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

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be of public benefit to the health, safety and general welfare of the City and its inhabitants; and WHEREAS, subject to all required approvals under the Act and the advice of the South Bend Economic Development Commission, it would appear that the financing of the Project will comply with the purposes and provisions of the Act; NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana: 1. The Common Council finds and determines that the promo- tion of diversification of economic development and job oppor- tunities and increasing the tax base, in South Bend, Indiana, is desirable to preserve the health, safety and general welfare of the inhabitants of the City of South Bend; and that it is in the public interest that the City take such action as it law- fully may to encourage diversification of economic development and promotion of job opportunities in the City. 2. The Common Council further finds and determines that the issuance and sale of revenue bonds of the City under the Act in an amount not to exceed $3,800,000.00 for the acquisition construction and equipping of the Project and the leasing of the Project to McCormick will serve the public purposes referred to above, in accordance with the Act. 3. In order to induce McCormick to proceed with negotia- tions for the acquisition, construction and equipping of the Project, the Common Council hereby determines that (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shallhe as authorized by law and is mutually acceptable to the City and McCormick; (ii) it will adopt such ordinances and resolutions and authorize the execution and -2-