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• <br /> • <br /> the Act , and that this Council adopt an Ordinance approving <br /> such financing. <br /> The proposed economic development facilities are located <br /> in an economic development target area as defined by Indiana <br /> Code § 36-7-11 . 9-4 . <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS : <br /> Section 1 . Public Benefits : The Common Council of the <br /> City hereby finds and determines that the real estate, <br /> interests in real estate , other improvements thereon and <br /> other machinery and equipment , to be acquired and constructed <br /> with the proceeds of the bonds herein authorized are "economic <br /> development facilities" as that phrase is used in the Act and <br /> that acquisition and construction of the Project will in- <br /> crease employment opportunities and increase diversification <br /> of economic development in the City, will improve and promote <br /> the economic stability, development and welfare of the City, <br /> will encourage and promote the expansion of industry, trade <br /> and commerce in the City and the location of other new <br /> economic development facilities in such area and will not <br /> have an adverse competitive effect on any similar facilities <br /> already constructed or operating in or about the City. <br /> Section 2 . Findings : The Common Council hereby finds <br /> that this Ordinance (the "Bond Ordinance") is of public <br /> benefit to the economic welfare of the City and County by <br /> tending to overcome the deficiencies previously found to <br /> exist, to-wit: insufficient employment opportunities and <br /> insufficient diversification of economic development, and <br /> that such benefit is greater than the cost of public facili- <br /> ties (as that phrase is defined in the Act) which will be <br /> required by the Project and further that the proposed financ- <br /> - rha city and com- <br />