Appropriating $500,000 1982 Community Block Grant Fund Retention Retail Store Robertson's

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Jon B. Hunt Executive Director CITY ®f SOUTH BEND ROGER O. PARENT, Mayor DEPARTMENT OF DEVELOPMENT 1200 COUNTY-CITY BUILDING. SOUTH BEND, INDIANA 46501 . (219) 2849371 South Bend Common Council 4th Floor County -City Building South Bend, Indiana 46601 Dear Members of the Council: August 4, 1982 The attached ordinance would appropriate $500,000 from the City's 1982 Community Development Block Grant to supplement the Economic Development Capital Fund. The additional funds would be used, in turn, to capitalize a local development corporation - -the South Bend Development Corporation, Inc. The newly formed, non - profit development corporation would use the funds to stimulate private investment and to participate in joint ventures with the private sector for economic development pur- poses. One of the first potential projects could involve assistance to a private investment group, in the form of a low- interest loan, as part of a community effort to keep Robertsons' in downtown South Bend. As loan proceeds from the Robertsons' project or any other develop- ment project are returned to the South Bend Development Corporation, the funds would be used for other projects which fall within the scope of the local economic development program. As you know, the $500,000 was originally scheduled to be paid against our Section 108 Loan. The City established an accelerated payment plan that would have paid back the loan within two years as compared to the original four year repayment plan. Should you have any questions or require additional information please call me at 284 -9371. JRH:des Attachment Redevelopment: Mayor Ann Kolata 2849311 Roger Parent Community Development Colleen Rosenfeld 284 -9335 Sincerely, / FR. Hunt Executive Director Economic Development Kevin Horton 2849311 Housing Kathryn Baumgartner 2849415