Application by South Bend Residence Associates for the Issuance of Revenue Bonds

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RESOLUTION NO. t 3(0(0'bj INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY SOUTH BEND RESIDENCE ASSOCIATES FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS, AND MAKING CERTAIN FINDINGS AND RECOMMENDATIONS REGARDING THE DECLARATION OF AN ECONOMIC DEVELOPMENT TARGET AREA OUTSIDE THE CITY LIMITS, COMMONLY KNOWN AS 52694 U.S. 31-33 NORTH WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City") ; and WHEREAS, the economic welfare of the City could be benefited by the acquisition and construction of economic development facilities outside the corporate limits of the City pursuant to the provisions of Indiana Code 36-7-12 (the "Act") ; and WHEREAS, South Bend Residence Associates ("Associ- ates") proposes to acquire and construct economic development facilities near South Bend, Indiana, as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commis- sion has received an application by Associates for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of Five Million and no/100 Dollars ($5, 000, 000. 00) with the terms of repayment to be determined by the market rates at the time the bonds are sold, and the pro- ceeds of the bonds will be used to acquire real estate and make