Addressing the Issuance of Economic Development Revenue Bonds for Colbert Packaging Corp located at 3260 W. McGill St.

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RESOLUTION 2 TL 5 y- 0 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA ADDRESSING THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS FOR COLBERT PACKAGING CORPORATION LOCATED AT 3260 WEST McGILL STREET, SOUTH BEND, INDIANA WHEREAS, the City of South Bend, Indiana (the "Issuer "), is authorized by IC 36 -7 -11.9 and 12 (collectively, 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 and equipping of said facilities, and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS, Colbert Packaging Corporation, an Indiana Corporation, on behalf of itself and/or a to be formed Indiana limited partnership (collectively, the "Applicant'), has advised the Issuer that it proposes that the Issuer lend proceeds of an economic development financing to the Applicant for the acquisition, construction and equipping of a manufacturing facility to be used for the manufacturing of set -up boxes and Valentine heart- shaped boxes, to be located at 3260 West McGill Street, in the City of South Bend, Indiana (the "Project'); and WHEREAS, the diversification of industry and retention of opportunities for gainful employment (approximately 75 retained jobs) to be achieved by the acquisition, construction and equipping of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, it would appear that the financing of the Project would be of public benefit to the health, safety and general welfare of the Issuer and its citizens; and WHEREAS, it is tentatively found that the acquisition, construction and equipping of the Project will not have an adverse competitive effect on any similar facility already constructed or operating in South Bend, Indiana;