Appropriating $287,500 Economic Development State Grant Fund

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r BILL NO. ORDINANCE NO. L1.1 7 AN ORDINANCE APPROPRIATING $287,500 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 will be awarded two State Grants totalling $287,500.00 from the Indiana Department of Commerce to facilitate two new economic development projects: $187,500 for Sibley Machine & Foundry Corporation and $100,000 for Precision Tool & Die .and Design, Inca projects. These two projects represent over $4.7 million of new investment and over 150 new jobs created in the local community. The receipt of the grant money is conditioned upon the full sum of each grant being used by the City to facilitate the operation of the new manufacturing facilities as specified in the Grant Agreements. In order to comply with the aforementioned Grant Agreements which will be executed between the State and the City, it is necessary to appropriate $287,500 from the Economic Development State Grant Fund for this purpose. NOW, THEREFORE, BE IT ORDAINED by the Common Council of South Bend, Indiana, as follows: SECTION I. The sum of $187,500 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 Agreements executed between the Indiana Department of Comunerce and the City of South Bend for the purpose of making a loan to Sibley Machine & Foundry Corporation. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below. 399.0 Other Contractuals $187,500.00 SECTION II. The sum of $100,00 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 Agreements executed between the Indiana Department of Commerce and the City of South Bend for the purpose of making a loan to Precision Tool & Die and Design, Inc. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below. 399.0 Other Contractuals $100,000.00 SECTION III. 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 IV. This ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. eAt / i ' ember .f the Common Counc'''