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improvements to real estate located at 3300 Sample Street, in <br /> the City of South Bend, Indiana, for lease to industrial <br /> tenants resulting in an anticipated two hundred (200) new jobs <br /> by tenants with an anticipated annual payroll of approximately <br /> $3 , 000,000 . <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 Two Million and no/100 Dollars <br /> ($2, 000, 000 . 00) of its revenue bonds, which bonds will not be <br /> general obligations of the City but will be payable solely from <br /> the limited sources authorized and permitted 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 <br /> rehabilitation of the economic development facility in reliance <br /> upon 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 /> solely to the good faith efforts to consummate such proceedings <br /> and issue such Bonds, and the South Bend Economic Development <br /> -2- <br />