Inducement Resolution Relating to Mechanics Laundry & Supply, Inc. Project

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RESOLUTION NO. Q pat-g\ AN INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA : RELATING TO: MECHANICS LAUNDRY AND SUPPLY, INC. PROJECT. WHEREAS, the City of South Bend, Indiana, (the "Issuer"), is authorized by IC 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 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 , Mechanics Laundry & Supply, Inc . of Indiana, an Indiana Corporation, (the "Applicant") , has advised the South Bend Economic Development Commission, (the "Commission"), and the Issuer, that it proposes that the Issuer either acquire 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 consist of the acquisition and expansion of a 24,000 square foot industrial laundry facility which supplies all types of rental merchandise including the real estate on which it is located and the machinery and equipment to be installed therein, to be located at 835 South Prairie Street , South Bend, Indiana, on an approximate 2-acre tract of land ("Project") ; and, WHEREAS, the diversification of industry and increase in job opportunities, (23 new jobs) , to be achieved by the acquisition 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 Project would be of public benefit to the health, safety and general welfare of the Issuer and its citizens ; and, WHEREAS , the acquisition of the facility will not have an adverse competitive effect on any similar facility already constructed or operating in South Bend, Indiana;