Appropriating $321,000 Redevelopment State Grabt Program Fund

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c + ORDINANCE NO. 770 - 7 AN ORDINANCE APPROPRIATING $321,000.00 FROM THE REDEVELOPMENT STATE GRANT PROGRAM 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 a State grant and loan totalling $321,000.00 from the Indiana Department of Commerce to facilitate public improvements in the Rum Village Industrial Park. These improvements will spur private expansion representing over $4.7 million of new investment and over 60 jobs created or retained in the local community. In order to comply with the Grant and Loan Agreements, it is necessary to appropriate $321,000.00 from the Redevelopment State Grant Program Fund for this purpose in anticipation of the receipt of these funds from the Indiana Department of Commerce. NOW, THEREFORE, BE IT ORDAINED by the Common Council of South Bend, Indiana, as follows: SECTION I. The sum of $321,000.00 is hereby appropriated from the Redevelopment State Grant Program Fund. This appropriation shall be used in accordance with the stipulations set forth in the Agreements executed between the Indiana Department of Commerce and the City of South Bend. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below: 399.0 Other Contractuals $321,000.00 SECTION II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. ember of the C.nacn Counc: