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155 <br />REGULAR MEETING <br />MAY 30, 1989 <br />Security Agreement between Bangor Refrigeration Corporation, 3620 <br />W. McGill, South Bend, Indiana and the City of South BendLby its <br />Board of Public Works on behalf of its Economic Development <br />Department, have been submitted to the Board for approval. <br />Mr. Leszczynski explained that according to the Loan Agreement, <br />the total financing requirement of Bangor Refrigeration is <br />$1,162,000.00. He further explained that funding sources are as <br />follows: <br />- $100,000.00 Loan from the City <br />- $312,000.00 Loan from the Business Development Corporation <br />- $500,000.00 Loan from 1st Source Bank <br />- $150,000.00 Loan from the Industrial Revolving Fund <br />$100,000.00 Equity contribution by Bangor Refrigeration <br />Mr. Don Inks, Economic Development & Business Assistance, <br />Department of Economic Development, in response to questions from <br />the news media, advised that the Bangor Refrigeration project <br />entails the building of a new facility in the Airport Industrial <br />Park. Mr. Inks stated that the City applied for the state grant <br />for this project in the Fall of 1988. He noted that the City <br />does not have to pay the money back to state and also noted that <br />the $100,000.00 loan to Bangor is for a period of seven (7) <br />years. <br />It was noted that the City made application to the <br />Department of Commerce for a grant of $100,000.00 <br />of and conditioned upon the City lending that sum <br />Refrigeration. <br />It was further noted that upon receipt, the State <br />will be placed in the City's Economic Development <br />Fund and the money will be loaned directly to the <br />specified in the State Grant Agreement. The Loan <br />submitted today is necessary to complete the local <br />will be administered by the Department of Economic <br />Indiana <br />for the purpose <br />to Bangor <br />Grant money <br />State Grant <br />company as <br />Agreement <br />process and <br />Development. <br />Therefore, upon a motion made by Mrs. DeClercq, seconded by Ms. <br />Humphreys and carried, the Loan Agreement and Subordinated <br />Security Agreement as submitted were approved and executed. <br />APPROVE AGREEMENT - INDIANA MICHIGAN POWER (SIGNALIZATION AT <br />JACKSON & MIAMI STREETS) <br />Mr. Michael P. Meeks, Director, Division of Engineering, <br />submitted to the Board a Contract for Indiana Michigan Power to <br />provide power to the new traffic light at the intersection of <br />Miami and Jackson. Upon a motion made by Mr. Leszczynski, <br />seconded by Ms. Humphreys and carried, the Agreement as submitted <br />was approved and executed. <br />APPROVE AGREEMENT - SONITROL SECURITY ALARMS, INC. (MAPLE LANE <br />SCHOOL) <br />Mr. Michael P. Meeks, Director, Division of Engineering, <br />submitted to the Board a Service Agreement with Sonitrol Security <br />Alarms, Inc. which he advised is for maintaining the existing <br />alarm system at Maple Lane School. Mr. Leszczynski noted that <br />the City of South Bend has acquired Maple Lane School and the <br />Agreement submitted today transfers the security alarm system, <br />which is already in place, to the City. It was noted that the <br />Agreement is for monitoring the existing system and the cost of <br />such service shall be $94.10 per month. Mrs. DeClercq made a <br />motion that the Agreement be approved. Ms. Humphreys seconded <br />the motion which carried. <br />APPROVE WASTEWATER DISCHARGE PERMITS <br />Mr. Donald W. Stilz, Pretreatment Coordinator, Wastewater <br />Treatment Plant, recommended that the Board grant the following <br />