING FOR THE ISSUANCE
<br />BY SAID CITY OF ECONOMIC DEVELOPMENT REVENUE BONDS
<br />PURSUANT TO THE PROVISIONS OF THE INDIANA CODE OF
<br />1971, TITLE 18, CHAPTER 6, ARTICLE 4.5, AS AMENDED.
<br />The City still has insufficient employment opportunities and in-
<br />sufficient diversification of industries, which conditions are harmful
<br />to the economic stability and general welfare of the area and, if not
<br />remedied, will be detrimental to the development of such area; and
<br />The City is authorized under the provisions of Indiana Code of
<br />1971, Title 18, Chapter 6, Article 4.5, as amended (the "Act ") to
<br />acquire, construct and finance economic development projects, for
<br />the user thereof and to provide for the issuance of revenue bonds
<br />in conjunction therewith; and
<br />The City in order to implement the public purposes enumerated
<br />in the Act and in furtherance thereof to induce Crowe, Chizek and
<br />Company, an Indiana partnership (hereinafter called "Crowe, Chizek "),
<br />to construct an office building, including all necessary land,
<br />fixtures and furnishings (hereinafter collectively called the
<br />"Project "), within the corporate limits of the City, has indicated
<br />its intent to issue its revenue bonds under and pursuant to the
<br />provisions of the Act and to apply the proceeds therefrom to the
<br />payment of the costs of financing the acquisition and construction
<br />of the Project; and
<br />Crowe, Chizek after considering a number of possible locations
<br />within and outside of the State of Indiana, and in reliance upon the
<br />intent of the City to finance the acquisition and construction of
<br />the Project through the issuance of revenue bonds under the pro-
<br />visions of the Act, has determined to construct the Project within
<br />the corporate limits of the City; and
<br />It is now deemded advisable to authorize the execution and
<br />delivery by the City of a Memorandum of Agreement expressing
<br />formally and in writing the understanding heretofore informally
<br />agreed upon by the City and Crowe, Chizek:
<br />NOW, THEREFORE, be it resolved by the Common Council of the City
<br />of South Bend, Indiana, as follows:
<br />SECTION 1. The Mayor is hereby authorized and directed to execute
<br />a Memorandum of Agreement by and between the City and Crowe, Chizek
<br />and the City Clerk is hereby authorized and directed to affix the seal
<br />of the City thereto and to attest the same; and said Mayor and City
<br />Clerk are hereby authorized and directed to cause said Memorandum of
<br />Agreement to be delivered to, accepted and executed by Crowe, Chizek,
<br />said Memorandum of Agreement which is hereby approved and incorporated
<br />by reference and made a part of this authorizing resolution, to be in
<br />substantially the form attached hereto as Exhibit A.
<br />SECTION 2. All resolutions and orders, or parts thereof, in con -
<br />flect with the provisions of this resolution, are, to the extent of
<br />such conflict, hereby repealed and this resolution shall be in immediate
<br />effect from and after its adoption.
<br />Adopted, as amended, October 23, 1978
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