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ORDINANCE NO. 7/1a -8a <br />AN ORDINANCE AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT,INDENIIURE <br />OF TRUST, MORTGAGE, NOTE AND BONDS AND APPROVING THE FORM AND TERMS <br />OF THE LOAN AGREEMENT, INDENTURE OF TRUST, LEASE, MORTGAGE, NOTE AND <br />BONDS AND AUTHORIZING THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE <br />BONDS AND APPROVING THE RESOLUTION NO. 13 -81 OF THE SOUTH BEND <br />ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE ROBERT H. FRESHLEY <br />PROJECT. <br />WHEREAS, the Common Council of the City of South Bend, Indiana, <br />heretofore has created the South Bend Economic Development Commission <br />pursuant to the provisions of the Municipal Economic Development Act <br />of 1965, as amended, and supplemented by I.C. 18- 6 -4.5, and replaced <br />by I.C. 36- 7 -12 -1, et seq. <br />WHEREAS, the South Bend Economic Development Commission has <br />found by a written Resolution that because of insufficient employment <br />opportunities, insufficient tax base and insufficient diversification <br />of economic development facilities in the City of South Bend, the <br />economic welfare of the City of South Bend, Indiana would be benefited <br />by construction of certain economic development facilities pursuant <br />to a request made on August 4, 1981 by Robert H. Freshley, ( "Freshley "), <br />and has further found by Resolution that the proposed financing <br />complies with the purposes and provisions of I.C. 36- 7 -12 -1, as <br />amended, and <br />WHEREAS, the South Bend Economic Development Commission has <br />prepared a report estimating the public services which would be made <br />necessary or desirable by the proposed project, the expenses thereof, <br />and the total project costs of the propsed project and the number of <br />jobs and estimated payroll on account of the construction of the <br />proposed facilities relating to the proposed project, and such report <br />having been submitted to the Chairman of the Area Plan Commission of <br />St. Joseph County, and the Plan Commission's written comments having <br />been made a part of their records, and <br />WHEREAS, the South Bend Economic Development Commission has approved <br />the form and terms of the Loan Agreement, Indenture of Trust, Lease, <br />Mortgage, Note and Bonds and has further approved the form of Ordinance <br />authorizing the execution of the Loan Agreement, Indenture of Trust, <br />Mortgage, Note and Bonds and the issuance of Economic Development <br />