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ORDINANCE NO . _ (( a K q- 7 8 AN ORDINANCE APPROVITTG THE FOR P-1 A1`!D TERT'-IS OF LEASE AND TRU711' INDENTURE AND INDUSTRIAL DEVFLOPi"Z171. F!7VENUE B011DS, AND .AUTFORIZi , ?G TT1R F,X� CL'TIOP1 THEREOF PERTAINING TO THE REAL ESTATE VENTURES PROJECT STATEMENT OF PURPOSE; OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission., hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including- but not limited to IC 18- 6 -4.5 -2 through IC 18- 6- 4.5 -28, hereinafter referred to as the "Act". HUGH T;:'. SILBER AIrl, 1.7ILLIA 7•1 R. P_OnCz00D.1 LEE R. RO ^1ZIEi AND JAr?ES N. FOSS, DOING BUSI'TESS AS REAL ESTATE jT _`�TTITRF,1S �1 PART 7F_mQ ?iP ('`REAL 51 ESTATE VENTURES"), has filed. an aprlicatior. with the Commission to finance the acquisition of certain real estate and the construction of certain improvements thereon which Will constitute econoric development facilities resulting in a substantial number of additional employees, as well as other benefits, with respect to an Industrial Development Revenue Fond issue in the amount of Two Hundred Thousand Dollars ( 2010,^0C.001), renavable with interest thereon at the rate of six and. ei-ht- tenths per cent (6.8�) per annum in installments over a fifteen (15) year period, as more particularly set forth in the proposed form of bond and proposed form of Lease and Trust Indenture submitted with such application. In connection with such application, the Commission has prepared and placed on file a report containing the subject matter as provided. in Section 16 of iC 18- 6- 4.5 -16 and has fort!arded copies thereof to the Chairman of the Area Plan Comni_ssion of St. Joseph County, Indiana, and to the Superintendant of the School Corporation, and has tir-ely received favorable reports from each, and the Commission held a public hearing- on the proposed financing of such economic development facitilies on i5c-CMg �/� /� 1977, after g 1vi= the reouired notice as provided for in Section 17 of IC 18- 6- 4.5 -17 and did find that the proposed financing; complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds and the proposed economic development facilities will not have an