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REGULAR MEETING <br />JULY 8, 2002 <br />WHEREAS, the City of South Bend is interested in remediating environmental conditions <br />at a publicly owned piece of property known as Fredrickson Park in order that new development may <br />occur on the site; and <br />WHEREAS, the proposed remediation at Fredrickson Park meets the guidelines of the <br />Brownfields Cleanup Revolving Loan Fund. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. That the Mayor of the City of South Bend, Indiana, is hereby authorized to <br />submit an application to the Indiana Department of Environmental Management for a loan from the <br />Brownfields Cleanup Revolving Loan Fund in the amount of $1,000,000. <br />SECTION II. That the Mayor of the City of South Bend, Indiana, shall file with the <br />Common Council a complete copy of the Loan Agreement to be submitted by the Mayor to the <br />Indiana Department of Environmental Management. <br />SECTION III. That for every activity, proj ect, or program to be funded under this resolution, <br />the Mayor shall submit to the Common Council an appropriation ordinance prior to expenditure of <br />any funds received from the Indiana Department of Environmental Management upon approval of <br />this application. <br />SECTION IV. That the Mayor shall be authorized to accept and affirm the loan should one <br />be awarded. <br />SECTION V. That the City of South Bend, Department of Community and Economic <br />Development be designated as the agency and office administering on behalf of the City of South <br />Bend any loan awarded under this application. <br />SECTION VI. That this resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />s /Roland Kelly <br />Member of the Common Council <br />Councilmember King reported that the Public Works and Property Vacation Committee held a <br />Public Hearing on this Resolution this afternoon and voted to send it the full Council with a <br />favorable recommendation. <br />Ms. Ann Kolata, Senior Redevelopment Specialist, Community and Economic Development, 12th <br />Floor, County -City Building, South Bend, Indiana, made the presentation for this bill. <br />Ms. Kolata advised that this Resolution authorizes the Mayor to submit an application for a loan <br />from the Brownfields Cleanup Revolving Loan Fund made by the State of Indiana. The City is <br />asking for $1 million dollars which is the maximum amount of the fund at the present time. The <br />fund is administered by the State of Indiana but it is actually EPA money from the Federal <br />government. The loan will be used for remediation of the area in the northeast neighborhood known <br />as Fredrickson Park. Work that needs to be done includes the capping of an unregulated landfill that <br />was operated from the 1930's to the early 1970's and the installation of a methane gas collection <br />recovering system. The $1 million dollars will be for the cost of the remediation. Ms. Kolata <br />noted that pursuant to the terms of the loan up to twenty per cent (20 %) could be forgiven and the <br />City is asking for that forgiveness. The estimated interest rate for the loan will be either two and one <br />half percent (2.5 %) or three percent (3 %) depending upon the term of the loan. This is something <br />that if the loan is approved will be negotiated and settled with the State. <br />n <br />1 <br />u <br />