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

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Lot numbered One (1) in Paxson Park, a recorded plat in Clay Township, St. Joseph County, Indiana, and the western half (1/2) of Lot numbered Thirty-seven (37) in Paxson Park, Clay Township, St. Joseph County, Indiana. 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, including consent of the St. Joseph County Council, to authorize approximately Five Million and no/100 Dollars ($5, 000, 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 and will comply with the purposes and provisions of the Act. 3. Pursuant to the requirements of I.C. 36-7-11.9-3, the Common Council hereby finds that the proposed facility to be located at 52694 U.S. 31-33 North will not have an adverse competitive impact on other facilities of the same kind already operating in the same market area and will contribute signifi- cantly to the creation of permanent new job opportunities. 4. Associates may proceed with acquisition and construction of the economic development facility in reliance upon this resolution. -3-