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RESOLUTION NO. LQW46-- <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> STANZ REALTY COMPANY, <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 of economic development facilities <br /> in the corporate limits of the City pursuant to the provisions <br /> of Indiana Code 36-7-12 (the "Act" ) ; and <br /> WHEREAS, Stanz Realty Company, an Indiana partnership <br /> ( "Stanz" ) doing business in the City, proposes to acquire <br /> economic development facilities in South Bend, Indiana as <br /> defined in the Act if the City will finance costs of such <br /> economic development facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Stanz for the issuance of <br /> City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of One Million Five Hundred Thou- <br /> sand and no/100 Dollars ($1, 500,000 . 00) with the terms of <br /> repayment to be determined by the market rates at the time the <br /> bonds are sold and the proceeds of the bonds will be used to <br />