§ 109-1. Establishment of downtown revitalization revolving fund.

(a)

There is authorized a special fund to be identified as the Downtown Revitalization Revolving Fund (hereinafter called the "fund"). The purpose of the fund is to provide for restricted loans to owners of nonresidential property located within the boundaries of the central business district and the Mishawaka Avenue Area of the city (see appendices A and B to this chapter for boundary descriptions). This area hereinafter shall be called "area".

(b)

The fund shall have an initial deposit of $200,000.00, consisting of $125,000.00 from the industrial development fund as administered by the state department of commerce pursuant to IC 5-28-9-1 et seq. and the sum of $75,000.00 to be derived from community development block grant funds of the city. Additional funds derived from the collection of principal and interest payments or additional local funds may also be deposited from time to time. Disbursements from the fund shall be limited to the approved loan amount to eligible borrowers, the state department of commerce, and other costs directly related to the administration of the loan program.

(Code 1985, § 151.01; Ord. No. 2036, 3-21-1977; Ord. No. 2337, 12-17-1979)