Creating an Industrial Development Fund

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ORDINANCE NO. t� � 9 - 2, 1 AN ORDINANCE CREATING AN INDUSTRIAL DEVELOPMENT FUND STATEMENT OF PURPOSE AND INTENT: The City of South Bend has entered into creative and affirmative partnership with St. Joseph County and with business and labor in the community to take action to encourage business and industry currently located in the South Bend area to maintain its facilities here and also to take all necessary and proper action to facilitate the location at underutilized sites in South Bend by business and industry which would significantly improve the economic climate of our area, increase the tax base, provide employment opportunities, and serve as a magnet for other business and industry to locate here. New Energy Company of Indiana has expressed a desire to choose South Bend as the location for construction of a One Hundred Fifty One Million Dollar ($151,000,000.00) ethanol plant. However, certain conditions present at the proposed site in southwest South Bend require additional initial expenditures which, if not remedied in an economical manner, will preclude New Energy's choice of South Bend for its facility. Members of the business and labor community desire to induce New Energy to locate in South Bend by pledging to donate funds to help offset New Energy's initial expenditures required to remedy con- ditions unique to the southwest South Bend site. These pledges by the South Bend business and labor community represent part of a co- ordinated effort by the public and private sectors of the South Bend - St. Joseph County Community to induce New Energy to locate here. In order to establish an initial vehicle to receive and disperse funds so pledged, the City of South Bend, as coordinator of the public and private community effort, needs to establish a separate and dedicated fund. The creation of an Industrial Development Fund for purposes associated with industrial development is permitted by Indiana Code 36 -7 -13. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: SECTION I: There is hereby established within the accounts administered by the City Controller a special revolving fund to be entitled the Industrial Development Fund. SECTION II: (a) For purposes of this Ordinance, "improve" shall mean to construct, reconstruct, or repair public ways, sidewalks, sewers, drains, fences, or buildings, and to do all other things that would enhance the value of real property and make it more suitable to industrial use.