9645-05 Authorizing the city to issue its adjustable rate demand for the Stanley Clark School

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t across from the Site on High Street (collectively, the "Additional Projects" and with the 2005 Project, the "Projects"). The total cost for the Projects is presently estimated to be approximately Fifteen Million Dollars ($15,000,000) with the cost of the 2005 Project presently estimated to be approximately Five Million Dollars ($5,000,000). The proposed loan is to be made from funds obtained by the issuance of economic development revenue bonds by the City pursuant to Indiana Code, Title 36, Article 7, Chapters 11.9 and 12, and applicable provisions of the Internal Revenue Code, and the proposed bonds will be issued as Qualified 501(c)(3) Bonds within the meaning of the Internal Revenue Code. No public works or services not already existing or available, or for which provision has not been made, will be made necessary or desirable on account of the Projects as such facilities will be provided either by the Borrower, private utilities, or existing public facilities, or pursuant to an agreement with respect to such public facilities with the City. As set out in the attached "Findings of Fact of the South Bend Economic Development Commission Regarding The Stanley Clark School Project," which findings of fact are incorporated herein, the Commission, based on a careful consideration of the evidence and testimony submitted to it, has concluded that the proposed Projects will not have an adverse competitive effect on other facilities already constructed or operating in the City. The Borrower proposes to construct the Projects for its own use and benefit. In addition to the jobs that will be retained or created as a result of the construction of the Projects, the operation of the Projects is anticipated to create 3-5 permanent jobs on a full-time or part-time basis, with a combined average annual payroll of $100,000 per year. BDDBOI 4177119v1 ' 2 -