Amending municpal code addition of New Section 2-56 entitled South Bend Economic Development Commission

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ORDINANCE NO. 7 (' - '7 AN ORDINANCE AMENDING ORDINANCE NO. 5240-70, CONCERNING THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION AND DEPARTMENT OF ECONOMIC DEVELOPMENT AND AMENDING THE MUNICIPAL CODE BY THE ADDITION OF NEW SECTION 2-56 ENTITLED SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION STATEMENT OF PURPOSE AND INTENT: At its October 26, 1970 meeting, the South Bend Common Council passed Ordinance No. 5240-70, which created a Department of Economic Development to provide for industrial expansion and created the South Economic Development Commission "to carry out the provisions of [that] Ordinance in accordance with the aforesaid 1965 Act" [Municipal Economic Development Act of 1965] . The South Bend Economic Development Commission has been a leader in the State of Indiana in carrying out the purposes and intent of that Act and has assisted in the issuance of numerous industrial development bonds since its creation. Recent legislation by the Indiana General Assembly has expanded the potential powers and duties of local economic development commissions, while federal legislation has decreased opportunities for issuance of industrial development bonds. To enable the Commission to exercise its statutory powers to assist in other aspects of economic development for the City of South Bend, certain amendments to Ordinance No. 5240-70 are necessary. NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL, as follows: Section 1. The South Bend Economic Development Commission shall continue as created by Ordinance No. 5240-70, with the following amendments: a. The South Bend Economic Development Commission shall be composed of five (5) members, as permitted by I.C. 36-7-12-5(d) . b. The South Bend Department of Economic Development shall be directed in its statutorily granted economic development activities by the South Bend Economic Development Commission, created by Ordinance No. 5240-70 and amended by this ordinance. c. The South Bend Department of Economic Development and the South Bend Economic Development Commission shall have and may exercise all powers and duties granted to them by law as now in effect and as may be amended from time to time. The foregoing language shall be incorporated into the South Bend Municipal Code, Chapter 2, Article 5, as new Section 2-56, entitled South Bend Economic Development Commission. Section 2. Nothing herein shall be deemed or construed to affect any suit, proceeding, right, or penalty instituted, created, given, secured or accrued under Ordinance No. 5240-70. Section 3 . This ordinance shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. • °mber „ ' the ommon Co Aril