Authorizing the Mayor to Submit an Urban Development Action Grant (UDAG) Application to the U.S. Dept. of Housing and Urban Development

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RESOLUTION NO. n1(fi-$ 7 RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR TO SUBMIT AN URBAN DEVELOPMENT ACTION GRANT (UDAG) APPLICATION TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WHEREAS, the City of South Bend is dedicated to pursuing economic development through financial and physical improvement strategies which contribute to the revitalization of the Central Downtown Urban Renewal Area, stimulate the local economy, and, thereby, benefit the people of South Bend as a whole; and WHEREAS, the creation of new jobs in the downtown will bolster the service, retail , and entertainment/restaurant businesses in the Central Downtown Urban Renewal Area; and WHEREAS, the proposed office-retail complex fits into an overall development concept which emphasizes the need for a strong, growing office market around which the consolidation and reconstitution of retail will take place; and WHEREAS, a new anchor for the southern portion of the River Bend Plaza will be created which should inspire redevelopment of adjacent vacant commercial structures and thus enhance the Central Downtown Urban Renewal Area both physically and economically; and WHEREAS, the newly constructed office building will increase the property value of the currently underutilized site, ultimately broadening the tax base in our community; and WHEREAS, the receipt of an Urban Development Action Grant would make the proposed development financially viable; and WHEREAS, there exist no alternative sources of public funds for this project, and, therefore, the project will not occur without the assistance of the Urban Development Action Grant. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA : SECTION I. Hereby establishes the authority of the Mayor of the City of South Bend to submit under Title I of the Housing and Community Development Act of 1977 , an Urban Development Action Grant Application to the United States Department of Housing and Urban Development for an office-retail complex in the Central Downtown Urban Renewal Area. SECTION II. This Resolution shall be in full force and effect immediately upon passage by the Common Council of the City of South Bend, Indiana, and approval by the Mayor. i� 'tom S, ember of the Comm Council FILED ID CLERK'S OFFICE PRESENTED 1 314N 1 8 1984 NOT APPROVED ADOPTED - 4 Irene Gammon CITY CLERK, BEND,IND.