03-23-87 Human Resources & Economic Development

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\. 4 Human Resources/Econ Development March 23 , 1987 Page 3 Following discussion , Councilman Barcome made a motion , seconded by Councilman Taylor , that Resolution 87-26 be recommended favorably to Council . The motion passed . The Committee then reviewed Resolution 87-27 which would approve an order from the Area Plan Commission regarding the development plan for the South Bend Central Development area. Hedi Robinson noted that the resolution would confirm the addition of one (1 ) parcel to the South Bend Central Development area with is located in the Monroe Park area. Following discussion, Councilman Puzzello made a motion , seconded by Councilman Barcome , that Resolution 87-27 be recommended favorably to Council . The motion passed . The Committee then reviewed Resolutions 87-28 and 87-30 which would authorize the Mayor to submit an application to the Indiana Department of Commerce for an industrial development grant and an industrial development fund loan . Mr . K.C . Posius described the overall purposes of the resolutions . He noted that the loan and grant would involve approximately $157 , 000 with regard to the Mastic Corporation . He noted that there would be a five (5) year repayment at five percent (5%) interest which would be funded through the tax incrimental financing (TIF) . With the loan and grant , Mastic will be able to make their needed expansion and he highlighted the need for the access road to the development . Mr . Jon Hunt noted that the State Department of Commerce had given preliminary approval to the grant and loan application . Following further discussion by the Committee members , Councilman Taylor made a motion , seconded by Councilman Beck , that Resolutions 87-28 and 87-30 be recommended favorably to Council . The motion passed . There being no further business to come before the Committee, the meeting was adjourned at 5 :35 p .m. Respectfully submitted , Councilman Eugenia Braboy , Chairman 3