19-34 Economic Development Revenue Bonds 2018 (Cedar Glen)

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WHEREAS, the Company has further advised that the principal of and interest payable on said Bonds shall not be payable from any revenues of the City and shall not obligate the full faith and credit of the City but shall be payable solely from funds of the Company; and WHEREAS, the Company has further advised the Commission that the determination by the City to agree preliminarily, on a non-binding basis, to accept such a request for financing the Project will constitute an inducement to the Company to proceed with the negotiations for the financing of the Project, it being the intent of the Commission and the City to defer any final approval of the Project and the financing thereof until a subsequent meeting held in accordance with Section 25 of the Act following a public hearing in accordance with Section 24 of the Act; and WHEREAS, the Commission has studied the Project and the proposed financing of the Project and its effects on the health and general welfare of the City and its citizens; and WHEREAS, the Company has further advised that the completion of the Project will result in the diversification of industry, the creation and retention of jobs, the creation and retention of business opportunities in the City, the creation and retention of affordable housing in the City, and will be of public benefit to the health, safety and general welfare of the City and its citizens; and WHEREAS, pursuant to and in accordance with the Act, the Company is requesting that the City provide funds necessary to finance all or a portion of the Project by issuing the Bonds, which financing shall be without recourse to the City and its citizens; and WHEREAS, the Company has further advised that the diversification of industry and creation of job opportunities to be achieved by the acquisition, design, construction and equipping of the Project will be of public benefit to the health, safety and general welfare of the City and its citizens;and WHEREAS, the Commission has been asked to find that that the acquisition, design, construction and equipping of the Project will not have an adverse competitive effect on any similar facility already constructed or operating near or in South Bend, Indiana; and WHEREAS, the Commission is considering a form of inducement resolution (the "Common Council Resolution") with respect to the Project to be adopted by the Common Counsel of the City (the "Common Council") and is considering recommending that the Common Council adopt such resolution in substantially such form; NOW,THEREFORE, BE IT RESOLVED BY THE COMMISSION AS FOLLOWS: Section 1. After considering the evidence presented and findings of fact set forth in the Report (as defined herein), the Commission hereby finds, determines, ratifies and confirms that the financing of the economic development facilities consisting of the Project, the issuance and sale of the Bonds, and the use of the net proceeds thereof by the City and/or the Company to -2 - US.122705944.03