Inducement Resolution Relating to: John P. Carrico and Sonya K. Carrico Project

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RESOLUTION NO.40 -$( INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA Relating to: John P. Carrico and Sonya K. Carrico Project WHEREAS, at the present time there are insufficient em- ployment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition and construction of economic develop- ment facilities in St. Joseph County pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and WHEREAS, John P. Carrico and Sonya K. Carrico, husband and wife, Indiana residents, ( "Carrico ") propose to acquire real estate and construct economic development facilities in the City of South Bend as defined in the Act if the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by Carrico for the issuance of City of South Bend Economic Development Bonds in an approximate amount of Five Hundred Thousand Dollars ($500,000.00) repayable over a period not more than fifteen (15) years- r and on terms governed by existing market rates at the time such bonds are issued in order to acquire real estate and construct a commercial building to be leased to QSI, Inc., an Indiana corporation, for the purpose of the corporation conducting its commercial printing operation in the facility resulting in improving and promoting job opportunities and commercial diversification within and near South Bend, Indiana. NOW, THEREFORE, the Common Council of the City of South ;Bend, Indiana resolves as follows: 1. The project constitutes economic development fa 1cilities which shall be financed by the City through the issu- ance of revenue bonds pursuant to the Act and the City is willing, upon compliance with all provisions of Indiana law, to authorize I ` i1approximately Five Hundred Thousand Dollars ($500,000.00) of its.