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T -7 <br />BILL NO. <br />ORDINANCE NO. ZS <br />AN ORDINANCE APPROPRIATING $210,000.00 FROM <br />THE COMMUNITY DEVELOPMENT BLOCK GRANT FUND <br />FOR THE ECONOMIC DEVELOPMENT CAPITAL FUND TO <br />BE ADMINISTERED THROUGH THE DIVISION OF COMMUNITY <br />DEVELOPMENT. <br />Statement of Purpose and Intent: <br />The government of the City of South Bend, Indiana, in creative <br />and affirmative partnership with its residents, private enterprise and the <br />Federal Government, is committed to the goal of expanding economic <br />opportunities. To further this goal, the Community Development Block Grant <br />Program contains the specific objective of alleviating physical and economic <br />distress through the stimulation of private investment. <br />The City believes that scarce federal funds should be used whenever <br />possible to encourage private investment in the development and expansion of <br />local economic enterprises; in the retention and expansion of existing local <br />economic enterprises; and in the creation of new economic enterprises. The <br />City's multi - faceted economic development activities include the Economic <br />Development Capital Fund which is used to assist economic enterprises through a <br />variety of mechanisms, including, but not limited to, direct loans, equity <br />investments, working capital, loan guarantees, interest subsidies, and injection <br />of seed funds. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana as follows: <br />SECTION II. The sum of $210,000.00 is hereby appropriated <br />for the program year starting April 1, 1983, (Program Year 1983) from the <br />Community Development Block Grant Funds to be administered by the Division of <br />Community Development as set forth below: <br />Purpose Project No. Amount <br />Economic Development <br />Capital Fund CD83 -606 $210,000.00 <br />SECTION II. This Ordinance shall be in full force and <br />effect from and after its passage by the Common Council and approval by the <br />Mayor. <br />ember of the Comm Counci <br />1st READING 7'// -9_3 <br />PUBLIC HEARING c,Y <br />2nd READING <br />NOT APPROVED <br />PREFERRED <br />PASSED <br />