Appropriating $39,958.00 to Help Expenses og the First Bank Center Project

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Patrick M. McMahon Executive Director Ann Kolata Dep. Dir. Redev. Kevin Horton Dep. Dir. Ec. Dev. CITY of SOUTH BEND ROGER O. PARENT, Mayor DEPARTMENT OF ECONOMIC DEVELOPMENT AND REDEVELOPMENT 1200 COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 (219) 284 -9371 October 7, 1981 Members of the Common Council 441 County /City Building South Bend, IN 46601 Attention: Mr. John Voorde, Chairman, Human Resources and Economic Development Committee RE: Additional Appropriations - First Bank Center Project Members of the Council: Redevelopment Commission F. Jay Nimtz President Lloyd E. Robinson, Sr. Vice President A. Peter Donaldson Sec retary Robert J. Cira Assistant Secretary Paula N. Auburn Member As you are aware, the First Bank and Trust Company purchased from the City of South Bend that piece of property commonly referred to as the "Triangle Park" located East of and immediately in front.of the Morris Civic Auditorium. This property was purchased by First Bank and Trust at the cost of $39,958.00 in the Spring of this year. This land was purchased by the First Bank and Trust Company and then deeded back to the City-with certain restrictions establishing that the park would remain a park into the future, thereby establishing a certain atmosphere at this location. I believe that these funds, which we treat as program income, should be used to offset costs associated with the development of the First Bank Center, The appropriation of these monies is requested at this time. I would also like to note that the handling of these funds in this particular manner is consistent with those conversations and commitments made by the previous Administration to the owners of the First Bank Project. Should you have any questions in regard to this matter, please contact me at your earliest convenience. Ve y - -t my yours, Patrick M. McMahon PMMcM :amc Attachment