Approving Industrial Revenue Bonds - Marion W. Dunn

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ORDINANCE NO. ( 16g < -90 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORTGAGE AND NOTE, SECURITY AGREEMENT AND FINANCING STATEMENTS, ASSIGNMENT OF LEASES AND RENTS AND A TRUST INDENTURE AND IN- DUSTRIAL REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 10 -80.OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO MARION W. DUNN STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission hereinafter referred to as "Commission°, pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General As- sembly of Indiana for 1973, as such may be amended from time to time, including but not limited to T.C. 18- 6- 4.5 -2, through I.C. 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and MARION W. DUNN has filed an application with the Com- mission to finance the acquisition of real estate, the improve- ment of a commercial building located thereon and the purchase and installation of certain equipment (facilities) which will constitute economic development facilities resulting in a sub - stantial 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 Section 16 of I.C. 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superin- tendent of the School Corporation in the area of which the 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 facilities on April 8, 1980, after giving the required notice as provided for in Section 17 of I.C. 18 -6 -4.5 and did find that the proposed fi- nancing complies with the purposes and provisions of the appli- cable Indiana statutes governing the issuance of Industrial De- velopment Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse com- petitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana.