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RESOLUTION NO. laq , <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> MILL RACE, <br /> AN INDIANA LIMITED PARTNERSHIP PROJECT <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 and construction of economic <br /> development facilities in the corporate limits of the City <br /> pursuant to the provisions of Indiana Code 36-7-12 (the "Act" ) ; <br /> and <br /> WHEREAS, Mill Race, an Indiana limited partnership <br /> ( "Company" ) , proposes to acquire and construct economic devel- <br /> opment facilities in South Bend, Indiana as defined in the Act <br /> if the City will finance costs of such economic development <br /> facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion has received an application by the Company for the issu- <br /> ance of City of South Bend Economic Development Bonds in the <br /> approximate principal amount of not to exceed Twenty Million <br /> and no/100 Dollars ($20 , 000 , 000 . 00) with the terms of repayment <br /> to be determined by market conditions at the time the bonds are <br /> sold; and <br />