Authorizing the execution and delivery of a memorandum of agreement between the City and Crowe, Chizek and Company, and Indiana Partnership

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A -B 10/17/78 SCC /mrr MEMORANDUM OF AGREEMENT THIS MEMORANDUM OF AGREEMENT, made and entered into this 23rd day of October, 1978, by and between the CITY OF SOUTH BEND, INDIANA, a municipality in St. Joseph County, Indiana (hereinafter called the "City "), and CROWE, CHIZEK AND COMPANY, an Indiana partnership, with its principal office now located in South Bend, Indiana (hereinafter called "Crowe, Chizek "); W I T N E S S E T H: WHEREAS, the City recognizes that it 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; 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 develop- ment projects for the user thereof, and to provide for the issu- ance of revenue bonds in conjunction therewith; and WHEREAS, the City in order to implement the public purposes enumerated ated in the Act and in furtherance thereof to induce Crowe, Chizek to construct an office building, including all necessary land, fixtures and furnishings (hereinafter collec- tively called the "Project "), within the corporate limits of the City, has indicated its intent to issue its revenue bonds under s of the Act and to apply the pro- and pursuant to the provision t of the costs of acquiring and con- ceeds therefrom to the paymen structing the Project; and WHEREAS, Crowe, Chizek, after considering a number of possible locations within and outside the State of Indiana, and