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make improvements to real estate and acquire equipment at <br /> Stanz ' s warehouse distribution facility located at 1840 North <br /> Commerce Drive, in the City of South Bend, Indiana, resulting <br /> in ten ( 10) full-time new jobs added to Stanz ' s payroll with an <br /> increase in its annual payroll of approximately $250, 000 per <br /> year . <br /> NOW, THEREFORE, the Common Council of the City of <br /> South Bend, Indiana resolves as follows : <br /> 1 . The project constitutes economic development <br /> facilities which shall be financed by the City through the <br /> issuance of revenue bonds pursuant to the Act and the City is <br /> willing, upon compliance with all provisions of Indiana law, to <br /> authorize approximately One Million Five Hundred Thousand and <br /> no/100 Dollars ($1 , 500 ,000 . 00) of its revenue bonds, which <br /> bonds will not be general obligations of the City but will be <br /> payable solely from the limited sources authorized and per- <br /> mitted by the Act . <br /> 2 . The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes <br /> and provisions of the Act . <br /> 3 . The Company may proceed with acquisition and con- <br /> struction of the economic development facility in reliance upon <br /> this resolution. <br /> 4 . That the liability and obligation of the South <br /> Bend Economic Development Commission, the South Bend Common <br /> Council and the City of South Bend, Indiana, shall be limited <br /> -2- <br />