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WHEREAS, the proposed ethanol production facility would provide <br />for a minimum investment on behalf of New Energy in the amount of One <br />Hundred Fifty -One Million ($151,000,000.00) dollars resulting in a <br />substantial increase in the tax base for the City and St. Joseph <br />County; and <br />WHEREAS, in excess of one thousand (1,000) jobs would be created <br />as a direct result of the operation of the proposed ethanol pro- <br />duction facility and as a result of the indirect economic benefits of <br />the project to the City and St. Joseph County; and <br />WHEREAS, New Energy has obtained an option on an alternative <br />parcel of property located outside of St. Joseph County; and <br />WHEREAS, the above described site within the City requires off- <br />site and on -site improvements to make the site usable by New Energy; <br />and <br />WHEREAS, New Energy has received a loan guarantee from the <br />United States Department of Energy for the construction of the pro- <br />posed ethanol production facility contingent on fulfillment of con- <br />ditions precedent, one of which is New Energy's final selection of a <br />site for the proposed project; and <br />WHEREAS, New Energy desires to make a final selection of the <br />site for its proposed ethanol production facility by October 9, 1981; <br />and <br />WHEREAS, the City desires that New Energy select the described <br />site within the City for the above described beneficial purposes <br />rather than selecting its alternative site; and <br />WHEREAS, the parties desire to enter into a legally binding <br />agreement relating to certain commitments made by the City to New <br />-2- <br />