Authorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates Project

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PAGE TWO has further found by Resolution that the proposed financing complies with the purposes and provisions of I.C. 18- 6 -4.5, as amended; and The South Bend Economic Development Commission has pre- pared a report estimating the public services which would be made necessary or desirable by the proposed project, the expenses thereof, and the total project costs of the proposed project and the number of jobs and estimated payroll on account of the acqui- sition and leasing of the proposed facilities relating to the pro- posed project, and such report having been submitted to the Director of the Area Plan Commission and the President of the Board of School Trustees for the South Bend School Corporation, and their written comments having been received by the South Bend Economic Development Commission and such reports and comments having been made a part of their records; and The South Bend Economic Development Commission has ap- proved the form and terms of the Loan Agreement and Trust Indenture and Bond and has further approved this form of Ordinance author- izing the execution of the Loan Agreement and Trust Indenture and Bond and the issuance of Economic Development Revenue Bonds in accordance therewith; and The South Bend Economic Development Commission has trans- mitted this form of Ordinance to the City Clerk of the City of South Bend for presentation to the Common Council of the City of South Bend, Indiana; and The Common Council of the City of South Bend, Indiana, finds that the proposed development will be of public benefit to the economic welfare of the City of South Bend, Indiana, by tend- ing to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facili- ties which would be required by the proposes project.