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2 <br />340 temporary construction jobs and the expansion of further business opportunities in the City; <br />and <br />WHEREAS, pursuant to I.C. § 36-7-12-24, the Commission published notice of a public <br />hearing (the “Public Hearing”) on the proposed issuance of the Bonds to finance the Project; and <br />WHEREAS, on the date hereof the Commission held the Public Hearing on the Project and <br />considered any adverse competitive effect or impact the Project may have on any similar facility <br />or facility of the same kind already constructed or operating in the corporate boundaries of the <br />City; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND ECONOMIC <br />DEVELOPMENT COMMISSION, AS FOLLOWS: <br />SECTION 1. The Commission hereby finds, determines, ratifies and confirms that the <br />diversification of business, the creation of business opportunities and the creation of opportunities <br />for gainful employment within the jurisdiction of the City are desirable, serve a public purpose, <br />and are of benefit to the health and general welfare of the City; and that it is in the public interest <br />that the City take such action as it lawfully may to encourage the diversification of industry, the <br />creation of business opportunities, and the creation of opportunities for gainful employment within <br />the jurisdiction of the City. <br />SECTION 2. In making the findings herein, the Commission has considered any adverse <br />competitive effect or impact the Project may have on any similar facility or facility of the same <br />kind already constructed or operating in the corporate boundaries of the City. <br />SECTION 3. The Commission hereby approves the findings of fact and report of the <br />Commission with respect to the Project presented at this meeting. The Secretary of this <br />Commission shall submit such report to the executive director or chairman of the plan commission <br />of the City and to the superintendent of the school corporation where the Project will be located <br />pursuant to Section 23(b) of the Act. <br />SECTION 4. The Commission finds, determines, ratifies and confirms that the issuance <br />and sale of the Bonds in an amount not to exceed Thirty Million Eight Hundred Thousand Dollars <br />($30,800,000) and the use of a portion of the proceeds of the Bonds to pay costs related to the <br />issuance of the Bonds, pay capitalized interest on the Bonds, if necessary, for a period of not to <br />exceed one (1) year following project completion, fund a debt service reserve fund (if necessary) <br />or the costs of a reserve surety (if necessary), and to provide (or be deemed to provide) the <br />remaining proceeds of the Bonds to the Developer for the financing of a portion of the cost the <br />Project will be of benefit to the health and general welfare of the City, will serve the public <br />purposes referred to above in accordance with the Act, and will fully comply with the Act. <br />SECTION 5. The financing of a portion of the costs of the Project through the issuance <br />of the Bonds, in one or more series, in an amount not to exceed Thirty Million Eight Hundred <br />Thousand Dollars ($30,800,000), is hereby approved and recommended to the Common Council <br />of the City (the “Common Council”).