Authorzing Issuance of $2,500,000 Economic Development Revenue Bonds East Race Commercial

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any, and interest on the economic development revenue bonds hereinafter authorized. The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed financing of economic development facilities for the East Race Commercial Project and the Area Plan Commission has com- mented favorably thereon. The Commission, after a public hearing held on December 6 , 1985 , has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition and reha- bilitation by the user of the proposed economic development facilities described in said Report will not have an adverse competitive effect on any similar facilities already con- structed or operating in or about the City, (ii) further finding that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens , (iii) further finding that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act, (iv) further finding that the proposed economic development facilities are within an Economic Development Target Area as defined by Indiana Code § 36-7-11 .9-4 , (v) approving the economic development revenue bond financing of such facilities , including the form and terms of the Loan Agreement between Brademas and the City, the Promissory Note from Brademas to the City, the registered City of South Bend, Indiana, Economic Development Revenue Bonds , Series 1985 (East Race Commercial Project) from the City to the bondholders , The Trust Indenture between the City and Midwest Commerce Banking Company (the "Trustee") , and this Ordinance , presented to the Commission , and (vi) recom- mending that this Council find that the proposed economic n,,,.i, cni•-1 41-4 will be