Finding and adjudging the refinancing of facilities for R. Lee Fagen d/b/a Fagen Enterprises

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RESOLUTION NO. X/ ti y- '7 q A RESOLUTION FINDING AND ADJUDGING THAT THE REFINANCING OF FACILITIES FOR R. LEE FAGEN d /b /a FAGEN ENTERPRISES, BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO SUCH FACILITIES FOR SUCH ENTITY WILL BE OF BENEFIT TO THE HEALTH OR WELFARE OF THIS MUNICIPALITY, AND APPROVING THE REFINANCING THEREFOR. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supplemented or added to, including but not limited to the amendments, supplements or additions of P.L. 182, IC -1973, 18- 6 -4.5, or any other amendments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, R. Lee Fagen, d /b /a Fagen Enterprises, has filed an application with the Commission to refinance the acquisition of real estate and the construction thereon of an industrial and commercial facilities which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the City of South Bend, Indiana, has previously issued a bond to finance a project pursuant to Ordinance No. 5543 -73 in the amount of $240,000.00 but said amount is not sufficient to complete the project, it is necessary to issue an additional Economic Development Revenue Bond in the amount of $60,000.00 to complete the project. WHEREAS, in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 16, of P.L. 182, IC -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of