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12U0 COUNTY-CfCY BUILDING <br />SOUTH BEND, INDIANA 4660I-1830 <br />PHONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY SL ECONOMIC DEVELOPMENT <br />JON R. HUNT <br />EXECUTIVE DIRECTOR <br />May 30, 2003 <br />South Bend Common Council <br />Fourth Floor Council Chambers <br />400 County-City Building <br />South Bend, IN 46601 <br />Dear Council Members: <br />The attached bill for your consideration and approval will appropriate $1,000,000 from the <br />Economic Development State Grant Fund to provide monies for environmental remediation of <br />the Fredrickson Park site. These funds will be used by the Department of Public Works for <br />environmental remediation at Fredrickson Park. <br />These funds have been made available through a Loan from the Indiana Development Finance <br />Authority in conjunction with the Indiana Department of Environmental Management. It will <br />utilize the Brownfields Cleanup Revolving Loan Fund that was funded by the U.S. <br />Environmental Protection Agency. Our Loan Agreement authorizes a loan up to $1,000,000 <br />although only $789,900 is currently available to us. We expect that the remaining $210,100 will <br />be available later this summer. The Loan Agreement provides that we only need to repay 80% of <br />the Loan Amount assuming we meet the goals identified within the Agreement. Our loan is <br />scheduled to close on June 4, 2003. <br />Please call me at 235-9374 if you have any questions. <br />Sincerely, <br />~~~, <br />Ann E. Kolata <br />Senior Redevelopment Specialist <br />9 ~_._____o_. _ . ._ _,. <br />~~i`~ ~ ~ ~CiG'~ ~ y <br />/~ q rq~~ _ <br />LOA~"TT.'1.l. /ktJ <br />ctxr o~Ents, so. ~= rya, r~~.. ~ <br />CC: Gary Gilot <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />FAx: 5741235-9697 574!235-93it ~~ ,, <br />