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• <br /> e <br /> BILL NO. <br /> ORDINANCE NO. 7g/0-z7 <br /> AN ORDINANCE APPROPRIATING $75,500. 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 $75,500. 00 from the Indiana Department of Commerce to <br /> facilitate the retention and expansion of IntraComp Inc. IntraComp <br /> is located in the South Bend area, but their present leased <br /> facility does not provide the firm with the space for expansion. A <br /> site has been selected that is located in Phase IV of the <br /> Industrial Foundation's Airport Industrial Park. The site will <br /> require various site improvements including water, sewer, and road <br /> work. The State Industrial Development Grant will enable the city <br /> of South Bend to finance this project with a (50%) match of that <br /> cost not to exceed $75, 000. , for the purpose of providing IntraComp <br /> adequate water, sewer, and access to their property. The Grant <br /> Agreement requires that an audit be conducted upon the completion <br /> of this project and $500. has been allocated per the State Grant <br /> Agreement for that purpose. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br /> City of South Bend, Indiana: <br /> SECTION I. The sum of $75,500 is hereby appropriated from the <br /> Economic Development State Grant Fund. This appropriation shall be <br /> used in accordance with the stipulations set forth in the Grant <br /> Agreements executed between the Indiana Department of Commerce and <br /> the City of South Bend for the purpose stated above. This <br /> appropriation shall be administered by the Department of Economic <br /> Development and will be distributed as set forth below. <br /> Account No. Description Amount <br /> 399. 0 Other Contractuals $ 75,500 <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 /> ,4 _� / , /77.44. /'/,..:........L, <br /> ember :f the. Common Ce cil <br /> je <br />