Concerning the aquisition, construction and leasing of an economic development facility to McCormick & Company Inc.

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RESOLUTION NO. 5-/9- 2 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONCERNING THE ACQUISITION, CONSTRUCTION AND LEASING OF AN ECONOMIC DEVELOPMENT FACILITY TO McCORMICK & COMPANY, INCORPORATED WHEREAS, the City ofSouth Bend, Indiana (the "City "), is authorized by IC, 18 -6 -4.5 (the "Act ") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction and equipping of said facilities,and said facilities to be leased to other persons; and WHEREAS, McCormick & Company, Incorporated ( "McCormick ") has advised the City that it proposes that the City acquire, construct and equip an economic development facility and lease the same to McCormick, as lessee,said economic development facility to be a food processing facility consisting of approximately 50,000 square feet and certain equipment and machinery incidental to the processing and storage of the products, all located on a tract of approximately 8.44 acres in the Airport Industrial Park, South Bend, Indiana; and WHEREAS, McCormick has further advised the City that a determination by the City to issue its revenue bonds under the Act to finance the acquisition, construction and equipping of the Project under contractual arrangements whereby the City would lease the Project to McCormick and McCormick would make rental payments sufficient to pay the principal of, premium, if any, and interest on such bonds, will constitute a substantial induce- ment to McCormick to proceed with negotiations for the acquisition of the land and construction of the building improvements and McCormick has agreed to pay or reimburse the costs of the City whether or not such bonds are issued; and WHEREAS, the diversification of economic development, increase in job opportunities and increase in tax base to be achieved by the acquisition, construction and equipping of the Project will