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RESOLUTION NO. (aq 5--J ,"S <br /> INDUCEMENT RESOLUTION RELATING TO THE ISSUANCE OF <br /> MULTI-FAMILY HOUSING REVENUE BONDS AND <br /> ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE BENEFIT OF <br /> NORTH CENTRAL INDIANA MEDICAL EDUCATION FOUNDATION <br /> RECITALS: <br /> The City of South Bend, Indiana still has insufficient <br /> employment opportunities, insufficient tax base and insufficient <br /> diversification of economic development facilities, which <br /> conditions are harmful to the health, prosperity, economic <br /> stability and general welfare of the area and, if not remedied, <br /> will be detrimental to the development of such area and its <br /> environs. <br /> North Central Indiana Medical Education Foundation, an <br /> Indiana not-for-profit corporation (the "Borrower" ) , has filed an <br /> application with the South Bend Economic Development Commission <br /> ( "Commission") to finance the improvement of real estate located <br /> in St. Joseph County, Indiana, to constitute economic development <br /> facilities ( the "Project" ) resulting in the creation of a <br /> substantial number of new jobs, as well as other kienefits. <br /> The Borrower has further advised the City and the Commission <br /> that a determination by the City to issue its revenue bonds under <br /> the Act to finance the Project will constitute a substantial <br /> inducement to the Borrower to proceed with the Project. To <br /> induce the Borrower to acquire and improve the Project, the City <br /> desires to adopt this Resolution. <br /> It is apparent that the development of the Project will <br /> provide nursing home beds and needed decent, safe and sanitary <br />