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12U0 CAUN'I'Y-CITY BUILDING <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9371 <br />Fax 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY S~L ECONOMIC DEVELOPMENT <br />JON R. HUNT <br />EXECUTIVE DIRECTOR <br />March 4, 2003 <br />South Bend Common Council <br />4`~ Floor County City Building <br />South Bend, IN 46601 <br />Dear Council Members: <br />Enclosed is an Ordinance authorizing the issuance of bonds to evidence a loan from the Indiana <br />Department of Environmental Management Brownfields Cleanup Revolving Loan Fund for the <br />Fredrickson Park project. The proceeds of the loan will be used to cover the costs of remediation at <br />Fredrickson Park. On November 6, 2002 you adopted Ordinance 9361-02 authorizing the preliminary <br />issuance of the bonds for this project. At that time I told you I would come back to the Council with a <br />final bond ordinance once the details of the loan were worked out. <br />This Ordinance authorizes the issuance of bonds of up to $1,000,000 with a portion of that "forgivable" <br />if the economic development goals for the project are met. The Ordinance also pledges a portion of the <br />City's County Option Income Tax revenues to make payments on the bonds. <br />Also enclosed with this letter is the Loan, Servicing and Disbursement Agreement beriveen The Indiana <br />Development Finance Authority and the City of South Bend which is incorporated by reference in the <br />Ordinance. Please file this Agreement in the office of the Clerk of the South Bend Common Council <br />along with the Ordinance so that it is available for public inspection pursuant to IC 36-1-5-4. <br />I will attend the Council meeting on March 24`~ and the associated Council committee meeting to answer <br />any questions that you have. Please contact me at 235-9374 if you need additional information prior to <br />that meeting. I respectfully request your approval of this Ordinance. <br />Sincerely, <br />«-!" ~ C~'l `~ <br />Ann E. Kolata <br />Senior Redevelopment Specialist <br />cc: Alan B. Feldbaum, Barnes & Thornburg <br />~i`SQ,p Q ~ ?~~~ <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM ~~ "" <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT /, y <br />574/235-9660 574/235-9371 ELIZABETH LEONARD c,;! ~~~P'f <br />FAx: 574!235-9697 574/235-9371 t' <br />