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RESOLUTION NO. <br /> A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF <br /> SOUTH BEND, INDIANA,PROVIDING PRELIMINARY APPROVAL OF <br /> THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING <br /> FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES <br /> $1,500,000 SOUTH BEND ECONOMIC DEVELOPMENT <br /> REVENUE BONDS, SERIES 2011 <br /> (SOUTH BEND CAREER ACADEMY PROJECT) <br /> WHEREAS, the City of South Bend, Indiana (the "City") is authorized by I.C..36-7-11.9 <br /> and 12, as supplemented and amended (the "Act"), to issue revenue bonds for the financing of <br /> economic development facilities, the funds from said financing to be used for the acquisition, <br /> construction, installation and equipping of said facilities, and said facilities to be either leased to <br /> another person or directly owned by another person; and <br /> WHEREAS, South Bend Career Academy, Inc., an Indiana not-for-profit corporation, or <br /> its assigns (the "Applicant") has requested of the South Bend Economic Development <br /> Commission (the "Commission") and the City issue and sell its economic development revenue <br /> bonds (the "Bonds") for the purpose of providing financing to the Applicant in an amount not to <br /> exceed $1,500,000 of certain economic development facilities consisting of the acquisition, <br /> construction, installation and equipping of a building and related facilities consisting of a <br /> 106,000 square foot charter school located at 3801 Crescent Circle in the Blackthorn office park <br /> on South Bend's northwest side (the "Project") and the City wishes to induce the Applicant to <br /> acquire, construct, install and equip the Project; and <br /> WHEREAS, the Project will be owned and operated by the Applicant and will be used as <br /> a charter school; and <br /> WHEREAS, the South Bend Redevelopment Commission ("Redevelopment <br /> Commission") has approved a pledge of Pledged Tax Increment (as defined in the Resolution <br /> adopted by the Redevelopment Commission on September 12, 2011) to be used to pay debt <br /> service on the Bonds to offset payments required to be made by the Applicant; and <br /> WHEREAS, it appears from the application submitted to the Commission that the <br /> creation and retention of opportunities for gainful employment, the creation of business <br /> opportunities and the providing of secondary education to be achieved by the Project in the City <br /> will serve a public purpose and will be of benefit to the health and general welfare of the City, <br /> and that the proposed financing complies with the provisions of the Act;and <br />