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Jon R. Hunt <br />Executive Director <br />Ann Kolata <br />Dep. Div. Redev. <br />Kevin Horton <br />Dep. On. Ec. Dev. <br />Redevelopment Commission <br />F. Jay NiMU <br />President <br />Lloyd E. Robinson, Sr. <br />Vice President <br />A. Peter Donaldson <br />Secretary <br />Paula N. Auburn <br />Assistant Secretary <br />Roman Piasecki <br />Member <br />CITE' ®I SOUTH BEND <br />ROGER O. PARENT, Mayor <br />DEPARTMENT OF REDEVELOPMENT <br />1200 COUNTY CITY BUILDING • SOUTH BEND, INDIANA 46601 • (219) 2849371 <br />September 17, 1982 <br />South Bend Common Council <br />4th Floor, County -City Building <br />South Bend, Indiana 46601 <br />Dear Members of the Council: <br />The attached ordinance would rescind Ordinance No. 7098 -82 <br />and appropriate $500,000 from the City's 1982 Community <br />Development Block Grant to supplement the Economic <br />Development Capital Fund. The balance of this letter is <br />the same as the letter submitted August 4, 1982, in support <br />of the ordinance as previously submitted. <br />The additional funds would be used, in turn, to capitalize <br />a local development corporation - -the South Bend Development <br />Corporation, Inc. The newly formed, non - profit development <br />corporation would use the funds to stimulate private <br />investment and to participate in joint ventures with the <br />private sector for economic development purposes. <br />One of the first potential projects could involve assistance <br />to a private investment group, in the form of a low- interest <br />loan, as part of a community effort to keep a department <br />store in downtown South Bend at the Robertson's location. <br />As loan proceeds from the project are returned to the <br />South Bend Development Corporation, the funds would be <br />used for other projects which fall within the scope of <br />the local economic development program. <br />As you know, the $500,000 was originally scheduled to be <br />paid against our Section 108 Loan. The City established <br />an accelerated payment plan that would have paid back the <br />loan within two years as compared to the original four -year <br />repayment plan. <br />Should you have any questions or require additional informa- <br />tion, please call me at 284 -9371. <br />Attachment <br />Sincerely, <br />g <br />Jon R. Hunt <br />Executive Director <br />