Approval of Insurance Bonds for Imagineering Enterprises Inc. Project

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RESOLUTION NO. 19 7 � V01 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 FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES TO BE OWNED BY IMAGINEERING PROPERTIES, LLC AND LEASED TO AND OPERATED BY IMAGINEERING ENTERPRISES, INC. ( IMAGINEERING ENTERPRISES, INC. PROJECT) WHEREAS, the City is authorized by I.C. 36 -7 -11.9 and 12, et. seg• as supplemented and amended (the "Act') to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction, installation and equipping of said facilities, and said facilities to be either leased to another person or directly owned by another person; and WHEREAS, Imagineering Properties, LLC (the "Applicant'), has advised the South Bend Economic Development Commission (the "Commission ") and the City that it proposes that the City issue and sell its economic development revenue bonds for the purpose of providing financing to the Applicant for lease to and operation by Imagineering Enterprises, Inc. (the "Lessee ") of certain economic development facilities consisting of the acquisition, construction, installation and equipping of an approximately 63, 600 square foot manufacturing facility, togetherwith the purchase ofmachinery and equipment to be utilized therein, located at 4521 Nimtz Pkwy, South Bend, Indiana 46624 (the "Project'), and the Commission has adopted a Resolution, containing the requisite findings of the Commission, recommending that the City adopt a Resolution giving preliminary approval to a proposed issuance of economic development revenue bonds for the financing of the Project; and WHEREAS, the Project will be owned by the Applicant and leased to and operated by the Lessee for use as an economic development facility within the meaning of the Act; and WHEREAS, it appears that the creation and retention 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 that the proposed financing complies with the provisions of the Act; and WHEREAS, it appears that the Project will not have adverse competitive effect on any similar facility already constructed or operating in the City; NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Common Council finds, determines, ratifies and confirms that the creation and retention of opportunities for gainful employment and the creation of business opportunities to