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ORDINANCE NO. 75 /7-Z5--- <br /> AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, <br /> INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND <br /> AUTHORIZING THE EXECUTION THEREOF, AND APPROVING THE RESOLUTION <br /> OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO <br /> THE P. JAMES AND M. MARIA SCHEETZ PROJECT. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The Common Council of the City of South Bend, Indiana, hereto- <br /> fore has created the South Bend Economic Development Commission <br /> (hereinafter referred to as the "Commission") pursuant to the pro- <br /> visions of Indiana Code 36-7-12, as amended (hereinafter referred <br /> to as the "Act") . <br /> P. James and M. Maria Scheetz filed an application with the <br /> Commission to finance certain economic development facilities re- <br /> sulting in a substantial number of new jobs as well as other benefits, <br /> and in connection therewith, the Commission has prepared and placed <br /> on file a report containing the subject matter as specified in <br /> Section 23 of the Act and has forwarded copies thereof to the <br /> Chairman of the Area Plan Commission of St. Joseph County, Indiana, <br /> and to the Superintendent of the South Bend Community School Corpor- <br /> ation, being the area in which the proposed facilities will be <br /> located, and has timely received favorable reports from each <br /> of them, and the Commission held a public hearing on the proposed <br /> financing of such economic development facilities in accordance <br /> with the Act after giving the required notice as provided in the <br /> Act, and adopted a resolution finding that such proposed financing <br /> complies with the purposes and provisions of all applicable Indiana <br /> statutes governing the issuance of Economic Development Revenue <br /> Bonds, including but not limited to the Act, and approving the <br /> form and terms of the Loan Agreement, Indenture of Trust, and Bonds, <br /> and further approving this form of Ordinance, authorizing the execu- <br /> tion thereof, and further finding that such economic development <br /> facilities will not have an adverse competitive effect on similar <br /> facilities already constructed and operating in the City of South <br />