Authorizing issuance of revenue bonds to evidence a loan from the industrial development fund of the state for Bosch

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ORDINANCE NO. l ~ ~~ ' ~` AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO EVIDENCE A LOAN FROM THE INDUSTRIAL DEVELOPMENT FUND OF THE STATE OF INDIANA RELATING TO THE ROBERT BOSCH CORPORATION RETENTION PROJECT (CITY OF SOUTH BEND, INDIANA, REVENUE BONDS, SERIES 2001E) STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City") has previously determined to offer certain assistance to Robert Bosch Corporation ("Bosch") in order to induce Bosch to retain and expand its facility in the City. Accordingly, the City and Bosch have agreed to undertake certain activities in connection with the acquisition, demolition, construction, rehabilitation, and environmental remediation of certain property (the "Property") which Bosch formerly leased from Honeywell (formerly known as Allied Signal), including infrastructure and other site improvements (the "Project") and have memorialized their intentions in an Agreement for the Use and Rehabilitation of Real Property (the "Agreement")and Real Properly Lease Agreement (the "Lease") (the "Agreement" and the "Lease" sometimes collectively referred to herein as the "Project Documents"). The Agreement provides that the City and Bosch will undertake the Project in return for Bosch's commitment to meet certain levels of employment. In addition, the City has acquired the Property and the City and Bosch have entered into the Lease pursuant to which Bosch will lease the Property from the City. ::ODMA\MI-IODMA\SBIMAN 1;103506;3