Approving Industrial Development Revenue Bonds G & W Rentals Project

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ORDINANCE NO. (m I ,5-'6 alga AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 46 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE G & W RENTALS PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission, here- inafter referred to as "Commission ", pursuant to the provisions of the Muncipal Development Act of 1955, as amended and supple- mented by IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and G & W RENTALS, a partnership, has filed an application with the Commission to finance the construction of a building on real estate being acquired by G & W Rentals located on the northerly side of Western Avenue and easterly from a point which is approxi- mately 300 feet west of Lombardy Drive in South Bend, Indiana, together with fixtures and attachments, site preparation, black - topping, paint booths, telephone systems, lighting, landscaping, shelving, bins, office furniture, shop fixtures, hoists, ramps, dynometers, fencing and related equipment, to constitute economic development facilities resulting in a substantial number of new Jobs as well as other benefits, and in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the St. Joseph County Area Plan Commission, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely received favorable reports from each of them, and the Commission held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice as pro- vided in the Act, and adopted a resolution finding that such pro- posed financing compies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds, including but not limited to the Act, and that such economic development facilities will not have an