Appropriating $1,400,000.00 Section 108 Loan Guarantee Program of the Housing & Community Development Act of 1974

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BILL NO. ORDINANCE NO. -7,q 1 S'— g,3 AN ORDINANCE APPROPRIATING $1,400,000.00 FROM THE SECTION 108 LOAN GUARANTEE PROGRAM OF THE HOUSING AND COMMUNITYDEVELOPMENT ACT OF 1974 AS AMENDED, FOR ACQUISITION, RELOCATION, CLEARANCE, AND SITE IMPROVE- MENT ACTIVITIES IN THE CENTRAL BUSINESS DISTRICT TO BE ADMINISTERED BY.'THE CITY OF SOUTH BEND THROUGH THE DEPARTMENT OF REDEVELOPMENT. 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 Fedreal 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 Central Business District development activity will incorporate improvements suggested by the American Cities Corporation. The activity will focus on strengthening and enhancing downtown retail and office development. NOW, THEREFORE BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $1,400,000.00 is hereby appropriated from the Section 108 Loan Guarantee Program. This appropriation is to be administered by the Department of Redevelopment, as set forth below: Purpose Amount Central Business District Development $1,400,000.00 SECTION II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING 6 a 2 -'�F12 PUBLIC HEARING 2nd READING %._l /— e�3 NOT APPROVED REFERRED PASSED '7 -11-V V of the Common dln cil FRED IN CLE Z"I'S ONE Irene Gammon CITY CLERK, SOUTH BEND, IND.