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The Commission has by separate resolution after a <br /> public hearing held on August 2 , 1985 recommended that 2920 W. <br /> Sample Street be designated an Economic Development Target Area <br /> since the project area has suffered from a lack of development, <br /> cessation of growth, and other factors that have made it <br /> undesirable for normal development, impaired values, or <br /> prevented a normal development or use of the property. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1 . This Council finds that the facilities <br /> described in said report and in the attached Loan Agreement, <br /> Mortgage and Security Agreement are "economic development <br /> facilities" within the meaning of the Act and that such <br /> facilities will not have an adverse competitive effect on any <br /> similar facilities already constructed or operating in or about <br /> the City. <br /> Section 2 . This Council further finds that the <br /> proposed economic development revenue bond financing of such <br /> facilities will be of benefit to the health and welfare of the <br /> City and its citizens. <br /> Section 3 . This Council further finds that the <br /> proposed economic development revenue bond financing of such <br /> facilities complies with the purposes and provisions of the Act. <br /> Section 4. This Council hereby approves the proposed <br /> economic development revenue bond financing of such facilities, <br /> including (i) the form and terms of the aforementioned Loan <br /> Agreement, Mortgage and Security Agreement, Promissory Note, <br /> Economic Development Revenue Bond, Bond Purchase Agreement and a <br /> form of Lease attached hereto and incorporated herein by reference <br /> (two (2) copies of which are on file in the Office of the Clerk of <br /> the City for public inspection) , (ii) the issuance and sale of said <br /> Economic Development Revenue Bond, (iii) the loan of the net <br /> proceeds of said Economic Development Revenue Bond to the <br /> Partnership for the acquisition and construction of such <br /> facilities, such loan to be evidenced by said Promissory Note, <br /> (iv) the repayment of said loan by the Partnership pursuant to <br /> said Loan Agreement, Mortgage and Security Agreement, and said <br /> Promissory Note, and (v) the securing of said Economic <br /> Development Revenue Bond by said Loan Agreement, Mortgage and <br /> Security Agreement and said Bond Purchase Agreement. <br /> Section 5. . The City shall issue its Economic <br /> Development Revenue Bond, Series 1985 (GEM Partnership, <br /> Project) , in the aggregate principal amount of One Million <br /> Dollars ($1 ,000,000.00) for the purpose of procuring funds to <br /> loan to the Partnership in order to finance the acquisition and <br /> construction of such facilities, as more particularly set out in <br /> said Loan Agreement, Mortgage and Security Agreement, which <br /> 2 . <br />