Economic Development Revenue Bonds 227 Main Street Associates Project

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ORDINANCE NO. 7Y6 0 -,F AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC'DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- CUTION THEREOF, AND APPROVING THE RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE 227 MAIN STREET ASSOCIATES PROJECT. STATEMENT OF PURPOSE AND INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (hereinafter referred to as the "Commission ") pursuant to the provisions of Indiana Code 36 -7 -12, as amended (hereinafter referred tows the "Act "). 227 Main Street Associates, an Indiana limited partnership filed an application with the Commission to finance certain economic development facilities resulting in a substantial number of new jobs as well as other benefits, and in connection therewith, the Commission has prepared and placed on file a report containing the subject matter as specified in Section 23 of the Act and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely received favorable reports from each of them, and the Commission held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such pro- posed financing complies with the purposes and provisions of all appli- cable Indiana statutes governing the issuance of Economic Development Revenue Bonds, including but not limited to the Act, and approving the form and terms of the Loan Agreement, Indenture of Trust, and Bonds, and further approving this form of Ordinance, authorizing the execution thereof, and further finding that such economic development facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana.