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Having received the advice of the South Bend Economic <br /> Development Commission, it would appear that the financing of <br /> the Project would be of public benefit to the health, safety <br /> and general welfare of the Issuer and its citizens ; and, <br /> It is preliminarily found that the construction of the <br /> addition to an existing building will not have an adverse <br /> competitive effect on any similar facility already constructed <br /> or operating in South Bend, Indiana. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of <br /> the City of South Bend, as follows : <br /> 1 . The Common Council of the City of South <br /> Bend finds , determines , ratifies and confirms that <br /> the promotion of diversification of economic <br /> development and job opportunities in and near <br /> South Bend, Indiana, is desirable to preserve the <br /> health, safety and general welfare of the citizens <br /> of the Issuer, and that it is in the public interest <br /> that the Commission and the Issuer take such action <br /> as they lawfully may to encourage economic development, <br /> diversification of industry and promotion of job <br /> opportunities in and near the Issuer. <br /> 2 . The Common Council of the City of South Bend <br /> approves , determines , ratifies and confirms that the <br /> issuance and sale of economic development revenue <br /> bonds in an amount of approximately $1 ,350,000 of the <br /> Issuer under the Act for the acquisition, construction <br /> and equipping of the Project and the sale or leasing <br /> of the project to the Applicant or the loan of the <br /> proceeds of the revenue bonds to the Applicant will <br /> serve the public purposes referred to above, in <br /> accordance with the Act . <br /> 3 . In order to induce the Applicant to proceed <br /> with the construction and equipping of the Project, <br /> the Common Council of the City of South Bend hereby <br /> - 2 - <br />