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ORDINANCE NO. 5496 -73 <br />AN ORDINANCE TO REPEAL ORDINANCE NO. 5417 -72, TO <br />AUTHORIZE THE EXECUTION OF A LEASE, INDENTURE OF <br />TRUST, AND BONDS, AND TO AUTHORIZE THE ISSUANCE <br />OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING <br />TO THE GENTNER PACKING COMPANY, INC., PROJECT. <br />WHEREAS, the Common Council of the City of South Bend, <br />Indiana (hereinafter called the "Common Council "), heretofore has <br />created the South Bend Economic Development Commission (hereinafter <br />called the "Commission "), pursuant to the provisions of the <br />Municipal Economic Development Act of 1965, as amended; and <br />WHEREAS, the Commission has found by a written resolution <br />that because of existing insufficient diversification of industry, <br />or insufficient pollution control measures, the economic welfare <br />of the City of South Bend, Indiana (hereinafter called the "City "), <br />would be benefited by the construction, equipping and leasing to <br />others of industrial facilities, and such resolution and finding has <br />been approved by the Common Council; and <br />WHEREAS, the City previously issued Bonds to finance the <br />proposed project by Ordinance No. 5417 -72, in the amount of $500,000, <br />but said amount is not sufficient to complete the project; and <br />WHEREAS, the City has determined that the total amount of <br />$650,000 is necessary to complete said project, and that it is, <br />therefore, necessary to issue an Economic Development Revenue Bond <br />in the amount of $650,000 to refinance and complete the project; and <br />WHEREAS, the Commission has prepared a report estimating <br />the public services which would be desirable by the proposed project, <br />and the expenses thereof, the total costs of the proposed project <br />and the number of jobs and estimated payroll on account of the <br />acquisition and leasing of the proposed facilities relating to Gentner <br />Packing Company, Inc. (hereinafter called the "Lessee "), and such <br />report has been submitted to the Chairman of the Area Plan Commission <br />and the written comments of said Commission have been received by <br />