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1200 COUNTY -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 & ECONOMIC DEVELOPMENT <br />JON R. HUNT <br />EXECUTIVE DIRECTOR <br />June 19, 2002 <br />South Bend Common Council <br />4" Floor, County City Building <br />227 West Jefferson <br />South Bend, IN 46601 <br />Dear Council Members: <br />Enclosed is a resolution authorizing the Mayor to submit an application to the Indiana <br />Department of Environmental Management for a Brownfields Cleanup Revolving Loan <br />in the amount of $1,000,000. If the loan is approved by IDEM, the proceeds will be used <br />to remediate environmental concerns at Fredrickson Park so that the park can be prepared <br />for new development. If the loan is approved, the exact terms of the loan will be negotiated with <br />IDEM and the Indiana Development Finance Authority. The general terms of the loan program <br />are that loans of 1 -9 years have an interest rate of 2.5% while loans of 10 -20 years have an <br />interest rate of 3 %. <br />I respectfully request your approval of this resolution. <br />Sincerely, <br />Ann E. Kolata <br />Senior Redevelopment Specialist <br />cc: Mayor Stephen J. Luecke <br />Filed In Clerk's Office <br />JUL 0 v 2002 <br />LOpBTTAJ. DI1DA <br />CITYCLEBK, 90. BEND, K <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM <br />PAMELA C. METER DONALD E. INKS MANAGEMENT <br />574/235 -9660 574/235 -9371 ELIZABETH LEONARD <br />FAX: 574/235 -9697 574/235 -9371 <br />