Appropriating $150,000 Econocmic Development State Grant

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ti BILL NO. ORDINANCE NO. 520-71/-90 AN ORDINANCE APPROPRIATING $150,000 FROM THE ECONOMIC DEVELOPMENT STATE GRANT FUND TO BE ADMINISTERED BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE CITY OF SOUTH BEND, INDIANA STATEMENT OF PURPOSE AND INTENT: The City of South Bend has been awarded an Investment Incentive Program Grant in the amount of $150,000.00 from the Indiana Department of Commerce for the purpose of assisting Miles Laboratory, Inc. in relocating its dental unit from St. Louis to South Bend. Financial assistance in the form of a loan from the City of South Bend and a $150,000 grant from the Business Development Corporation of South Bend, Mishawaka, and St. Joseph County will be made for the purchase of equipment and renovation costs of the purchased facility. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I The sum of $150,000 is hereby appropriated from the Economic Development State Grant Fund. This appropriation shall be used in accordance with the stipulations set forth in the Grant Agreement executed between the Indiana Department of Commerce and the City of South Bend for the purpose stated above. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below. Account No. Description Amount 210 Economic Development State $150,000 Grants Program SECTION II No costs will be incurred or funds expended for any activities in this ordinance prior to an official release of funds received from the Indiana Department of Commerce as may be required. SECTION III. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. of the . - Coun■,' Filed in Clerk's Office 1st READING o2—/a -go