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Associates for the acquisition and construction of such <br />facilities and the equipping thereof, the payment of the. <br />revenue bonds by the note payments of Park Center Associates <br />under the Loan Agreement and Bond Purchase Agreements and <br />Notes, the leasing of the facilities to Continental Carbonic <br />Products, Inc., Moser - Schmidt Paper Company, Midway Dental <br />Supply Company and Schnee Morehead, and the securing of said <br />bonds by the mortgaging of such facilities to the Bondholder <br />under the Loan Agreement and and Bond Purchase Agreements <br />complies with the purposes and provisions of I.C. 36 -7 -12 and <br />will be of benefit to the health and welfare of the City of <br />South Bend and its citizens. <br />Section 2. The facilities will consist of two office, <br />light industrial, and warehouse buildings, each containing appro- <br />ximately 27,200 square feet of net rentable area, together with <br />off - street parking, and fixtures, furnishings and equipment. <br />Section 3. At the public hearing held by the South Bend <br />Economic Development Commission, the Commission considered <br />whether the economic development facilities would have an <br />adverse competitive effect on any similar facilities located in <br />the City of South Bend, and found, based on special findings of <br />fact set forth in the Resolution transmitted hereto, that the <br />facilities would not have an adverse competitive effect. This <br />Common Council hereby confirms the findings set forth in the <br />Commission's Resolution, and concludes that the economic. <br />development facilities will not have an adverse competitive <br />effect on any other similar facilities in the City of South <br />Bend, and the facilities will be of benefit to the health and <br />welfare of the citizens of the City of South Bend. <br />Section 4. The substantially final forms of the two Loan <br />Agreement and Bond Purchase Agreements, Mortgage and Security <br />Agreements, Assignments of Rents and Leases and Notes approved <br />by the South Bend Economic Development Commission are hereby <br />- 2 - <br />