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ORDINANCE NO. 7710-86 <br /> AN ORDINANCE APPROPRIATING $287,500.00 FROM THE <br /> STATE DEVELOPMENT GRANT FUND TO BE ADMINISTERED BY THE <br /> DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE CITY OF SOUTH <br /> BEND, INDIANA <br /> STATEMENT OF PURPOSE AND INTENT <br /> The City of South Bend has been awarded three state grants <br /> totalling $287,500.00 from the Indiana Department of Commerce to <br /> facilitate two new economic development projects: AE, Inc. and <br /> Container Service Corporation. These two projects represent over $18 <br /> million of new investment and over 100 new jobs created in the local <br /> community. The receipt of the grant money is conditioned upon the <br /> full sum of each grant being used by the City to facilitate the <br /> operation of new manufacturing facilities as specified in the Grant <br /> Agreements. In order to comply with the aforementioned Grant <br /> Agreements which were executed between the State and the City, it is <br /> necessary to appropriate $287,500.00 from the State Development Grant <br /> Fund for this purpose. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of South <br /> Bend, Indiana, as follows: <br /> SECTION I. The sum of $287,500.00 is hereby appropriated from <br /> the State Development Grant Fund. This appropriation shall be used <br /> in accordance with the stipulations set forth in the Grant Agreements <br /> executed between the Indiana Department of Commerce and the City of <br /> South Bend. This appropriation shall be administered by the <br /> Department of Economic Development and will be distributed as set <br /> forth below: <br /> 399.0 Other Contractuals $287,500.00 <br /> SECTION II. This ordinance shall be in full force and effect <br /> from and after its passage by the Common Council and approval by the <br /> Mayor. <br /> tLc_ Ag -- <br /> Member of the Cor n Council <br />