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RESOLUTION NO. / aQ?' 5 <br /> A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM <br /> OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND P. JAMES AND <br /> M. MARIA SCHEETZ PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS <br /> ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF <br /> INDIANA CODE, TITLE 36 , ARTICLE 7 , CHAPTER 12 , AS AMENDED. <br /> The area still has insufficient employment opportunities and <br /> insufficient diversification of industries , which conditions are harmful <br /> to the economic stability and general welfare of the area and, if not <br /> remedied, will be detrimental to the development of such area. <br /> The City of South Bend, Indiana (the "City") is authorized under <br /> the provisions of Indiana Code, Title 36 , Article 7 , Chapter 12 , as <br /> amended (the "Act") , to acquire, construct and finance economic develop- <br /> ment projects for the users thereof and to provide for the issuance of <br /> revenue bonds in conjunction therewith. <br /> The City, in order to implement the public purposes enumerated in <br /> the Act and in furtherance thereof to induce P. James and M. Maria <br /> Scheetz (the "Borrower") to purchase of land and construction and <br /> equipping of improvements thereon (hereinafter collectively called <br /> the "Project") within the limits of South Bend, Indiana, has indi- <br /> cated its intent to issue its revenue bonds under and pursuant to <br /> the provisions of the Act and to apply the proceeds therefrom to the <br /> payment of the costs of the Project. <br /> The Borrower, after considering a number of possible locations <br /> within and outside the State of Indiana, and in reliance upon the intent <br /> of the City to finance the Project through the issuance of revenue bonds <br /> under the provisions of the Act, has determined to construct and Project <br /> within the limits of South Bend, Indiana. <br /> It is now deemed advisable to authorize the execution and delivery <br /> by the City of a Memorandum of Intent expressing formally and in writing <br /> the understanding heretofore formally agreed upon by the City and the <br /> Borrower. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br /> of South Bend, Indiana as follows: <br /> SECTION 1 - The Mayor is hereby authorized and directed to execute <br /> a Memorandum of Intent by and between the City and the Borrower and the <br /> City Clerk is hereby authorized and directed to affix the seal of the <br /> City thereto and to attest the same; and said Mayor and City Clerk are <br />