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cis q—t <br /> INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA <br /> RESOLUTION AUTHORIZING AND APPROVING AN INDUCEMENT RESOLUTION BETWEEN <br /> THE CITY OF SOUTH BEND, INDIANA, AND CURTIS PRODUCTS, INC. , AN <br /> INDIANA CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE <br /> STATE OF INDIANA, PROVIDING FOR THE ISSUANCE BY THE SAID CITY OF <br /> ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF <br /> INDIANA CODE 36-7-12-1, AS AMENDED <br /> WHEREAS, at the present time there are insufficient em- <br /> ployment opportunities and insufficient diversification of busi- <br /> ness, commerce and industry in and near the City of South Bend, <br /> Indiana (the "City") ; and <br /> WHEREAS, the economic welfare of the City would be <br /> benefited by the acquisition and construction of economic develop- <br /> ment facilities in St. Joseph County pursuant to the provisions <br /> of Indiana Code 36-7-12-1, as amended (the "Act") ; and <br /> WHEREAS, Curtis Products , Inc. , an Indiana corporation <br /> duly organized and existing under the laws of the State of Indiana <br /> ("Curtis Products" ) proposes to acquire real estate and construct <br /> economic development facilities in the City of South Bend, Indiana, <br /> as defined in the Act if the City will finance the costs of such <br /> economic development facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commission <br /> has received an application by Curtis Products, Inc. for the is- <br /> suance of City of South Bend Economic Development Bonds in an ap- <br /> proximate amount of not to exceed One Million Two Hundred Thousand <br /> ($1,200, 000 . 00) Dollars repayable over a period not to exceed <br /> twenty (20) years and on terms governed by existing market rates <br /> at the time such bonds are issued in order to acquire real estate <br /> • <br /> and construct a manufacturing facility to be used by the corpora- <br /> tion for the purposes of manufacturing automotive, agricultural <br /> and other products in such facility resulting in improving and <br /> promoting job opportunities and commercial diversification within <br /> and near South Bend, Indiana; and <br />