Appropriating $50,000.00 for Studebaker Museum Inc

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Michael L. Vance Director, Administration and Finance Sherrie L. Petz Chief Deputy Controller CITY ®I SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 48601 Council President Beverlie Beck 4th Floor Council Chambers South Bend, IN 46601 Dear Councilman Beck: March 7, 1984 219/284 -9483 I have filed the enclosed ordinance for first reading at the March 12, 1984 council meeting. The ordinance will provide for the appropriation of $50,000.00 from General Revenue Sharing to Studebaker Museum, Inc. This appropriation will allow Studebaker Museum, Inc. to live up to the terms described in their Escrow Agreement reference the leasing of the facility in which the Studebaker Collection is now housed at 520 S. Lafayette Boulevard, South Bend, Indiana. As per the terms of the lease agreement an escrow fund had to be set up to guarantee payment of rent, taxes and assessments owing on the property. As per the terms of the executed agreement a balance of $80,000.00 was to be on hand as of May of 1983. That balance was to be maintained continuously through the 31st day of May, 1984. In anticipation of rental payments, taxes and minor repairs, it is estimated that $50,000.00 will be needed to bring the balance up to the agreed level, we are in danger of violating the terms of our lease agreement on the property and therefore are in danger of having the lease terminated by the owner of the property. If you have any additional questions, please feel free to contact my office. Sincerely, 70A.� P ('40-� Michael L. Vance Controller MLV:dkf Enclosure