Inducement Resolution Relating to Teachers Credit Union Project

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RESOLUTION NO.u$j -84 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to : Teacher 's Credit Union Project WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business , commerce and industry in and near the City of South Bend, Indiana (the "City") ; and WHEREAS, the economic welfare of the City would be benefited by the acquisition of economic development facilities in the corporate limits of the City pursuant to the provisions of Indiana Code 18-6-4 .5 (the "Act") ; and WHEREAS, Teacher 's Credit Union of South Bend, Indiana proposes to acquire and construct economic development facili- ties in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pur- suant to the Act; and WHEREAS, the South Bend Economic Development Commis- sion has received an application by Teacher 's Credit Union for the issuance of City of South Bend Economic Development Revenue Bonds in the approximate principal amount of Seven Million Nine Hundred Thousand and no/100 Dollars ($7,900,000 .00) with the terms of repayment to be determined by the market rates at the time the bonds are sold and the proceeds of the bonds will be used to acquire real estate and construct an approximate 70,000 square foot office building at the southeast corner of Main and