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RESOLUTION NO. jaQ,3- <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> RELATING TO AN APPLICATION BY <br /> 3300 SAMPLE STREET ASSOCIATES, <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, 3300 Sample Street Associates, an Indiana <br /> limited partnership ( "Company" ) , proposes to acquire and <br /> rehabilitate economic development facilities in South Bend, <br /> Indiana as defined in the Act if the City will finance costs of <br /> such economic development facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by Company for the issuance of <br /> City of South Bend Economic Development Revenue Bonds in the <br /> approximate principal amount of Two Million and no/100 Dol- <br /> lars ($2,000, 000 . 00) with the terms of repayment to be deter- <br /> mined by the market rates at the time the bonds are sold and <br /> the proceeds of the bonds will be used to acquire and make <br />