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SUBSTITUTE BILL <br />BILL NO. <br />ORDINANCE NO. 7 OI6 J'c2 <br />AN ORDINANCE APPROPRIATING $9,963,000 FROM THE <br />1982 URBAN DEVELOPMENT ACTION GRANT FOR <br />PURPOSES OF ECONOMIC DEVELOPMENT. <br />STATEMENT OF PURPOSE AND INTENT: <br />In furtherance of its goal of expanding economic <br />development and opportunity in the community the Common Council <br />desires to take all reasonable action to assist new business enter- <br />prises which will create jobs and contribute to the financial <br />stability and well being of the South Bend area. To that end, the <br />funds herein appropriated will be used to facilitate the location of <br />an ethanol plant to be built by New Energy Company of Indiana in the <br />City of South Bend. <br />NOW THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />SECTION I. The sum of $9,963,000.00 in Urban Development <br />Action Grant monies is hereby appropriated to be used as follows: <br />Purpose Amount <br />For South Bend Development Corporation for limited <br />partnership shares of New Energy Company of <br />Indiana $5,000,000 <br />For South Bend Development Corporation for loans <br />for on -site improvements of ethanol plant site 2,638,000 <br />For Off -site improvements relating to ethanol <br />project 1,596,000 <br />Contingency, engineering and administration <br />relating to ethanol project 729,000 <br />SECTION II. This Ordinance shall be in full force and <br />effect from and its passage by the Common Council and approval <br />by the Mayor. <br />Passed, - as amended, <br />NO- <br />October 11, 1982 <br />,ommon G <br />FILED IN CLERK`S DFFICE <br />OCT 61082 <br />Irene Gammon <br />C" CLERK' SOf �� ®D_ <br />