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RESOLUTION NO. 1` 38-8.‘ <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO APPLICATIONS BY <br /> SOUTH BEND ORTHOPEDIC ASSOCIATES, INC. , <br /> AND TRIPODS PARTNERSHIP <br /> FOR THE ISSUANCE OF <br /> CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS <br /> WHEREAS, at the present time there are insufficient <br /> employment opportunities and insufficient diversification of <br /> business, commerce and industry in and near the City of South <br /> Bend, Indiana (the "City") ; and <br /> WHEREAS, the economic welfare of the City is benefited <br /> by the construction of economic development facilities within <br /> the corporate limits of the City pursuant to the provisions of <br /> Indiana Code 36-7-12 (the "Act" ) ; and <br /> WHEREAS, South Bend Orthopedic Associates, Inc. , an <br /> Indiana corporation and/or Tripods Partnership, an Indiana <br /> partnership (hereinafter collectively referred to as "Appli- <br /> cant") are constructing economic development facilities (the <br /> "Project" ) in South Bend, Indiana as defined in the Act, and <br /> the City has financed costs of such economic development <br /> facilities pursuant to the Act through economic development <br /> revenue bonds issued in 1985; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Applicant for the issuance <br /> of City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of Seven Hundred Thousand and <br /> no/100 Dollars ($700, 000. 00) with the terms of repayment to be <br />