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

Home Browse Search

35,600 square foot addition to the Company 's professional building, located at 330 East Jefferson Boulevard, South Bend, Indiana, resulting in the addition of approximately 50 new full time jobs by the Company with an increase in their annual payroll of approximately One Million and no/100 Dollars ($1,000,000 .00) . NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as follows : 1 . The project constitutes economic development facilities which shall be financed by the City through the issuance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize approximately Three Million Five Hundred Thousand and no/100 Dollars ($3, 500 , 000 . 00) of its revenue bonds, which bonds will not be general obligations of the City but will be payable solely from the limited sources authorized and permitted by the Act. 2. The proposed financing will be of benefit to the economic welfare of the City and will comply with the purposes and provisions of the Act. 3 . The Company may proceed with acquisition and construction of the economic development facilities in reliance upon this resolution. 4 . That the liability and obligation of the South Bend Economic Development Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the -2-