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RESOLUTION NO. 10(1 ?-33 <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Relating to: St. Joseph Station, II, <br /> an Indiana limited partnership Project <br /> WHEREAS, at the present time there are insufficient employ- <br /> ment opportunities and insufficient diversification of business, <br /> commerce and industry in and near the City of South Bend, Indiana <br /> (the "City") ; and <br /> WHEREAS, the ecomomic welfare of the City would be bene- <br /> fited by the acquisition of economic development facilities in the <br /> corporate limits of the City pursuant to the provisions of Indiana <br /> Code 18-6-4. 5 (the "Act") ; and <br /> WHEREAS, St. Joseph Station, II, an Indiana limited part- <br /> nership ("St. Joseph Station") proposes to acquire economic develop- <br /> ment facilities in South Bend, Indiana as defined in the Act if the <br /> City will finance costs of such economic development facilities pur- <br /> suant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commission has <br /> received an application by St. Joseph Station for the issuance of <br /> City of South Bend Economic Development Bonds in the approximate <br /> principal amount of Four Million Five Hundred Thousand and no/100 <br /> Dollars ($4,500 ,000 .00) with the terms of repayment to be determined <br /> by the market rates at the time the bonds are sold and the proceeds <br /> of the bonds will be used to make certain improvements to real es- <br /> tate at 300 North Michigan Street, South Bend, Indiana, for use as <br /> an office building with limited retail space resulting in approxi- <br /> mately 100 new jobs by the tenants of the facility with an annual <br /> payroll of approximately Nine Hundred Thousand and no/100 Dollars <br /> ($900 ,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 facilities <br /> which shall be financed by the City through the issuance of revenue <br /> bonds pursuant to the Act and the City is willing, upon compliance <br /> with all provisions of Indiana law, to authorize approximately Four <br />