Appropriating $60,000 from Econ Dev State Grant fund for assisting in financing of South Bend Brewery in East Race area

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SUBSTITUTE BILL ORDINANCE NO. 0 I~ I" I I AN ORDINANCE APPROPRIATING $60,000 FROM THE ECONOMIC DEVELOPMENT STATE GRANT FUND FOR THE PURPOSE OF ASSISTING IN THE FINANCING OF THE SOUTH BEND BREWERY IN THE EAST RACE AREA OF SOUTH BEND In order to assist in the renovation and revitalization of the downtown and East Bank, some assistance to downtown organizations and businesses is sometimes necessary to further the implementation of certain community plans and to achieve certain objectives. Accordingly, appropriations are needed: NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The sum of $60,000 is hereby appropriated from the City of South Bend's Economic Development State Grant Fund (Fund 212) to be used to further the economic revitalization and physical redevelopment of the East Bank Project area. Section II. The City of South Bend will prepare and execute a grant agreement with the Business Development Corporation (BDC) to transfer the $60,000 for its use as a business loan in accordance with the BDC loan process, criteria and requirements. Section III. The BDC will use the $60,000 as part of a business loan to the South Bend Brewing Company for the rehabilitation and adaptive re-use of a vacant building located in the East Bank Project area. Section IV. This ordinance shall be in full force and effect from and after is passage by the Common Council and approval by the Mayor. v~.~..._..~' Member of the Common Council 1 st READING ! 1- ~ , 9 PU6LIC HEARING /_/~, 9~ 3 rd READING / -~~, 9~ N07 APPROVED REFERRED A~ S U857~7Z17~D F.^,SSED ~ ~ /~ ~ ~ 9 Filed in Clerk's affice OECD i ~ 1998 LORETTAJ. DUDA CITY CLERK, 30. BEND, IPA.