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ORDINANCE NO. ~~i~ ~'~ 1 <br />AN ORDINANCE APPROPRIATING $3,405,000, PLUS INTEREST EARNED THEREON, WITHIN <br />FUND 212 FOR THE PURPOSE OF REDEVELOPMENT OF THE STUDEBAKER-OLIVER <br />PROJECT AREA <br />Statement of Purpose and Intent: <br />In order to assure the efficient and timely utilization of Community Development Block Grant- <br />Section 108 Funds in accordance with the community's Housing & Community Development Plan, <br />certain appropriations are needed: <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. The sum of $3,405,000, plus interest earned thereon, is hereby appropriated for use <br />in redevelopment activi±ies (including acquisition, relocation, demolition, site preparation, environmental <br />studies and clean-up, disposition, etc.) taking place in the Studebaker-Oliver Redevelopment Project Area. <br />Funds can also be used for purposes of repaying this Section 1081oan, if appropriate. <br />SECTION II. This Ordinance shall be in full force and effect from and after its passage by the <br />Common Council and approval by the Mayor. <br />Member of the Commo Council <br />1 st READING 1~'~-~~ <br />PUaLIC HEARING-Z3-0) <br />3 rd READING t-{~23~1 <br />NOT APPROVED <br />REFEP.RED <br />PASSED ~.+,"Z'~-01 <br />t <br />P°)I ~`; ~ ~~~~ <br />G • !>t.1 <br />e <br />CITE ::~i",9i:;,.~'SJ.iy;;~~I?!, <br />