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

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�cao®cam® • • • s CITY of SOUTH BEND 0/0 �i ' d ROGER O. PARENT, Mayor ' !ft ft d< COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601 Economic Development Commission Jerry Hammes, President Staff Administration Al B. Paszek, Vice President 401 East Colfax Avenue P.O. Box 1677 Walter A. Mucha, Secretary December 1 , 1987 South Bend, Indiana Kenneth P. Fedder, Counsel Mary Anne Crutchfield, Asst. Sec. 46634-1677 219/234-0051 Members of the Common Council 4th Floor, County City Building 227 W. Jefferson South Bend, IN 46601 Dear Council Members: Since the 1970 ' s , the South Bend Economic Development Commission ( EDC) has been a leader in the State of Indiana in the use of Industrial Development Bonds ( IDBs ) to improve the area ' s. economic health. Recent actions by the federal government have severely restricted the use of IDBs as a local economic development tool . However, as the viability of IDBs as an economic development tool has been reduced, the Indiana General Assembly has expanded the potential powers and duties of local Economic Development Commissions. EDCs have the ability to acquire property, make loans, and conduct economic development studies in conjunction with the City' s Department of Economic Development. Therefore, we are requesting the Council ' s review and favorable consideration of the attached ordinance. The attached ordinance will expand the present three member commission to five members. More importantly, it would allow the Commission to exercise other statutory powers as granted by the State of Indiana. Preliminary discussions have been held with the City Attorney' s Office and staff members from the Department of Economic Development. Both agencies support and endorse the attached ordinance. Should you have additional questions or require additional information please call me at 288-0621 .