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construct an approximate 84 ,800 square foot office building and <br /> steel warehouse facility to be located at the northeast corner of <br /> the U.S. 31/33 Bypass and the Indiana Toll Road, South Bend, <br /> Indiana, resulting in the addition of approximately 10-12 new jobs <br /> by the Company with an increase in their annual payrolls of <br /> approximately Two Hundred Fifty Thousand and no/100 Dollars <br /> ($250 ,000 .00) . <br /> NOW, THEREFORE, the Common Council of the City of South <br /> Bend, Indiana resolves as follows: <br /> 1 . The project constitutes economic development <br /> facilities which shall be financed by the City through the <br /> issuance of revenue bonds pursuant to the Act and the City is <br /> willing, upon compliance with all provisions of Indiana law, to <br /> authorize approximately Two Million Eight Hundred Thousand and <br /> no/100 Dollars ($2,800, 000 . 00) of its revenue bonds, which bonds <br /> will not be general obligations of the City but will be payable <br /> solely from the limited sources authorized and permitted by the <br /> Act. <br /> 2. The proposed financing will be of benefit to the <br /> economic welfare of the City and will comply with the purposes and <br /> provisions of the Act. <br /> 3 . The Company may proceed with acquisition and <br /> construction of the economic development facilities in reliance <br /> upon this resolution. <br /> -2- <br />