Approval of Bonds for Economic Development Facilities at 4404 William Richardson Ct

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COMMON COUNCIL RESOLUTION NO.0099 /6 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA COMMON COUNCIL PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED AT 4044WILLIAM RICHARDSON COURT, SOUTH BEND, INDIANA RESOLVED, by the Common Council of the City of South Bend, Indiana (the "City "), as follows: WHEREAS, the City is authorized by I.C. 36 -7 -11.9 and 12, as supplemented and amended (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, installation and equipping of said facilities, and said facilities to be either leased to another person or directly owned by another person; and WHEREAS, Crystal Mountain, Inc. (the "Applicant "), has advised the South Bend Economic Development Commission (the "Commission ") and the City that it proposes that the City issue and sell its economic development revenue bonds for the purpose of providing financing by Rick E. Newman (the "Lessor ") for lease to and operation by the Applicant of certain economic development facilities consisting of the financing of the acquisition, construction, installation and equipping of certain economic development facilities consisting of an approximately 12,000 square foot expansion to an existing 18,900 square foot building, including machinery and equipment therein, on approximately 2.91 acres of land located at 4044 William Richardson Court, South Bend, Indiana 46628 (the 'Project "), and the City wishes to induce the Lessor and the Applicant to acquire, construct, install and equip the Project within the City; and WHEREAS, it appears that the creation and retention of opportunities for gainful employment and the creation of business opportunities to be achieved by the Project will serve a public purpose and will be of benefit to the health and general welfare of the City; and WHEREAS, the Project will be owned by the Lessor and leased to and operated by the Applicant for use as an economic development facility; and WHEREAS, it appears that the Project will not have adverse competitive effect on any similar facility already constructed or operating in the City; FURTHER RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Common Council finds, determines, ratifies and confirms that the creation and retention of opportunities for gainful employment and the creation of business opportunities to be achieved by the Project in the City South Bend, Indiana will be of benefit to the health and general REWLM 105940.1