Approving Revenue Bonds Ridgedale Nursing Home

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COMMISSION RESOLUTION NO. � �23 WHEREAS, the City of South Bend, Indiana, still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the prosperity, economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, Ridgedale Nursing Home has filed an application with the South Bend Development Commission ( "Commission ") to finance the addition to an existing facility which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, Commission has prepared and placed on file a report as specified in Section 16 of IC -1973, 18- 6 -4.5, and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation where the facilities will be located, and has received favorable reports from each of them. NOW, THEREFORE, the South Bend Development Commission at this meet- ing, being a public hearing on five days' notice on such proposed financing of such facilities, does now find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Economic Development Revenue Bonds by the Commission; and BE IT FURTHER RESOLVED by the South Bend Development Commission that the proposed financing of an addition to an existing facility, and the form and terms of the financing agreement (Lease and Trust Indenture) and the Bond in the principal amount of $600,000.00 and bearing interest at 7.5% per annum and repayable over a term of ten (10) years, and the issuance of the Bond in accordance therewith, be and the same hereby are approved, and the Secretary of the Commission be and he is hereby directed to transmit to the Common Council of the City of South Bend, Indiana, this resolution, to- gether with a copy of the form and terms of the financing agreement (Lease and Trust Indenture) and the Pond.