Inducement Resolution of Common Council Relating to GEM Partnership

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RESOLUTION NO. /303'83 AN INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND RELATING TO: GEM Partnership The South Bend Economic Development Commission has investigated, studied, surveyed and reported to the Mayor and the Common Council of the City of South Bend, Indiana, that a need exists in the community for additional job opportunities and industrial diversification within and near South Bend, Indiana and that to improve and promote job opportunities and commercial diversification within and near South Bend, Indiana certain contractual agreements regarding financing should be executed with GEM Partnership an Indiana partnership (the "Applicant" ) , relating to the acquisition and improvement of property located at 2920 W. Sample Street. The Applicant desires to acquire and rehabilitate certain economic development facilities to be based and located in South Bend, Indiana (the "Project" ) . To induce Applicant to proceed with such project, the Common Council of the City of South Bend desires to adopt this resolution. It is apparent that the project will increase job opportunities and industrial diversification in and near South Bend, Indiana, resulting in a benefit to the welfare of the public in South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council of the City of South Bend approves the application of GEM Partnership to acquire economic development facilities to be located in South Bend, Indiana, under an arrangement whereby a portion of the costs of such acquisition and rehabilitation of the Project would be paid from the proceeds of Industrial Development Revenue Bonds issued by the City of South Bend, Indiana in an aggregate principal amount of approximately One Million and no/100 Dollars ($1,000,000. 00 ) , repayable at market rates. SECTION II. In order to encourage, induce and solicit such application by Applicant for such Industrial Development Bonds relating to the acquisition of said Economic Development facilities, the South Bend Economic Development Commission, and the Common Council of the City of South Bend shall proceed to cooperate with and take such action as may be necessary in drafting documents or the performance of such other acts as will facilitate the issuance of such Industrial Development Revenue Bonds by the City of South Bend, Indiana, to provide funds to be used toward the payment of costs for the acquisition and rehabilitation of said economic development facilities. SECTION III. All costs or expenses incurred in connection with this project may be included in the project costs and reimbursed from the proceeds of the Industrial Development Revenue Bonds to be issued with respect thereto. SECTION IV. The Applicant may proceed with the acquisition constituting the economic development facility in reliance upon this resolution. SECTION V. The liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such Bonds, and the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, their officers or agents, shall not incur any liability if for any reason the proposed issuance of such Bonds is not consummated.