Expressing the City's Support to Project Future in 1992 through 1996

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RESOLUTION NO. / 9 %3- (/ A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, EXPRESSING THE CITY'S SUPPORT TO PROJECT FUTURE IN 1992 THROUGH 1996 WHEREAS, the Common Council acknowledges that for the past ten (10) years Project Future has promoted South Bend, Mishawaka, and St. Joseph County for economic development purposes; and WHEREAS, over this period of time, approximately 14, 000 new jobs have been created; and WHEREAS, some of the major economic development projects include: Ameritech which was a $21.4 Million Dollar new capital investment with 260 new jobs, A.E. Piston which was a $21 Million Dollar new capital investment, and the $900 Million dollar new capital investment of I/N Tek and I/N Kote; and WHEREAS, Project Future plans to continue to conduct an area -wide economic development program to attract businesses to our expansion of existing businesses; and WHEREAS, Project Future has requested from the City of South Bend, the City of Mishawaka, and St. Joseph County respectively, five (5) year commitments to assist in the funding of its economic development programs and its educational initiatives. NOW, THEREFORE, BE IT RESOLVED, BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. The City of South Bend pledges its support to Project Future in jointly working together to attract new business and jobs and revitalize existing business in our community. SECTION II. Project Future has requested a five (5) year commitment from the City of South Bend for $76,000.00 in 1992, $80,000.00 in 1993, $84,000.00 in 1994, $88,000.00 in 1995, and $92,000.00 in 1996. SECTION III. The City of South Bend projects a $420,000.00 commitment to Project Future for 1992 through 1996, subject to and contingent upon the fiscal condition of the City in each of the subject years, and subject to the annual budgetary review and approval process. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Clerk's Office FWANTED NOT APPROVED JUN 4 1991 ADOPTED _ /2,_c� %!K GAMMON ., _ IN.