Approval of the Issuance of Bonds for the Purpose of Providing Certain Economic Development Facilities

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RESOLUTION NO. 3 3 3y_ A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING CERTAIN ECONOMIC DEVELOPMENT FACILITIES WHEREAS, the City of South Bend, Indiana (the "City ") is authorized by I.C. 36- 7 -11.9 and 12, as supplemented and amended (the "Act "), to issue revenue bonds for the financing of economic development facilities, the funds for said financing to be used for the acquisition, construction, installation and equipping of said facilities; and WHEREAS, MDC South Bend, LLC (the "Applicant ") has advised the South Bend Economic Development Commission (the "Commission ") and the City that it proposes that the City issue economic development revenue bonds for the purpose of providing financing for certain economic development facilities consisting of the acquisition, construction, installation and equipping of a facility to accommodate the business of DHUAirborne Express, which is airfreight and logistics services (the 'Project "); and WHEREAS, the Applicant has proposed that the City issue its revenue bonds under the Act to finance the acquisition and installation of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire and install the Project and the Applicant would make payments sufficient to pay the principal of, premium, if any, and interest on said bonds; and the Applicant has further advised the City that the determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to the Applicant to proceed with the Project; and WHEREAS, the Applicant has submitted evidence regarding the lack of an adverse competitive effect of the Project on similar facilities already constructed or operating in the City; and WHEREAS, it is estimated that the Project will result in the retention of eighty - eight (88) jobs and the creation of approximately five (5) new permanent jobs; and WHEREAS, the Commission has rendered a report concerning the proposed financing of economic development facilities for the Applicant which report incorporates findings of fact by the Commission; and WHEREAS, the Commission has given its approval to such financing of the Project; and SBIMANI 182576A