Loan Agreement Economic Development Revenue Bond (J & G Realty & Insurance Co Project)

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ORDINANCE N0. AN ORDINANCE APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT, INDENTURE OF TRUST, MORTGAGE, NOTE, AND ECONOMIC DEVELOPMENT REVENUE BOND, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 8 - 84 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO THE J & G REALTY & INSURANCE CO. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (the "Commission ") pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as amended, being IC 36 -7 -12 (the "Act "), and J & G Realty & Insurance Co. has filed an application with the Commission to finance the construction of a new building to be leased to Slutsky Peltz Plumbing & Heating Co., Inc. for use in the expansion of its business (the "Facilities ") which will result in the creation of a substantial number of jobs as well as other benefits, and The Commission has prepared and placed on file a report containing the subject matter as specified in IC 36 -7 -12 and has forwarded copies thereof to the chairman of the Area Plan Commission and to the superintendent of the School Corporation in the area in which the Facilities will be located, and has received favorable reports from each of them, and The Commission held a public hearing on the proposed financing of such Facilities on July 6, 1984, after giving the required notice and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes, and the Commission did also find that the proposed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana, and As required by IC 36- 1 -5 -4, two copies of the Loan Agreement, Indenture of Trust, Mortgage, Note and Bond have been filed with the City Clerk and made available for inspection by the public. The Common Council of South Bend, Indiana, hereby finds that the Facilities are economic development facilities as that phrase is used in the Act; and that the construction of the Facilities will increase employment opportunities and increase diversification of business, commerce and industry in and near the city, will improve and promote the economic stability, development and welfare of the area in and near the city, and will encourage and promote the expansion of industry, trade and commerce in the area in and near the city, and the location of other new commercial and business facilities in such area. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Indenture of Trust, Mortgage, Note, and Bond pertaining to the J & G Realty & Insurance Co.