Appropriating $390,000.00 of Section 108 Loan Guarantee Funds for Activities in the East Bank Development Area

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BILL NO. ORDINANCE NO. AN ORDINANCE APPROPRIATING $390,000.00 OF SECTION 108 LOAN GUARANTEE FUNDS FOR ACTIVITIES IN THE EAST BANK DEVELOPMENT AREA STATEMENT OF PURPOSE AND INTENT: The government of the City of South Bend, in creative and affirmative partnership with its residents, private enterprise and the Federal Government, is committed to the goal of expanding economic opportunities. To further this goal, the Housing and Community Development Act of 1974, as amended, contains the objective of alleviating physical and economic distress through stimulation of private investment and elimination of blighting conditions. The City believes that land in the area commonly known as the East Bank is characterized by a number of conflicting and incompatible uses, causing the area to be vulnerable to continued blight and decay, or to indiscriminate development. It has, therefore, become a local priority, as articulated in the designation of the East Bank Development Area and as indicated in Community Development Plans to devote local and federal funds to improve the physical and functional aspects of the area. Realization of Development Area objectives will be accomplished by a combination of public and private actions. These actions include, but are not limited to, the following: property acquisition, relocation, clearance, vacation and dedication of public rights -of -way, provision for public facilities and improvements and any other activity pertaining to planning and implementing an urban redevelopment plan. The original appropriation of Section 108 loan guarantee funds separated funds available for use in the Central Business District and the East Bank Development Area. That appropriation additionally did not include the total amount of Section 108 funds subsequently made available to the City by the Department of Housing and Urban Development. For those reasons, the following changes are deemed necessary. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $390,000.00 is hereby appropriated from the Section 108 Loan Guarantee Program as set forth below: Reduce the following: Purpose Amount Central Business District Development - Section 108 Funds $300,000.00 Increase the following: Purpose Amount