Transferring $627,312 Various Accounts Department of Economic Development

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BILL NO. ORDINANCE NO. S075"(710 AN ORDINANCE TRANSFERRING $627,312 AMONG VARIOUS ACCOUNTS WITHIN THE DEPARTMENT OF ECONOMIC DEVELOPMENT STATEMENT OF PURPOSE AND INTENT: In order to assure the efficient and timely utilization of Community Development Block Grant Funds and that the immediate needs of specific activities are met, transfers among accounts 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 $627,312 is hereby transferred among accounts as set forth below. Reduce the following accounts: Project No. Description Amount CD87-603 NBDC Loan 30,776 CD88-610 Studebaker Corridor 1,739 CD88-605 West Washington/Chapin Business Assistance 80,082 CD88-203 NCE Clean-up 619 CD88-202 Demolition 3,601 CD89-606 Economic Development Capital Fund 95,000 CD89-203 Demolition 3,130 CD89-106.4 Monroe Park Housing 374 CD89-106.2 NHS Acq./Rehab 5,308 CD89-1100 CD Administration 83,810 0090 Program Income 319,352 CD89 Contingency 3,521 TOTAL $627,312 Increase the following accounts: Project No. Description Amount CD90-301 Hansel Center Day Care Rehab 15,000 CD90-606 Chapin Commercial Development 90,000 CD90-107 Women's Crisis Shelter Acquisition 50,000 CD90-1100 CD Administration 7,000 CD90-101 BOH Administration 50,000 CD90-108 Housing Development Fund 250,000 CD89 Program Income 165,312 TOTAL $627,312 SECTION II. No costs will be incurred or funds expended for any of the activities in this ordinance prior to an official release of funds received from the United States Department of Housing and Urban Development 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.