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would be utilized to construct the Project and the Company would make payments sufficient to pay <br />the principal of, premium, if any, and interest on such bonds; and the Company has further advised <br />the City that a determination by the City to accept such a proposal for financing the Project will <br />constitute a substantial inducement to the Company to proceed with the Project; and <br />WHEREAS, the Company has submitted evidence regarding the adverse competitive <br />effect of the Project on similar facilities already constructed or operating in the City; and <br />WHEREAS, it is estimated that the Project will result in approximately fifty (50) <br />permanent jobs with an estimated total annual payroll, including benefits, of $800,000; and <br />WHEREAS, the South Bend Economic Development Commission (the <br />"Commission ") has rendered a report concerning the proposed financing of economic development <br />facilities for the Company and a certain other project which is not proceeding at this time, which <br />report incorporates findings of fact ofthe Commission regarding the competitive effect ofthe Project <br />on similar facilities already constructed or operating in the City; and <br />and <br />WHEREAS, the Commission has given its approval to such financing of the Project; <br />WHEREAS, the issuance and sale of the revenue bonds will not reduce the legal <br />bonding capacity of the City; and <br />WHEREAS, the City is to bear no expense in connection with the issuance and sale <br />of said revenue bonds and all expenses in connection thereto which are incurred by the City shall be <br />reimbursed to the City by the Company; and <br />::ODMA\PCDOCS \SBDOCSI \80510\2 -2- <br />