9440-03 Appropriating the proceeds derived fromt he Robert Bosch Braking Corporation - $1,500,000 within the State grants fund (Fund 210) - purpose of the rehabiltation of retention project

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ORDINANCE NO. l ~ ~ ~ ~ ~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS DERIVED FROM THE ROBERT BOSCH BRAKING CORPORATION IN THE AMOUNT OF $1,500,000 WITHIN THE STATE GRANTS FUND (FUND 210) FOR THE PURPOSE OF FINANCING THE COSTS OF REHABILITATION OF PROPERTY CONNECTED WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT Statement of Purpose and Intent: The City of South Bend, Indiana, has previously agreed to offer certain assistance to the Robert Bosch Corporation in order to induce Bosch to retain and expand its facility in the City. Accordingly, the City and Bosch have agreed to undertake certain activities in connection with the acquisition, demolition, construction, rehabilitation, and environmental remediation of certain property which Bosch formerly leased from Honeywell (formerly known as Allied Signal), including infrastructure and other site improvements (the "Project"). In order to assure the efficient and timely utilization of the grant from St. Joseph County, Indiana certain appropriations from State Grants Fund #210 are necessary. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The sum of $1,500,000 from proceeds derived from the Robert Bosch Braking Corporation is hereby appropriated within Fund 210 for the acquisition, demolition, construction, rehabilitation and environmental remediation of the Bosch Project real estate. Section II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. ~~~ ember of the Common Cou cil 1st READING ~~'l~'~-3 PUBLIC HEARING ~-L~-O~ 3 rd READING '~_Z,~'_ a3 NOT APPROVED REFERRED PASSED ? ~-~ - t~ ~f(~C~ ~!~ ~$~'Ye~~ ~~~lC~ .~ t~~ ~. ~ ~ 2~0~ LOfi~TfA~, ~~R~D,i, 3. CITY CQ•~RY~,