HomeMy WebLinkAboutAppropriating $50,000 from the Economic Development State Grant Fund ORDINANCE No. 8189-91
Passed by the Common Council of the City of South Bend, Indiana.
June 10, 91
'9
Attest: City Clerk
Aiip IRENE K. GAMMON
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana_
June 11, 91
19
City Clerk
IRENE K. GAMMON
Approved and signed by me June 13 ig 91
Mayor
BILL NO.
ORDINANCE NO. "/?7- 9
AN ORDINANCE APPROPRIATING $50,000 FROM THE ECONOMIC
DEVELOPMENT STATE GRANT FUND FOR THE PURPOSE OP PUNDING AN
ENTERPRISE DEVELOPMENT FUND
Statement of Purpose and Intent:
The government of the City of South Bend, in partnership with
the City's private sector and residents, is committed to the goal
of improving the "quality of life" in the City, its neighborhoods,
and for its residents. As part of this commitment to a
comprehensive community development and improvement program, the
City of South Bend through its Department of Economic Development
wishes to help in the establishment of an Enterprise Development
Fund. The fund will be used to make loans to non-traditional
entrepreneurs.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the
City of South Bend, Indiana, as follows:
SECTION I. The sum of $50,000 is hereby appropriated from the
City of South Bend's Economic Development State Grant Fund to be
used to help establish an Enterprise Development Fund which will
make loans to non-traditional entrepreneurs.
SECTION II. This Ordinance shall be in full force and effect
from and after its passage by the Common Council and approval by
the Mayor.
/
ember NIVhe Common Council
Aer
SOUTH �A\\`1
04 `\.'���'���/i 1 loll
,. P, ! d City of South Bend
ii '.',,- )iiA. Joseph E. Kernan, Mayor
\ 1865 `_",
Department of Economic Development
Jon R. Hunt Ann E. Kolata
Executive Director Deputy Executive Director
May 10, 1991
South Bend Common Council
Fourth Floor Council Chambers
400 County-City Building
South Bend, IN 46601
Dear Council Member:
The attached bill for your consideration and approval will
appropriate $50,000.00 as the City's contribution to an Enterprise
Development Fund which will provide revolving loan funds to loan to
non-traditional enterpreneurs. The monies requested in this bill
are projected to be loaned to the fund and come from the repayments
to the Economic Development State Grants fund. _
The Enterprise Development Fund is a joint project of the Urban
Enterprise Association, the Business Development Corporation, the
City of Mishawaka, and the City of South Bend. While not limited
to any specific site, we believe the fund will be particularly well
suited to the- intended tenants of the proposed incubator.
If you have any questions, please call me.
Sincerely,
G
Lit
on R. Hunt
Executive Director
cc: Pam Meyer
Beth Leonard
Kathleen Hargray
1200 County-City Building • South Bend, Indiana 46601 • 219/284-9371 Fax 219/284-9021
Redevelopment Economic Development Housing Rehabilitation Financial & Program Human Rights
Ann Kolata & Business Assistance (Cathryn Baumgartner Management Cynthia Love-Bush
284-9371 Donald Inks 521 Eclipse Place Elizabeth Leonard 284-9355
284-9335 284-9475 284-9335
Qtummjttn litpnrt
cdiu the Tow= Council of tip CV of*outfit inch:
Your Committee of the Whole
to whom was referred
BILL NO.
32-91 SECOND READING ON A BILL APPROPRIATING $50,000 FROM THE
ECONOMIC DEVELOPMENT STATE GRANT FUND FOR THE PURPOSE OF
FUNDING AN ENTERPRISE DEVELOPMENT FUND.
Respectfully report that they have examined the matter and that in their opinion
This bill should be recommended to the Council favorable.
Loretta Duda Chairman
FREE PRESS GRISBN PUBLISHING CO.