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WHEREAS, the User has agreed to acquire and construct <br />economic development facilities within the limits of the <br />County of St. Joseph in the State of Indiana and thereby <br />create new employment opportunities and provide diversifica- <br />tion of economic development in the City, and make payments <br />pursuant to the Loan Agreement evidencing its loan <br />obligations in an amount or amounts sufficient to pay the <br />principal of, premium, if any, and interest on the economic <br />development revenue bonds hereinafter authorized; and <br />WHEREAS, the Common Council of the City, (the "Common <br />Council "), has heretofore, by Ordinance enacted pursuant to <br />the Act created the South Bend Economic Development <br />Commission (the "Commission ") and the members of the <br />Commission have been duly appointed and qualified pursuant to <br />law and the Commission has organized and undertaken the <br />duties imposed upon it by the Act and has found by written <br />resolution that because of existing insufficient employment <br />opportunities and insufficient diversification of industry, <br />the economic welfare of the City would be benefited by <br />financing the acquisition of economic development facilities <br />for and on behalf of the User; and <br />WHEREAS, the Commission has, by such resolution, ap- <br />proved a report estimating the public services which would be <br />made necessary or desirable, the expense thereof, the number <br />of jobs, the estimated payroll on account of the acquisition <br />of the economic development facilities and the cost of the <br />economic development facilities and has submitted such report <br />to the Area Plan Commission of St. Joseph County, Indiana, <br />and to the Superindentent of the school corporation where the <br />facilities will be located; and, <br />