02-13-89 Human Resources & Economic Development

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t maitre ippnrt HUMAN RESOURCES AND ECONOMIC DEVELOPMENT COMMITTEE Wi tip Comma Consul of tip (Mg of!marl, *nit The February 13, 1989 meeting of the Human Resources and Economic Development Committee was called to order by. it. Chair Person Council Member Steve Luecke at 4: 35 p.m. in the Council informal meeting room. Persons in attendance included Council 'Members: Luecke, Niezgodski, Soderberg, Puzzello,' Slavinskas, Zakrzewski, Duda, Coleman, and Voorde; Margo Doyle, Sherry Shane, Hedy Robinson, Eric Strom, Kevin Butler, Mr. W. H. Calvin Murdock, members of the news media, and Kathleen Cekanski- Farrand. Council Member Luecke introduced Margo Doyle, the new citizen member of the committee. First item on the agenda was to review Bill No. 5-89 which would appropriate' $100, 500. 00 from the Economic Development State Grant ,. Fund to be administered by the Department of Economic Development of the City. Sherry Shane reviewed the Bill. She noted that a grant from the City of $100, 500. 00 would be loaned to Bangor Refrigeration Corporation for seven years at ,5% interest. The money will be used for the . purchase of machinery and equipment. The original grant is based on the project. Following further discussion Council Member Zakrzewski made • a motion seconded by Council Member Slavinskas that Bill No. 5-89 be recommended favorably to Council. The motion passed. The Committee then reviewed Resolution No. 89-24 which would authorize the Mayor to submit an application to the Indiana Department of Commerce for the State Investment Incentive Program. Sherry Shane reviewed the resolution. She noted that the project is from Miles Laboratory which will be locating its recently acquired St. Louis operation to South Bend. The- Investment Incentive Grant will enable the City of South Bend to assist in the financing with a $150, 00 and a $150, 000 grant from the Business Development Corporation. The facility will be located at 4315 South Lafayette and should be completed in the fall of 1989. The monies are to be paid off within one year and the credit rate of interest is being negotiated. Following further discussion Council Member Slavinskas made a motion seconded by Council Member Zakrzewski that Resolution No. 89-24 be recommended favorably to Council. The motion passed.