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RESOLUTION NO. R7G-S <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> ALLIED PRODUCTS CORPORATION <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 would be <br /> benefited by the acquisition and rehabilitation of economic <br /> development facilities within the corporate limits of the City <br /> pursuant to the provisions of Indiana Code 36-7-12 (the "Act") ; <br /> and <br /> WHEREAS, Allied Products Corporation ("Applicant") <br /> proposes to lease economic development facilities in South <br /> Bend, Indiana as defined in the Act if the City will finance <br /> costs of such economic development facilities pursuant to the <br /> Act; 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 One Million Dollars <br /> ($1,000, 000. 00) with the terms of repayment to be determined by <br /> the market rates at the time the bonds are sold and the pro- <br /> ceeds of the bonds will be used to acquire and make improve- <br /> ments to real estate to be used as a warehousing and <br />