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BILL NO. <br /> ORDINANCE NO. AD/-39 <br /> AN ORDINANCE APPROPRIATING $100,500.00 <br /> FROM THE ECONOMIC DEVELOPMENT STATE GRANT FUND <br /> TO BE ADMINISTERED BY THE DEPARTMENT OF <br /> ECONOMIC DEVELOPMENT OF THE CITY OF <br /> SOUTH BEND, INDIANA <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City of South Bend has been awarded a State Grant <br /> totalling $100,500.00 from the Indiana Department of Commerce to <br /> facilitate the purchase of Machinery and Equipment for the Bangor <br /> Refrigeration Corporation project. This project represents over <br /> $1. 1 million of new investment and the creation of 30 new jobs in <br /> the first year of operation with an additional 10 jobs in the <br /> second year of operation. The receipt of the grant money is <br /> conditioned upon the full sum of the grant being used by the City <br /> to facilitate the operation of the new manufacturing facility as <br /> specified in the Grant Agreements. In order to comply with the <br /> aforementioned Grant Agreements which have been executed between <br /> the State and the City, it is necessary to appropriate $100,500 <br /> from the Economic Development State Grant Fund for this purpose. <br /> The Grant Agreement requires that an audit be conducted upon the <br /> completion of this project and $500. has been allocated per the <br /> State Grant Agreement for that purpose. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br /> City of South Bend, Indiana, as follows: <br /> SECTION I. The sum of $100,500 is hereby appropriated from <br /> the Economic Development State Grant Fund. This appropriation <br /> shall be used in accordance with the stipulations set forth in the <br /> Grant Agreements executed between the Indiana Department of <br /> Commerce and the City of South Bend for the purpose stated above. <br /> This appropriation shall be administered by the Department of <br /> Economic Development and will be distributed as set forth below: <br /> Account No. Description Amount <br /> 399. 0 Other Contractuals $100,500 <br /> SECTION II. No costs will be incurred or funds expended for <br /> any activities in this ordinance prior to an official release of <br /> funds received from the Indiana Department of Commerce as may be <br /> required. <br /> SECTION III. This ordinance shall be in full force and effect <br /> from and after its passage by the Common Council and approved by <br /> the Mayor. <br /> Ale <br /> e.. .f the Comm j tuncil <br />