Inducement Resloution Relating to the Cole Associates Inc. Project II

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RESOLUTION NO 1 `403 -g AN INDUCEMENT RESOLUTION RELATING TO THE COLE ASSOCIATES INC. PROJECT II WHEREAS , pursuant to I.C . 18-6-4 . 5 , the- Common Council of the City of South Bend, Indiana, created the South Bend Economic Development Commission, which Commission, following an investigation and survey, has determined that a need exists in the community for additional job opportunities and commercial and industrial diversification. That in order to improve and promote job opportunities , commercial diversi- fication, and the general welfare of the community, a financing agreement should be entered into with Cole Associates Inc. , relating to a project to be known as the "Cole Associates Inc. Project II"; and WHEREAS , Cole Associates Inc. proposes to construct and equip an addition to, and remodel its existing office facility at 2211 East Jefferson Blvd. , South Bend, Indiana 46615 ; and, WHEREAS , to induce Cole Associates Inc . , to become the principal user of such Economic Development Facilities , the South Bend Common Council desires to adopt this resolution; and, WHEREAS , it is apparent that the development of the Cole Associates Inc. Project II will increase job opportunities and commercial diversification in St. Joseph County, Indiana, resulting in benefit to the welfare of the public in the City of South Bend and in St. Joseph County, Indiana. NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council as follows : SECTION 1 : That approval is hereby given to the applica- tion of Cole Associates Inc. relating to the construction and equipping of an addition to, and the remodeling of its existing office facilities , wherein Economic Development Revenue Bonds would be issued by the City of South Bend, Indiana, for an amount not exceeding $1 , 500 , 000 . 00 repayable with interest thereon over a period of time with a maturity date which does not exceed beyond thirty (30) years after the issue date. SECTION 2: In order to encourage, induce and solicit such application by Cole Associates Inc. for such Economic Development Revenue Bond issue relating to the construction, equipping and remodeling of such Economic Development Facili- ties , the South Bend Common Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents or the performance of such other acts as will