Inductment Resolution of City of South Bend P.A.I. Properties

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located at 1200 South Lafayette Street, South Bend, Indiana, which facility shall result in the addition of approximately thirty (30) new jobs to the payroll of the principal user within two (2) years after the completion of the project and shall increase such payroll of such principal user by approxi- mately Five Hundred Seventy-five Thousand Dollars ($575, 000 . 00) per annum. NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1. The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately Nine Hundred Fifty Thousand and no/100 Dollars ($950,000. 00) of its revenue bonds, which Bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3. The Company may proceed with acquisition and con- struction of the economic development facilities in reliance upon this resolution. -2-