Authorizing Economic Development Fortuna Land Company Project

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ORDINANCE NO. 7137 -82 ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BOND (FORTUNA LAND COMPANY PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE OF INTENT The South Bend Economic Development Commission has rendered its Project Report for the Fortuna Land Company Project regarding the financing of proposed economic development facilities for Fortuna Land Company, who will lease said facilities to Harbor Metal Treating of Indiana, Inc., and the South Bend Planning Commission has commented favorably thereon; and The South Bend Economic Development Commission conducted a public hearing on November 19 , 1982, and also adopted a resolution on November 19 , 1982, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Fortuna Land Company complies with the purposes and provisions of I.C. 36 -7 -12 and that such financing will be of benefit to the health and welfare of the City of South Bend and its citizens; and The South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement and Mortgage, Note, Bond Purchase Agreement, Lease Agreement and Guaranty Agreement; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT; Section 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agree- ment and Mortgage approved by the South Bend Economic Develop- ment Commission and presented to this Common Council, the