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housing for persons in the area, maintain existing levels of <br /> employment, assist in relieving conditions of unemployment in <br /> construction and related industries and encourage the increase of <br /> commerce in the State of Indiana, all of which are in the public <br /> interest of the City. <br /> Subject to all required approvals under the Act, the City <br /> intends to use its best efforts to cooperate with the Borrower by <br /> issuing the City' s revenue bonds to finance the Project. The <br /> financing of the proposed Project through the issuance of the <br /> hereafter-described Bonds of the City complies with the <br /> requirements of the Act and will provide for and promote the <br /> public health, safety, morals and welfare of the inhabitants in <br /> and near the City. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br /> City of South Bend, Indiana, as follows: <br /> Section 1 . That approval is hereby given to the application <br /> of the Borrower relating to the acquisition, construction and <br /> improvement of such real estate including the following: <br /> a. Approximately 400 multi-family residential units at <br /> a cost in excess of $15 , 000, 000 . 00 ; <br /> b. Approximately 150 congregate care residential units <br /> at a cost in excess of $5 , 000 , 000. 00; and <br /> c. Approximately 400 bed nursing care facility at a <br /> cost in excess of $10 ,000 ,000. 00. <br /> Section 2. That the City intends to issue its Multi-Family <br /> Housing and Economic Development Revenue Bonds (the "Bonds") in <br /> -2- <br />