Provide Financial and Staff support to the South Bend Development Corp

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BILL NO. ORDINANCE NO. AN ORDINANCE ENABLING THE CITY TO PROVIDE FINANCIAL AND STAFF SUPPORT TO THE SOUTH BEND DEVELOPMENT CORPORATION FOR PURPOSES OF ASSISTING THE ECONOMIC DEVELOPMENT OF THE CITY STATEMENT OF PURPOSE AND INTENT: The State of Indiana has provided municipalities with the power to determine applicable laws concerning local affairs, pursuant to I.C. 36 -1 -3 -1 et. seq., even though not specifically granted by statute. The Common Council of the City of South Bend finds it necessary and desirable to provide financial and staff support to the South Bend Development Corporation in order to facilitate the economic development of the City of South Bend. Therefore, it is exercising its Home Rule powers granted by the State of Indiana to permit this action, which is not specifically granted or prohibited by statute. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council of the City of South Bend finds that it—'is necessary and desirable to assist in facilitating the economic development of the City of South Bend by providing financial and staff support to the South Bend Development Corporation, established as a not - for - profit corporation under the laws of the State of Indiana for purposes of furthering economic development, social welfare, and the common good of the City of South Bend through the development of job opportunities and the elimination of blighted or deteriorating physical conditions within the meaning of Section 501(C) (4) of the Internal Revenue Code of 1954. The South Bend Development Corporation has as its purpose, more specifically, to establish a local economic development and revitalization program to promote and assist in the retention, expansion, and development of business concerns, including small business concerns, within the City of South Bend. Any funds from the City of South Bend must be used by the South Bend Development Corporation in conformity with public purposes permitted by this ordinance and by the Housing and Community Development Act of 1977 (PL 93 -383), as amended from time to time, and /or the Small Business Investment Act of 1958, 15 U.S.C. 687, as amended, and must conform to all rules and regulations connected therewith. In addition, when funds loaned to the South Bend Development Corporation by the City of South Bend are funds which the City has borrowed, the distribution of such funds by the South Bend Development Corporation is subject to approval by resolution of the Common Council of the City of South Bend. SECTION II. The City of South Bend, through its Board of Public Wor s�tract with the South Bend Development Corporation, in conformity with the restrictions in Section I above, and may provide funds for economic development purposes, to be used by the corporation in conformity with the restriction in Section I. Only State and Federal grant and loan funds may be used for funding this activity.