Inducement Resolution of City of South Bend, Central Associates, LTD. Limited Partnership Project

Home Browse Search

RESOLUTION NO. /0300 - c INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA CENTRAL ASSOCIATES, LTD. , AN INDIANA LIMITED PARTNERSHIP PROJECT WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City" ) ; and WHEREAS, the economic welfare of the City would be benefited by the acquisition, construction and remodeling of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; and WHEREAS, Central Associates, Ltd. , an Indiana limited partnership ( "Company" ) , proposes to acquire, construct and remodel economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commis- sion has received an application by the Company for the issu- ance of City of South Bend Economic Development Bonds in the approximate principal amount of Eight Million and no/100 Dol- lars ($8, 000 , 000 . 00) with the terms of repayment to be deter- mined by market conditions at the time the bonds are sold; and WHEREAS, the proceeds of the Bonds will be used by the Company to acquire, construct and remodel facilities for use as