Authorizing the Execution & Delivery of Memorandum between City of South Bend and One Michiana Square for Application of Economic Development Revenue Bonds

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RESOLUTION NO. lnl_gI A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND ONE MICHIANA SQUARE, AN INDIANA LIMITED PARTNERSHIP, PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE, TITLE 36, ARTICLE 7, CHAPTER 12, AS AMENDED. The area still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the economic stability and general welfare of the area and, if not remedied, will be detrimental to the development of such area. The City of South Bend, Indiana (the "City" ) is authorized under the provisions of Indiana Code, Title 36, Article 7, Chapter , 12, as amended (the "Act" ) , to finance the acquisition, construc- tion and equipping of economic development facilities for the users thereof and to provide for the issuance of revenue bonds in conjunction therewith. The City, in order to implement the public purposes enumerated in the Act and in furtherance thereof to induce One Michiana Square, an Indiana limited partnership (the "Borrower" ) , to acquire land within the limits of the City and construct and equip an office building thereon (hereinafter collectively called the "Project" ) , had indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of a portion of the costs of the Project. The Borrower, in reliance upon the intent of the City to finance a portion of the Project through the issuance of revenue bonds under the provisions of the Act, has determined to proceed with the Project. It is now deemed advisable to authorize the execution and delivery by the City of a Memorandum of Intent expressing formally and in writing the understanding heretofore informally agreed upon by the City and the Borrower. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana as follows: Section 1 . The Mayor is hereby authorized and directed to execute a Memorandum of Intent by and between the City and the Borrower and the City Clerk is hereby authorized and directed to affix the seal of the City thereto and to attest the same; and said Mayor and City Clerk are hereby authorized and directed to cause said Memorandum of Intent to be delivered to, accepted, and approved and incorporated by reference and made a part of this authorizing resolution, to be in substantially the form attached hereto. Section 2 . All resolutions and order, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed and this resolution shall be in immediate effect from and after its adoption. This inducement resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Er S OFF '"FICE�1� C��,e� k PRESENTED 3 - ( a - a4 � ' " ' " ' AU iL H18 'e •er of the Air o Council NOT APPROVED ADOPTED 3- I a- 8`I Irene Gammon CITY CLERK,SOUTH BEND,IND.