Inducement Resolution Relating to Issuance of Economic Development Revenue Bonds to Maple Lane Associates, Phase VIII

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RESOLUTION NO. 89 INDUCEMENT RESOLUTION OF THE SOUTH BEND COMMON COUNCIL RELATING TO THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO MAPLE LANE ASSOCIATES , PHASE VIII WHEREAS, the City of South Bend , Indiana still has insufficient employment opportunities, insufficient tax base and insufficient diversification of economic development facilities, which conditions are harmful to the health, prosperity, economic stability and general welfare of the area and , if not remedied, will be detrimental to the development of such area and its environs; and WHEREAS, Maple Lane Associates, Phase VIII , an Indiana limited partnership (the "Borrower") has filed an application with the South Bend Economic Development Commission ( "Commission") to finance the acquisition and improvement of real estate located in South Bend, Indiana, to constitute economic development facilities (the "Project") resulting in the creation of a substantial number of new jobs , as well as other benefits; and WHEREAS , Commission has prepared and placed on file a report as specified in Indiana Code 36-7-12-23 and has forwarded copies to the Chairman of the St. Joseph County Area Plan Commission where the. economic development facilities are proposed to be located; and WHEREAS, the South Bend Economic Development Commission has determined by a resolution that the Project will be of benefit to the health and welfare of the City and that the Project complies with the Act; and WHEREAS, to induce the Borrower to acquire and improve the Project, the City desires to adopt this Resolution; and WHEREAS , it is apparent that the development of the Project will provide needed decent, safe and sanitary housing for persons in the City, maintain existing levels of employment, assist in reliev- ing conditions of unemployment in construction and related industries and encourage the increase of commerce in the State of Indiana, all of which are in the public interest of the City; and WHEREAS, the financing of the proposed Project through the issuance of the hereafter-described Bonds of the City complies with •