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COMMISSION RESOLUTION NO. <br />WHEREAS, the City of South Bend, Indiana still has <br />insufficient employment opportunities and insufficient <br />diversification_ of industries, which conditions are harmful <br />to the prosperity, economic stability and general welfare of <br />the area and, if not remedied, will be detrimental to the <br />development of such area and its environs; and <br />WHEREAS, JAMES AND THERESA SHARPE, have filed an application <br />with the South Bend Economic Development Commission ( "Commission ") <br />to finance the acquisition of real estate and the construction <br />thereof of an industrial and commercial building which will <br />constitute economic development facilities resulting in a <br />substantial number of new jobs as well as other benefits; and <br />WHEREAS, the Commission has considered whether the <br />proposed facilities may have an adverse competitive effect on <br />similar facilities already constructed and operating in the <br />City of South Bend, Indiana; and <br />WHEREAS, Commission has prepared and placed on file a <br />report as specified in IC 18- 6- 4.5 -16, and has forwarded <br />copies thereof to the Chairman of the Area Plan Commission <br />and to the Superintendent of the School Corporation where the <br />facilities will be located, and has received favorable reports <br />from each of them. <br />NOW, THEREFORE, the South Bend Economic Development <br />Commission at this meeting, being a public hearing on not less <br />than five (5) days' notice on such proposed financing of such <br />facilities, does now find that the proposed financing complies <br />with the purposes and provisions of the applicable Indiana statutes <br />governing the issuance of Industrial Development Revenue Bonds <br />by the Commission; and <br />BE IT FURTHER RESOLVED, by the South Bend Economic Development <br />Commission that the proposed financing of the acquisition of the <br />involved real estate and erection of an industrial and commercial <br />building thereon, and the form and terms of "the fI aAcing <br />agreement (Lease and Trust Indenture) and the Bonds in the <br />