Approving Economic Development Revenue Bonds $20,000,000.00 Southfield Village, Inc.

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WHEREAS, Southfield has proposed that the City issue revenue bonds under the Act to finance the acquisition, construction, installation and equipping of the Project (the 'Bonds ") under a financing agreement whereby the proceeds of such Bonds would be utilized to acquire, construct, install and equip the Project and Southfield would make payments sufficient to pay the principal of, premium, if any, and interest on the Bonds; and Southfield has further advised the City that a determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to Southfield to proceed with the Project; and WHEREAS, the South Bend Economic Development Commission (the "Commission ") has given its approval to the Project and the financing of the Project; and WHEREAS, it is tentatively found that the acquisition, construction, installation and equipping of the Project will not have an adverse competitive effect on any similar facility already constructed or operating near or in the City; and WHEREAS, it is estimated that the Project will result in the creation of approximately seventy -two (72) full -time equivalent permanent jobs with an estimated total annual payroll of $1,700,000 and provide continued future opportunities for employment; and WHEREAS, subject to required approvals, it would appear that the Project and the financing of the Project would be of public benefit to the health, safety and general welfare of the City and its citizens; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, AS FOLLOWS: 1. The Common Council of the City (the "Common Council ") hereby finds, determines, ratifies and confirms that the promotion of diversification of economic development and ::ODMATCDOCS\S13DOCSI\32484 \1 -2-