9480-03 Appropriating $124,525 of Section 108 Loan Project Income, plus interest earned thereon ( Fund No. 212) for use in rehabilitation, construction, and

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ORDINANCE NO. - 1 1 ~~ ~ ~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING $124,525.00 OF SECTION 108 LOAN PROJECT INCOME, PLUS INTEREST EARNED THEREON (FUND No. 212), FOR USE IN REHABILITATION, CONSTRUCTION AND REDEVELOPMENT ACTIVITIES STATEMENT OF PURPOSE AND INTENT On April 23, 2001, the South Bend Common Council adopted the Studebaker/Oliver Plow Works Redevelopment Strategy in Resolution 2988-01 and on Apri122, 2002 in Resolution 2988-01 it appropriated Section 108 loan funds, plus interest earned thereon, for use in rehabilitation, construction and redevelopment activities in the Studebaker/Oliver redevelopment project area. The Section 1081oan funds were used to finance redevelopment of the Oliver Plow Works site into the Oliver Industrial Park, in which thirty-six acres of derelict industrial structures were cleared to be redeveloped as a light industrial park. The loan funds contributed to demolition, environmental cleanup, building stabilization, and construction of infrastructure. At this time, the land in the Oliver Industrial Park has been appraised and is available for purchase by qualified developers. Approximately five acres of land in the new Oliver Industrial Park were sold to Rose Fuel & Materials, Inc. on November 13, 2003. Consequently, project income of $124,525.00 has been made available for additional redevelopment activity in the Studebaker/Oliver Redevelopment Project area. Appropriation ofthese funds is necessary to continue redevelopment activities relating to the Studebaker/Oliver Redevelopment Project. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $124,525 of Section 1081oan funds, plus interest earned on such funds, is hereby appropriated from and within Fund 212 for redevelopment activities in the Studebaker/Oliver redevelopment project area. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. ~ ~~ Member, South Bend Comm n Council 1st READING ~ ~-L~-o..3 PUBLlC HEARING ~Z' ~~ b3 3 rd READING 1Z-$-0,3 NOT APPROVED REFERRED PASSED 12,-~'^~~~ Filed in Cieri:'s Offie~ P~ 0!! 1 ~ 2003 LO~iS1'TA J. ~!1 C97Y C1.I5R~, L'.O. BIQN9~ lea.