Inducement Resolution of City of South Bend Relating to Best Products Co. Inc.

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NO . 9149- INDUCEMENT RESOLUTION of THE CITY OF SOUTH BEND, INDIANA Relating to : BEST PRODUCTS CO . , INC. , PROJECT WHEREAS, the Counuon Council of the City of South Bend, Indiana (the "Issuer") is authorized by I . C . 36-7-12 (the "Act") to issue revenue bonds for the financing of economic development facilities , the funds from said financing to be used for the acquisition, construction and equipping of said facilities , and said facilities to be either sold or leased to a company or directly owned by a company; and WHEREAS , Best Products Co . , Inc . (the "Applicant") has advised the South Bend Economic Development Commission (the "Commission") and the Issuer that it proposes that the Issuer either acquire , construct and equip an economic development facility and sell or lease the same to the Applicant or loan proceeds of an economic development financing to the Applicant for the same , said economic development facility to be a 40 ,000 to 67 , 000 square foot catalog distribution center facility, including the real estate on which it is located and the machinery and equipment to be installed therein, to be located in or near South Bend, Indiana, on a site to be mutually agreed upon by the Issuer and the Applicant , though the exact location of the facilities has not yet been determined ("Project") ; and WHEREAS, the diversification of industry and increase in job opportunities (90 full-time and 170 part-time new jobs) to be achieved by the construction and equipping of the Project will be of public benefit to the health, safety and general welfare of the Issuer and its citizens ; and WHEREAS, having received the advice of the South Bend Economic Development Commission, it would appear that the financing of the