04-14-14 Council Agenda & Packet

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WHEREAS, the principal of and interest payable on said revenue bonds shall not be payable from any revenues of the City and shall not obligate the full faith and credit of the City but shall be payable solely from funds of the Applicant; and WHEREAS, the Applicant has further advised the City that the determination by the City to agree preliminarily to accept such a request for financing the Project will constitute a substantial inducement to the Applicant to proceed with the Project; and WHEREAS, it appears from the application submitted to the Commission that the creation of opportunities for gainful employment and the creation of business opportunities to be achieved by the Project will serve a public purpose and will be of benefit to the health and general welfare of the City; and WHEREAS, the Commission has considered a form of inducement resolution with respect to the Project (the "Common Council Resolution ") and has considered recommending that the Common Council of the City (the "Common Council ") adopt a resolution in substantially such form; NOW, THEREFORE BE IT RESOLVED, by the South Bend Economic Development Commission, based upon the evidence submitted and representations made by the Applicant, as required by the Act, that; I. The creation of opportunities for gainful employment and the creation of business opportunities to be achieved by the Project in the City will be of benefit to the health and general welfare of the citizens of the City, and it is in the public interest that this Commission take such action as it lawfully may to encourage diversification of industry and promotion of job opportunities in the City. 2. The issuance and sale of economic development revenue bonds of the City under the Act in an amount not to exceed $25,000,000 for the Project and the loan of the proceeds of the economic development revenue bonds to the Applicant will serve the public purposes referred to above, in accordance with the Act. 3. In order to induce the Applicant to proceed with negotiations for the Project, the Commission hereby determines that: (i) It will take or cause to be taken such actions pursuant to the Act as may be reasonably required to implement the aforesaid financing, or as it may deem reasonably appropriate in pursuance thereof, provided that all of the foregoing shall be as authorized by law and is mutually acceptable to the City and the Applicant; and (ii) It will adopt such resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be reasonably necessary and advisable for the authorization, issuance and sale of said economic development revenue bonds; provided that all of the foregoing shall be as authorized by law and is mutually acceptable to the City and the Applicant. -2- dms.us.53705739.01