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and related parking facilities within the Tower located downtown on the northwest corner <br />of Washington Street and Main Street, at 211 West Washington Street, South Bend, <br />Indiana (collectively, the "Project "); and <br />WHEREAS, the diversification of industry and increase in job opportunities <br />(approximately 165 new full -time jobs) to be achieved by the acquisition, renovation and <br />equipping of the Project will be of public benefit to the health, safety and general welfare <br />of the Issuer and its citizens; and <br />WHEREAS, it would appear that the financing of the Project would be of public <br />benefit to the health, safety and general welfare of the Issuer and its citizens; and <br />WHEREAS, it is tentatively found that the acquisition, renovation and equipping <br />of the Project will not have an adverse competitive effect on any similar facility already <br />constructed or operating in the City of South Bend, Indiana; <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, as follows: <br />1. The Common Council of the City of South Bend, Indiana, finds, <br />determines, ratifies and confirms that the promotion of diversification of economic <br />development and job opportunities in and near the City of South Bend, Indiana, is <br />desirable to preserve the health, safety and general welfare of the citizens of the Issuer; <br />and that it is in the public interest that the Commission and the Issuer take such action as <br />they lawfully may to encourage economic development, diversification of industry and <br />promotion of job opportunities in and near the Issuer. <br />2. The Common Council of the city of South Bend, Indiana, approves, <br />determines, ratifies and confirms that the issuance and sale of Recovery Zone Facility <br />Bonds in an amount not to exceed $31,750,000 of the Issuer under the Act for the lending <br />of the proceeds of the Recovery Zone Facility Bonds to the Applicant, for the acquisition, <br />renovation and equipping of the Project will serve the public purpose referred to above, <br />in accordance with the Act. <br />3. In order to induce the Applicant to proceed with the acquisition, <br />construction and equipping of the Project, the common Council of the City of South <br />Bend, Indiana, hereby approves, determines, ratifies and confirms that (i) it will take or <br />