Inducement Resolution Relating to Application by Tripods Partnership for Economic Development Revenue Bonds

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RESOLUTION NO. L3nh .$- INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY TRIPODS PARTNERSHIP, AN INDIANA PARTNERSHIP, FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS WHEREAS, at the present time there are insufficient em- ployment 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 would be bene- fited by the acquisition of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; and WHEREAS, Tripods Partnership, an Indiana partnership ("Partnership" ) doing business in the City, proposes to construct and equip economic development facilities in 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 Commission has received an application by the Partnership for the issuance of City of South Bend Economic Development Revenue Bonds in the approx- imate principal amount of Seven Hundred Thousand and no/100 Dollars ($700, 000. 00) with the terms of repayment to be determined by the market rates at the time the bonds are sold, and the proceeds of the bonds will be used to construct and equip a new medical office facility located at 328 North Michigan Street, in the City of South Bend, Indiana, resulting in three (3) new jobs with an annual pay- roll of approximately $60, 000. 00.