Economic Development Revenue Bonds William G York and Gloria J York Project

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COMMISSION RESOLUTION NO. pZS"80 WHEREAS, the City of South Bend, Indiana, still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the prosperity, economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, William G. York and Gloria J. York have filed an application with the South Bend Economic Development Commission ( "Commission ") to finance the acquisition of real estate and the purchase of an existing building, renovation of this building and the purchase of new equipment, which will constitute econo- mic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, the Commission has considered whether the proposed facilities may have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and WHEREAS, the Commission has prepared and placed on file a report as spe- cified in IC 18- 6- 4.5 -16, and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation where the facilities will be located, and has received favorable reports from each of them. NOW, THEREFORE, the South Bend Economic Development Commission at this meeting, being a public hearing on not less than five (5) days notice on such proposed financing of such facilities, does now find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commission; and BE IT FURTHER RESOLVED, by the South Bend Economic Development Commission that the proposed financing of the acquisition of the involved real estate, renovation of the building located thereon and the purchase of new equipment, and the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds in the principal amount not exceeding One hundred seventy thousand Dollars ($ 170,000 ) and bearing interest at a rate of 10% per annum repayable over a term of fifteen (15) years, and the issuance of the Bonds in accordance therewith, be, and the same are hereby approved, and the Secretary of the Commission be, and he is hereby, directed to transmit to the City of South Bend, Indiana, this resolution, together.with a copy of the form and terms of the financing agreement (Loan Agreement and Indenture of Trust) and the Bonds. THIS RESOLUTION ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, THIS 7th DAY OF November , 1980. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION Je ry Hammgs� President Frank Horvath, Vice President