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NO. 4 klast` <br /> INDUCEMENT RESOLUTION <br /> OF <br /> THE CITY OF SOUTH BEND, INDIANA <br /> Regarding the Issuance of Economic Development Bonds for the <br /> Construction of a Holiday Inn Motel <br /> WHEREAS, at the present time there are insufficient <br /> employment opportunities and insufficient diversification <br /> of business, commerce and industry in and near the City <br /> of South Bend, Indiana (the "City" ) ; and <br /> WHEREAS, the economic welfare of the City would be <br /> benefited by the acquisition of economic development facilities <br /> in the City pursuant to the provisions of Indiana Code 18-6-4 . 5 <br /> (the "Act" ) ; and <br /> WHEREAS, Brick Road Associates proposes to acquire economic <br /> development facilities to be located in the City as defined in <br /> the Act if the City will finance costs of such economic development <br /> facilities pursuant to the Act; and <br /> WHEREAS, the South Bend Economic Development Commission <br /> has received notice of an application by Brick Road Associates <br /> for the issuance of City of South Bend Economic Development <br /> Bonds in an amount not to exceed Ten Million ($10, 000, 000. 00) <br /> Dollars repayable over a designated period with interest thereon <br /> at a rate consistent with interest rates generally paid on tax- <br /> exempt bonds at the time the bonds are issued in order to <br /> construct a Holiday Inn, resulting in the creation of approximately <br /> one hundred fifteen (115) additional employees with an annual <br /> payroll of approximately Six Hundred Fifty Thousand ($650, 000. 00) <br /> Dollars per year. <br /> NOW, THEREFORE, the Common Council of the City of South <br /> Bend, Indiana, resolves as follows: <br />