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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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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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Last modified
5/15/2009 10:19:05 AM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/11/1999
Ord-Res Number
8977-99
Bill Number
95-98
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1200 COUNTY-CITY BUILDING <br />SOUTH BEND, INDIANA 46601-1830 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />PHONE 219/235-9371 <br />FAx 219/235-9021 <br />TDD 219/ 235-5567 <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JON R. HUNT ANNE. KOLATA <br />EXECUTIVE DIRECTOR DEPUTY EXECUTIVE DIRECTOR <br />December 14, 1998 <br />South Bend Common Council <br />Fourth Floor Council Chambers <br />400 County-City Building <br />South Bend, IN 46601 <br />Dear Council Member: <br />The attached substitute bill for your consideration will appropriate $60,000 from the State <br />Economic Development Fund for a downtown redevelopment project. The substitute bill is being <br />submitted to clarify some of the unclear aspects of the original bill and to clearly outline how the <br />funds will be used. <br />The $60,000 will be granted to the Business Development Corporation and combined with BDC <br />funds to be used as a loan to the South Bend Brewing Company. The company will use the BDC <br />loan and private debt and equity to rehab the vacant Wharf Restaurant and complete an adaptive <br />reuse of the restaurant as a brew pub. <br />The BDC will require the company to borrow the funds under its standard terms and conditions <br />including full repayment of principle and interest, personal guarantees, etc. The repaid loan will <br />then be used by the BDC to make additional loans to South Bend businesses. <br />Should you have any questions or require additional information, please call me at 235-9375. <br />Sincerely, <br />'..~-1.E=~ '~ <br />Jon R: Hunt -- <br />Executive Director <br />H:\WPDATAUON\BRE WCC. WPD <br />Filed in Cterk's ~3ffice <br />DEC 1 4 1998 <br />LOAETTAJ. WDA <br />CITY CLEA'~, 3D. AE1~tD, IN. <br />REDEVELOPMENT BUSINESS ASSISTANCE FINANCIAL SL PROGRAM <br />ANN E. KOLATA & DEVELOPMENT MANAGEMENT <br />219/235-9371 DONALD E. INKS ELIZABETH LEONARD <br />219/235-9335 219/235-9335 <br />BUREAU OF HOUSING <br />KATHRYN BAUAfGARTNER <br />S21 ECLIPSE PLACE <br />219/235.9475 <br />FAx: 219/235-9469 <br />PLANNING & NEIGHBORHOOD <br />DEVELOPMENT <br />_ PAMELA C. MEYER <br />219/235-9660 <br />FAx: 219/235-9697 <br />
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