Rescind Ordinance #7098-82 1982 Community Block Grant Fund

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BILL NO. 106 -82 ORDINANCE NO. 7101 -82. AN ORDINANCE TO RESCIND ORDINANCE NO. 7098 -82 AND APPROPRIATE $500,000 FROM THE 1982 COMMUNITY BLOCK GRANT FUND TO SUPPLEMENT THE ECONOMIC DEVELOPMENT CAPITAL FUND TO BE ADMINISTERED BY THE CITY OF SOUTH BEND, INDIANA, THROUGH ITS DIVISION OF COMMUNITY DEVELOPMENT. STATEMENT OF PURPOSE AND INTENT: The government of the City of South Bend, Indiana, in creative and affirmative partnership with its residents, private enterprise and the Federal Government, is committed to the goal of expanding economic opportunities. To further this goal, the Community Development Block Grant Program contains the specific objective of alleviating physical and economic distress through the stimulation of private investment. The City believes that scarce federal funds should be used whenever possible to encourage private investment in the development and expansion of local economic enterprises; in the retention and expansion of existing local economic enterprises; and in the creation of new economic enterprises. Therefore, the Division of Community Development intends to supplement the Economic Development Capital Fund which will assist economic enterprises through a variety of mechanisms, including, but not limited to, direct loans, equity investments, working capital, loan guarantees, interest subsidies, and injection of seed funds. The funds will be used city -wide with an emphasis placed on the core area of the City, including NSA's, NCA's, Studebaker Corridor, the CBD and fringe, inner city industrial complexes, and inner city neighborhood commercial strips. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. Ordinance No. 7098 -82, entitled, An Ordinance Appropriating 00,000 from the 1982 Community Block Grant Fund to Supplement the Economic Development Capital Fund to be administered by the City of South Bend, Indiana, through its Division of Community Development for the Retention of the Retail Store Currently Known as Robertson's, is hereby rescinded. SECTION II. The sum of $500,000 is hereby appropriated for the program year starting July 7, 1982 (Program Year 1982). This appropriation is to be administered by the Division of Community Development as set forth below: PROGRAM CD 82 -1005 COMMUNITY DEVELOPMENT PROGRAM Purpose Amount Economic Development Capital Fund $500,000 SECTION III. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. MOING 9- /7- 7 a UC HEARING '?-o?o - Y Q _.,d READING 9 - -a0 -Q' ik NOT APPROVER REFERRED PASSED FILED IN CLERK'S OFFICE SEP � 1 1982 Irene Gammon CITY CLERK, SQUTN BEND, IND.