Inducement Resolution Relating to Crowe, Chizek and Company Project (2)

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RESOLUTION NO. 1131 -8y INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to Crowe, Chizek and Company 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 36-7-12 (the "Act") ; and WHEREAS, Crowe, Chizek and Company, an Indiana accounting partnership, (the "Company" ) proposes to acquire economic development facilities in South Bend, Indiana as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application from the Company for the issuance of City of South Bend Economic Development Bonds in the approximate principal amount of Three Million Five Hundred Thousand and no/100 Dollars ($3 , 500 , 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 construct an approximate