Approval of Issuance of Bonds to Finance SGW Realty, LLC (Blackthorn Development Area)

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RESOLUTION NO. U" 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 SGW Realty, LLC (Blackthorn Development Area) STATEMENT OF PURPOSE AND INTENT SGW Realty LLC, an Indiana limited liability company (the "Applicant ") desires to finance the acquisition, construction and equipping of an approximate 100,000 square foot manufacturing facility located in the Blackthorn Development Area on Nimtz Parkway, for lease to Schafer Gear Works, Inc. 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 approximately $4,200,000, including reimbursements of costs of the project paid prior to the issuance of the bonds. 3. The City shall proceed to cooperate with and take such action as may be necessary in drafting documents or in the performance of such other acts as will facilitate the issuance of such bonds to provide funds for such purpose. 4. The Applicant may proceed with such project in reliance upon this resolution. 5. The liability and obligation of the South Bend Economic Development Commission, the Common Council, and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such bonds, and such entities and their officers and