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RESOLUTION NO. joSO-8'3 <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Relating to: Martin 's Realty Co. , an Indiana 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 economic 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, Martin's Realty Co. , an Indiana partnership <br /> ( "Martin's Realty") proposes to acquire economic development facili- <br /> ties in South Bend, Indiana as defined in the Act if the City will <br /> finance costs of such economic development facilities pursuant to <br /> the Act ; and <br /> WHEREAS, the South Bend Economic Development Commission has <br /> received an application by Martin's Realty for the issuance of City <br /> of South Bend Economic Development Bonds in the approximate princi- <br /> pal amount of One Million Two Hundred Thousand and no/100 Dollars <br /> ($1, 200,000 . 00) with the terms of repayment to be determined by the <br /> market rates at the time the bonds are sold and the proceeds of the <br /> bonds will be used to make certain improvements to real estate for <br /> the Martin 's Realty shopping center located at the southwest corner <br /> of Elwood and Portage Avenues, South Bend, Indiana, resulting in the <br /> addition of approximately 30 new jobs by the principal users with an <br /> increase in their annual payrolls of approximately Three Hundred <br /> Thousand and no/100 Dollars ($300 ,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 approxinately One <br /> Million Two Hundred Thousand and no/100 Dollars ($1,200,000.00) of <br />