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

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a congregate living facility for the elderly located in the Central High School Building at 317 W. Washington Street, South Bend, Indiana, which facility shall result initially in approx- imately thirty (30) new jobs with an annual payroll of approxi- mately Three Hundred Thousand Dollars ($300,000 . 00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately Eight Million and no/100 Dollars ($8, 000 , 000 . 00) of its revenue bonds, which Bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act . 2 . The proposed financing will be of benefit to the economic welfare of the City, will comply with the purposes and provisions of the Act, and the proposed facility shall not have an adverse competitive effect on other similar facilities in the City. 3 . The Company may proceed with acquisition, con- struction and remodeling of the economic development facilities in reliance upon this resolution. 4 . That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited -2-