Appropriating $210,000 from the Community Development Block Grant Fund

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Jon R. Hunt Executive Director Ann Kolata Excutive Deputy Director CITY of SOUTH BEND ROGER O. PARENT, Mayor DEPARTMENT OF DEVELOPMENT 1200 COUNTY -CITY BUILDING • SOUTH BEND, INDIANA 46601 • (219) 284.9371 South Bend Common Council 4th Floor County -City Building 227 West Jefferson Boulevard South Bend, Indiana 46601 Dear Council Members: July 6, 1983 The 1981 Community Development program included a Commercial Rehab Revolving Loan Fund activity designed to provide higher -risk loans to commercial businesses or commercial development projects for building rehabilitation. On July 12, 1982 the City entered into a grant agreement with Southold Heritage for $210,000 from the Fund. Southold utilized the $210,000 to assist in the financing necessary to move and rehabilitate what has become known as the General Micro Computer building located at the corner of William and Washington. The bill submitted for your consideration is contingent on negotiations being conducted and completed with private lending institutions for a partial "take out" of Southold's short term loan to General Micro Computer. If $110,000 is financed privately it would be returned to Southold and then to the City. Once returned to the City the funds are considered program income and must be reappropriated by the Council prior to reusing the funds. This bill would appropriate the funds to the Economic Development Capital Fund to be used within the guidelines of that program. Should you have any questions or require additional information please contact me at 284 -9371. Sincerely, Colleen Rosenfeld Director for Community Development JRH:des Attachment Program Management Community Development Economic Development & Housing Don Inks Colleen Rosenfeld Redevelopment Janet Holston 284 -9371 284 -9335 Kevin Horton 284 -9475 284-9371