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RESOLUTION NO. I '43/-n <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> P.A. I . PROPERTIES, AN INDIANA PARTNERSHIP PROJECT <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 would be <br /> benefited by the acquisition and construction of economic <br /> development facilities in the corporate limits of the City pur- <br /> suant to the provisions of Indiana Code 36-7-12 (the "Act) ; and <br /> WHEREAS, P.A. I . Properties, an Indiana partnership <br /> ("Company") , proposes to acquire and construct economic <br /> development facilities in South Bend, Indiana as defined in the <br /> Act if the City will finance costs of such economic development <br /> facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by the Company for the issu- <br /> ance of City of South Bend Economic Development Bonds in the <br /> approximate principal amount of Nine Hundred Fifty Thousand and <br /> no/100 Dollars ($950, 000 . 00) repayable upon terms governed by <br /> existing market rates at the time such bonds are issued; and <br /> WHEREAS, the proceeds of the Bonds will be used by the <br /> Company to acquire, construct, and equip a manufacturing and <br /> office facility for use by North American Signs, Inc. to be <br />