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Home My WebLink AboutAppropriating $287,500 Economic Development State Grant Fund • f • • ORDINANCE No. 7772-87 Passed by the Common Council of the City of South Bend, Indiana June 22, z9 87 At: is l C y Clerk IRENE K. GAMMON Attes _.r_ � _ `±!!"� President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana June 23, z9 87 4 City Clerk IRENE K. GAMMON Approved and signed by me '`3 z9—E2 /711 c Mayor r BILL NO. ORDINANCE NO. L1.1 7 AN ORDINANCE APPROPRIATING $287,500 FROM THE ECONOMIC DEVELOPMENT STATE GRANT FUND TO BE ADMINISTERED BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE CITY OF SOUTH BEND, INDIANA STATEMENT OF PURPOSE AND INTENT: The City of South Bend will be awarded two State Grants totalling $287,500.00 from the Indiana Department of Commerce to facilitate two new economic development projects: $187,500 for Sibley Machine & Foundry Corporation and $100,000 for Precision Tool & Die .and Design, Inca projects. These two projects represent over $4.7 million of new investment and over 150 new jobs created in the local community. The receipt of the grant money is conditioned upon the full sum of each grant being used by the City to facilitate the operation of the new manufacturing facilities as specified in the Grant Agreements. In order to comply with the aforementioned Grant Agreements which will be executed between the State and the City, it is necessary to appropriate $287,500 from the Economic Development State Grant Fund for this purpose. NOW, THEREFORE, BE IT ORDAINED by the Common Council of South Bend, Indiana, as follows: SECTION I. The sum of $187,500 is hereby appropriated from the Economic Development State Grant Fund. This appropriation shall be used in accordance with the stipulations set forth in the Grant Agreements executed between the Indiana Department of Comunerce and the City of South Bend for the purpose of making a loan to Sibley Machine & Foundry Corporation. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below. 399.0 Other Contractuals $187,500.00 SECTION II. The sum of $100,00 is hereby appropriated from the Economic Development State Grant Fund. This appropriation shall be used in accordance with the stipulations set forth in the Grant Agreements executed between the Indiana Department of Commerce and the City of South Bend for the purpose of making a loan to Precision Tool & Die and Design, Inc. This appropriation shall be administered by the Department of Economic Development and will be distributed as set forth below. 399.0 Other Contractuals $100,000.00 SECTION III. No costs will be incurred or funds expended for any activities in this ordinance prior to an official release of funds received from the Indiana Department of Commerce as may be required. SECTION IV. This ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. eAt / i ' ember .f the Common Counc''' a a pUT, CITY of SOUTH END i o45�V0111llu/, •,�, 44 ROGER O. PARENT, Mayor . � $i DEPARTMENT OF ECONOMIC DEVELOPMENT $$'W..:C-- �j,:A s 1200 COUNTY CITY BUILDWG SOUTH BEND,INDIANA 46601 (219)284-9371 '%� ' .1860;.•. JON R.HUNT EXECUTIVE DIRECTOR ANN KOLATA EXECUTIVE DEPUTY DIRECTOR June 3, 1987 South Bend Common Council 4th Floor County-City Building South Bend, IN 46601 Dear Council Members: I respectfully request your consideration and approval of the attached appropriation ordinances for the Sibley Machine and Foundry Corporation and Precision Tool & Die and Design, Inc. projects. The City of South Bend will be awarded two state grants to facilitate these projects. The receipt of the grant money by the State will be conditioned upon the full sum of each grant being used by the City directly for these manufacturing projects. Upon receipt, the State Grant money will be placed in the City's Economic Development State Grant Program Fund. The money will be loaned directly to the companies as specified in the State Grant Agreements. An appropriation ordinance is necessary to complete the local process. The money will be appropriated from the Economic Development State Grant Program Fund for the purpose indicated above. This appropriation will be administered by the Department of Economic Development. I would appreciate your consideration and facilitation of this matter. If you have further questions, please do not hesitate to contact Sherry Shane or myself at 284-9335. Sinc rely, �v4 c 1 Donald E. Inks Community Planning & Business Assistance Attachment D/11 BUSINESS ASSISTANCE COMMUNITY PLANNING HOUSING REHABILITATION HUMAN RIGHTS YOUTH SERVICES & REDEVELOPMENT &DEVELOPMENT JANET HOLSTON LARRY JOHNSON BONNIE STRYCKER DONALD INKS COLLEEN ROSENFELD 284-9475 284-9355 284-9231 284-9371 284-9335 Qtnl untttnn EPpurt Ohl the (gammon Qloutwil of tip Mfg of*nutty limb: of the Whole BILL /t;Committee to whom was referred A BILL TO APPROPRIATE $287,500 FROM THE ECONOMIC DEVELOPMENT STATE GRANT FUND TO BE ADMINISTERED BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF THE CITY OF SOUTH BEND, INDIANA. Respectfully report that they have examined the matter and that in their opinion This bill should be recommended to the Council favorable. Ann B. Puzzello Chairman FREE PRESS 4MP> PUBLISHING CO.