Approval of ithe Issuance of Economic Development Revenue Bonds to Finance certain Economic Development Facilities

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RESOLUTION NO. 21 1 1 A RESOLUTION OF THE CITY OF SOUTH BEND COMMON COUNCIL, PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO FINANCE CERTAIN ECONOMIC DEVELOPMENT FACILITIES WHEREAS, Dynamic R.E.H.C., Inc., an Indiana corporation (the "Applicant ") desires to finance the acquisition, construction and equipping of an approximate 50,000 square foot manufacturing facility located on Lots 7 and 8 in the U.S. 31 Industrial Park on the west side of Ameritech Drive approximately 910 feet north of Brick Road in South Bend, Indiana, for lease to Dynamic Industries, Inc. d/b /a Bud's Machine Co., for use in its business as a machine shop in the manufacture of machine tool components and related products. WHEREAS, to induce Applicant to proceed with such project, the Common Council desires to adopt this resolution. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. It is apparent that said project will increase job opportunities and industrial diversification in and near the City of South Bend, resulting in a benefit to the welfare of the public in the City. 2. In order to encourage and induce Applicant to undertake such project, the City shall cooperate with and take such action as may be necessary to finance the cost of such project from the proceeds of economic development revenue bonds issued by the City in an aggregate principal amount of not to exceed $1,495,000, including reimbursements of costs of the project paid prior to the issuance of the bonds.