HomeMy WebLinkAboutAppropriating $343,600 various accounts Department of Economic Development 0- If
ORDINANCE No. 8073-90
Passed by the Common Council of the City of South Bend, Indiana
February 26, 90
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Attest: City Clerk
IRENE K. GAMMON
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Attest: / President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana_
February 27, 90
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City Clerk
IRENE K. GAMMON
Approved and signed by me '1.1..„1/1/C17 Q, 19 (./)
Mayor
BILL NO.
ORDINANCE NO. ?0,73-q3
AN ORDINANCE APPROPRIATING $343,600
TO VARIOUS ACCOUNTS WITHIN THE
DEPARTMENT OF ECONOMIC DEVELOPMENT
STATEMENT OF PURPOSE AND INTENT:
In order to assure the efficient and timely utilization of Urban
Development Action Grant Reimbursement Funds and that the immediate needs of
specific activities are met, certain appropriations are necessary.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The sum of $343,600 is hereby appropriated to accounts as set
forth below.
Project No. Description Amount
UR90-001 NBDC Portfolio Buy-out $ 243,600
UR90-002 Predevelopment Costs 100,000
TOTAL $ 343,600
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.
Member of the Co ■ I Count
Filed in Clerk's Office
1st READING �- /a;40 FEB 7
PUBLIC HEARING �-a
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\\\77.-'iii.,! e ; City of South Bend
Joseph E. Kernan, Mayor
1�\ x' 186
Department of Economic Development
Jon R. Hunt Ann E. Kolata
Executive Director Deputy Executive Director
February 2, 1990
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 $343, 600 in Urban Development Action Grant
reimbursement funds into the following accounts.
First, $243,600 will be used to "buy-out" Community Development
Block Grant funds currently being used in the Neighborhood
Business Development Corporation's revolving loan program.
This action will enhance the program by streamlining the
process and allowing for potential expansion of services.
Second, $100, 000 will be set aside for predevelopment costs
(appraisals; surveys; environmental, engineering, and market
studies, etc. ) related to future economic development projects
within the City.
If you have any questions regarding this bill, please call me.
Sincerely,
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i. '•eth Leo ..ro
Director
Financial and Program Management
cc: Jon Hunt
Don Inks
Ann Kolata
John March
1200 County-City Building • South Bend, Indiana 46601 • 219/284-9371 Fax 219/284-9892
Redevelopment Economic Development Housing Rehabilitation Financial & Program Human Rights
Ann Kolata & Business Assistance Kathryn Baumgartner Management Cynthia Love-Bush
284-9371 Donald Inks 521 Eclipse Place Elizabeth Leonard 284-9355
284-9335 284-9475 284-9335