Stating Council's intent to recognize an ordinance requesting appropriations for the expansion of airport industrial park

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CITY OF SOUTH BEND South Bend, Indiana 46601 Jerry J. Miller Mayor South Bend Common Council City of South Bend, Indiana October 3, 1974 Re: Phase IV Airport Industrial Park Dear Members of the Common Council: City and County officials presently want to move ahead with Phase IV of the Airport Industrial Park. However, they are confronted with a major problem in that bonding authority limita- tions provide that the County cannot construct streets, utilities, or sewers within the corporate limits of any municipality. The estimated total cost of providing such facilities in the Phase IV expansion is $500,000.. Therefore, before the construction of these facilities can be undertaken, City and County officials must face the problem of meeting this additional financing. Of the $500,000 total needed, it is hoped that the Air- port Industrial Development Foundation, Inc. could contribute $100,.000. Therefore, it will be necessary for the City to commit $400,000.to meet the total of $500,000 needed,($200,000 may be available through the Indiana Industrial Foundation at a rate of approximately 4% interest. Contact has been made with this agency and some interest in this project has been expressed by it.) Through meetings held with Attorney Richard McDonald, it has become apparent that the County is ready to proceed with this project. The procedure outlined has the County issuing bonds in the amount of $500,000, following which the County will apply to the Federal Government for matching funds for a total cost of the project which is $1,000,000. However, the County cannot apply for these matching federal funds until it receives a letter of intent from the City of South Bend for the required $400,000 as described above.