Authorizing the Memorandum between City of South Bend and Columbine Carriers, Inc.

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INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA RESOLUTION NO. 343-gi A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND COLUMBINE CARRIERS, INC. , A DELAWARE CORPORATION AUTHORIZED TO DO BUSINESS IN THE STATE OF INDIANA, PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA CODE 36-7-12-1, AS AMENDED The area still has insufficient employment opportunities and insufficient diversification of industries, which conditions are harmful to the economic stability and general welfare of the area, and if not remedied, will be detrimental to the development of such area. The City of South Bend, Indiana (the "City" ) is authorized under the provisions of Indiana Code 36-7-12-1, et. seq. , to acquire, construct and finance economic development projects for the users thereof and to provide for the issuance of revenue bonds in conjunc- tion therewith. The City, in order to implement the public purposes enumerated under the Act and in furtherance thereto to induce Columbine Carriers, Inc. , a Delaware corporation authorized to do business in the State of Indiana (the "Borrower" ) , to build and construct a maintenance and operational building as well as office buildings as a new structure on the Northeast corner of Cleveland and Mayflower Roads in the City of South Bend, Indiana, and to equip the same with the necessary equip- ment, hereinafter collectively called (the "Project") within the limits of the City of South Bend, has indicated its intent to issue its revenue bonds under and pursuant to the provisions of the Act and to apply the proceeds therefrom to the payment of the costs of the Project.