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A <br />10/17/78 <br />SCC /mrr <br />RESOLUTION NO. <br />RESOLUTION authorizing the execution and delivery of a <br />Memorandum of Intent between the City of South Bend, <br />Indiana, and Crowe, Chizek and Company, an Indiana <br />partnership, providing for the issuance by said City of <br />economic development revenue bonds pursuant to the <br />provisions of the Indiana Code of 1971, Title 18, <br />Chapter 6, Article 4.5, as amended. <br />The City still has insufficient employment opportuni- <br />ties and insufficient diversification of industries, which condi- <br />tions are harmful to the economic stability and general welfare <br />of the area and, if not remedied, will be detrimental to the <br />development of such area; and <br />The City is authorized under the provisions of Indiana <br />Code of 1971, Title 18, Chapter 6, Article 4.5, as amended (the <br />"Act ") to acquire, construct and finance economic development <br />projects, for the user thereof and to provide for the issuance of <br />revenue bonds in conjunction therewith; and <br />The City in order to implement the public purposes <br />enumerated in the Act and in furtherance thereof to induce Crowe, <br />Chizek and Company, an Indiana partnership (hereinafter called <br />"Crowe, Chizek"), to construct an office building, including all <br />necessary land, fixtures and furnishings (hereinafter collec- <br />tively called the "Project "), within the corporate limits of the <br />City, has indicated its intent to issue its revenue bonds under <br />and pursuant to the provisions of the Act and to apply the pro- <br />ceeds therefrom to the payment of the costs of financing the <br />acquisition and construction of the Project; and <br />Crowe, Chizek after considering a number of possible <br />locations within and outside of the State of Indiana, and in <br />reliance upon the intent of the City to finance the acquisition <br />and construction of the Project through the issuance of revenue <br />bonds under the provisions of the Act, has determined to con- <br />struct the Project within the corporate limits of the City; and <br />D <br />