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ORDINANCE NO. - 7y18 -Y4 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF <br />$8,500,000.00 ECONOMIC DEVELOPMENT REVENUE BONDS OF <br />THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF <br />MAKING A LOAN TO BRICK ROAD ASSOCIATES, IN ORDER <br />TO FINANCE THE CONSTRUCTION AND EQUIPPING OF <br />CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED <br />IN SOUTH BEND, INDIANA; AUTHORIZING EXECUTION OF A <br />LOAN AGREEMENT; PROVIDING FOR THE DELIVERY OF A NOTE <br />AND ASSIGNMENT THEREOF AS SECURITY FOR SAID BONDS; <br />AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE <br />PROTECTION AND DISPOSITION OF THE REVENUES FROM SUCH <br />NOTE. <br />STATEMENT OF PURPOSE AND INTENT <br />The Common Council of the City of South Bend, Indiana, <br />heretofore has created the South Bend Economic Development <br />Commission pursuant to the provisions of I.C. 36- 7 -12 -1, et seq. <br />The South Bend Economic Development Commission has <br />found by a written Resolution that because of insufficient <br />employment opportunities, insufficient tax base and insufficient <br />diversification of economic development facilities in and near <br />the City of South Bend, Indiana, the economic welfare of the City <br />of South Bend would be benefited by construction of certain <br />economic development facilities pursuant to a request made on <br />November 5, 1981, by Brick Road Associates, and has further found <br />by Resolution that the proposed financing complies with the <br />purposes and provisions of I.C. 36- 7 -12 -1, as amended, and <br />The South Bend Economic Development Commission has <br />prepared a report estimating the public services which would be <br />made necessary or desirable by the proposed project, the expenses <br />thereof, and the total project costs of the proposed project and <br />the number of jobs and estimated payroll on account of the <br />construction of the proposed facilities relating to the proposed <br />project, and such report having been submitted to the Chairman of <br />the St. Joseph County Area Plan Commission and the Area Plan <br />Commission's written comments, if any, having been made a part of <br />