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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 Financing 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 No. 5240.70 and <br />pursuant to-I.C. 1971, 18 -6 -4 -1 through 18- 6 -4 -28, inclusive, <br />created the South Bend Economic Development Commission (the <br />"Commission ") and the members of the Commission have been <br />duly appointed and qualified pursuant to law and the Commis- <br />sion has organized and undertaken the duties imposed upon it <br />by the Act and has found by written resolution that because <br />of existing insufficient employment opportunities and insuf- <br />ficient diversification of industry, the economic welfare of <br />the City would be benefited by financing the acquisition of <br />economic development facilities for and on behalf of the <br />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 />